London, 27 July 2023 – Responding to Barclays announcement this morning that its pre-tax profits for the first half of 2023 were £4.6 billion, compared to £3.7 billion for the same period last year, Fran Boait, co-executive director of Positive Money said:
“It shouldn’t surprise anyone that Europe’s biggest funder of fossil fuels is profiting from its customers’ hardship: the wellbeing of humanity clearly isn’t high on their agenda.
“What should surprise people is the staggering lack of action being taken by government and regulators to bring them to heel.
“With these windfall profits coming from the public, it’s time for the government to tax that money back, and use it to support the households struggling to keep their heads above water.”
- Higher interest rates mean that the Bank of England is expected to pay an estimated £75bn of interest on banks’ risk free reserves over 2023 and 2024, with a total of around £150bn due to be paid out between 2022 and 2028. For more information see: http://positivemoney.org/wp-content/uploads/Bank-windfall-tax-briefing-2.pdf
- Positive Money has called for this windfall to be taxed: https://actionnetwork.org/petitions/tell-hunt-to-tax-the-banks/
- Calls for a windfall tax on banks have been echoed by MPs, including Angela Eagle, John McDonnell, and Richard Burgon
- Barclays Q2 profit announcement can be found here: https://home.barclays/investor-relations/reports-and-events/results/barclays-h1-2023-results/
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