April 28, 2023
Today, NatWest announced that its pre-tax profits for Q1 2023 soared by 50% to £1.2 billion.
Fran Boait, co-executive director of Positive Money said:
“What starker example of inequality can there be but the bankers of NatWest thriving whilst the people who bailed them out just fifteen years ago struggle with the highest food costs in 45 years?
“A cocktail of crises – from the pandemic to soaring energy prices and climate change – have pushed costs, but not wages, up. Now workers, who actually add value to society, are made to endure senseless interest rate rises and so forced to fork over even more money to lenders that make nothing but the rich richer.
“The just choices are clear: the government must place a windfall tax on these unearned bank profits, as even Margaret Thatcher did in times of financial hardship, and the Bank of England must end its aggressive pursuit of rate hikes.”
- NatWest’s Q1 profit announcement can be found here: https://investors.natwestgroup.com/results-centre
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