BARCLAY’S BANK is the first high street bank to announce its profits for 2006. They made a massive £7.14 billion – new record pre-tax profits, 35% up on the previous year.
At the same time many people have record levels of debt, through credit cards, personal loans, student loans, overdrafts etc. Over one in five people in both London and north east England told an Observer report that they may be forced to declare themselves bankrupt to escape their debts!
The banks have been charging massive amounts in overdraft charges, adding significantly to the record profits per customer that all the banks have been making. Other banks and building societies are announcing their 2006 profits shortly and confidently expect profits of over £40 billion.
More banks announcing record profits and dividends will increase the demand for windfall taxes on them and even more, for nationalisation of the banks.
