Barclays Bank has just announced profits of £11.6bn. This is an increase of 92% on the previous year. Other banks are expected to announce similar news in the near future.
Barclays’ management is intending to share out a bonus pool of around £1.5bn amongst some of its staff.
Meanwhile, interest on credit cards is running at its highest level since the late 1990’s, despite the lowest base rate we have ever seen.
According to the Institute of Directors, 60% of small firms are being turned down for loans by the banks. Many are only surviving in the short term by the use of credit cards.
Yesterday it was reported that it will not be until at least 2016 that we will see repayment of the massive public funds poured into the banking system by the present government.
Is it really surprising then, that such huge profits are being announced?
It seems that City institutions have, once again, taken us all for a ride.
They really are a complete bunch of ‘bankers’