Barclays H1 2024 profits: Positive Money response

London, 1st August 2024 - Positive Money responds to Barclays’ announcement this morning that its pre-tax profits for the first half of 2024 were £4.2 billion.

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

“A bank closing scores of branches and cutting hundreds of jobs this year, all whilst maintaining its title as Europe’s biggest funder of fossil fuels, certainly can’t be said to have earned these profits from its service to the people. 

“Barclays is one of many lenders continuing to unfairly profit from higher interest rates, which are still inflicting financial hardship on millions of families across the country.

“The pre-election criticism Labour received for courting the City hasn’t gone away since the party took power. If our new government wants to convince people it’s not been bought by bankers, a windfall tax on these inflated profits would be a good place to start.”

Notes:

• Today’s announcement from Barclays can be found here: https://home.barclays/investor-relations/reports-and-events/financial-results/ 

• Barclays’ pre-tax H1 profits for 2018 (before the pandemic, cost of living crisis or rate rises) were £1.6 billion: https://home.barclays/investor-relations/reports-and-events/financial-results/#2018 

• Barclays announced hundreds of job cuts in May: https://www.cityam.com/barclays-starts-cutting-hundreds-of-jobs-in-cost-saving-push-including-in-investment-bank/ 

• Barclays is closing 90 branches this year: https://www.which.co.uk/news/article/barclays-bank-branch-closures-akhJO3I4TLk1 

• Barclays is Europe’s biggest funder of fossil fuels: https://www.bankingonclimatechaos.org/ 

• Labour’s relationships with the City have been covered extensively here: https://www.opendemocracy.net/en/dark-money-investigations/lovebombed-by-lobbyists-how-starmer-labour-became-the-party-of-big-business/ 

• Calls for a windfall tax on banks have been echoed by MPs, including Angela Eagle, John McDonnell, Clive Lewis, Diane Abbott and Richard Burgon

• Polling commissioned by Positive Money in September 2023 found the majority of the public supports a windfall tax on banks: https://positivemoney.org/2023/09/uk-public-support-windfall-tax-on-banks-polling-shows/ 

About:

Positive Money is an international research and campaign organisation working to redesign our economic system for social justice and a liveable planet. 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 supporters. Find out more: positivemoney.org