Barclays Q1 2023 profits: Positive Money response

LONDON, 27 April 2023 – Today, Barclays announced that its pre-tax profits for Q1 2023 soared by 27% to £2.6 billion.

Fran Boait, co-executive director of Positive Money said:

“Clearly the comments from the Bank of England’s chief economist this week were wrong: not all Brits need to accept that they’re now poorer, those in the banking sector are flourishing whilst millions around them suffer.

“The imbalance with which the cost of living is changing for different groups in our society is made worse by the source of these profits. Most has come from the pockets of consumers by way of higher interest rates. 

“When will the government accept that a windfall tax is the only reasonable course of action for huge unearned profits?”

Notes

• Barclays Q1 profit announcement can be found here: https://home.barclays/investor-relations/reports-and-events/results/barclays-q1-2023-results/ 

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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