Barclays Q3 profits: Positive Money response

Fran Boait, Co-Executive Director at Positive Money, said: 

“There is perhaps no bank less deserving of its windfall profits than Barclays, which is the subject of countless climate campaigns for its rampant fossil fuel financing and, more recently, the subject of a boycott over its financial ties with arms companies selling weapons to Israel.  

“Banks should be helping households during their times of struggle, as we did them, not worsening the very global crises that are increasing the cost of living, and lobbying the government to keep all the excess profits they’ve made from higher interest rates. 

“A windfall tax on bank profits would deliver billions for public investment whilst fulfilling its promise that those with the broadest shoulders would bear the heaviest burden.” 

Notes:

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

• Positive Money estimates that a windfall tax on the 2023 profits of Britain’s biggest four banks could have raised anything from £3.5 to £14 billion (£3.5bn by reversing the last government’s cuts to the bank surcharge and bank levy, £14 billion with a 35% windfall tax like the one on oil and gas companies):  https://positivemoney.org/update/laughing-all-the-way-to-the-bank-bank-profits-soar-while-taxes-stay-low/ 

• 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/ 

• The Palestine Solidarity Campaign are calling on people to Boycott Barclays: https://palestinecampaign.org/boycott-barclays-bank/ 

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

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