London, Wednesday 15th February 2023
Barclays has today announced that its profits for 2022 were £7bn.
Barclays’ results come as Positive Money launches a campaign calling for a windfall tax on banks’ excess profits.
Fran Boait, executive director at Positive Money, commented:
“Let’s be clear: these profits were taken directly from the pockets of struggling households and businesses because of the Bank of England’s interest rate rises.
“Banks aren’t even passing these higher rates on to savers, they’re hoarding their unearned billions in a bout of greed reminiscent of the last financial crash.
“The case for a windfall tax on excess bank profits has never been stronger. It’s time the government stood up to the finance lobby in parliament, and handed that money back to the families it was taken from.”
- Barclays’ announcement this morning can be found here: https://home.barclays/content/dam/home-barclays/documents/investor-relations/ResultAnnouncements/2022FullYearResults/20230215-BPLC-FY22-RA.pdf
- Banks are set to reap huge excess profits, driven by the Bank of England paying higher interest rates to the tune of tens of billions of pounds a year on risk-free reserves. For more information on the case for a windfall tax on banks, see: http://positivemoney.org/wp-content/uploads/Bank-windfall-tax-briefing-2.pdf
Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters. www.positivemoney.org
For more information or to arrange a briefing/interview with a spokesperson, please contact Chloe Musto at 07724980666 or firstname.lastname@example.org.