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24 October 2023

Barclays Q3 2023 profits & bankers bonus cap scrapped: Positive Money response

London, 24th October 2023 – In response to Barclays announcement this morning that its pre-tax profits for the third quarter of 2023 were £1.9 billion, taking its profits for 2023 so far to £6.5 billion, Fran Boait, co-executive director of Positive Money said: “These profits are the product of suffering: the high interest rates they’re derived ...
Bank of England holds interest rates (again)
By Chloe Musto

London, 24th October 2023 – In response to Barclays announcement this morning that its pre-tax profits for the third quarter of 2023 were £1.9 billion, taking its profits for 2023 so far to £6.5 billion, Fran Boait, co-executive director of Positive Money said:

“These profits are the product of suffering: the high interest rates they’re derived from have flooded food banks with new users as families are forced to divert more income to high housing costs.

“Barclays have cut services across the country, closing almost 200 branches this year, meaning that not only are these bumper profits unjust, they’re also totally undeserved.

“If the government is serious about quashing inequality, it will use this year’s Autumn Statement to place a windfall tax on boosted bank profits, instead of handing them tax cuts like it did in last year’s.” 

Reacting to news later in the day confirming that the government would be scrapping the cap on bankers’ bonuses, which currently limits bonus payments to twice bankers’ salaries, Fran Boait added:

“While record levels of families and children are pushed into poverty, politicians are brazenly pushing ahead with plans to allow bankers make uncapped millions year on year.

“From the 2008 crash to more recent crises, we’ve seen how the financial sector treats our economy like a casino, sucking up wealth to gamble with and punishing us all when it loses.

“The cap on bonuses is designed to keep this risk-taking in check, and this announcement reflects yet another risky move in the government’s prioritisation of financial sector ‘competitiveness’ above public wellbeing.” 

Notes

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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

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