An analysis of the profits of the big four banks by the Unite Union has revealed that if their earnings continue at the current pace the lenders will end up generating the eyewatering equivalent of £1,000 for everyone who lives in England.
The big banks (Lloyds, Barclays, HSBC and Natwest) are once again profiting off the backs of working people, as they rake in extra cash because of higher interest rates.
Profits before tax across the big four are up 79 per cent so far this year compared to the same period in 2022 (see notes to editors). Last Thursday (November 2) the Bank of England left interest rates unchanged at 5.25 per cent meaning the profiteering by the big four will continue unchecked.
In the first nine months of 2023, the banks made a staggering £41 billion in pre-tax profits. That’s almost double the £23 billion they made in the same period last year. If they finish the year at the same rate, they’ll end up pulling in the equivalent of £1,000 for everyone who lives in England.
Unite General Secretary Sharon Graham said: “The big banks are continuing to rip off working people as they horde profits from the sky-high rates the Bank of England are setting.
“It’s scandalous that by the end of this year their profits are projected to be equivalent to £1,000 for everyone in England.
“It’s another abhorrent example of out of control profiteering, while everyday people pay the price. Meanwhile, senior city bankers will be looking forward to uncapped bonuses. It’s high time our policy makers and politicians stood up to corporate Britain and put a stop to this runaway profiteering.”
