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Link to this page: https://www.socialistparty.org.uk/issue/475/2092

From The Socialist newspaper, 22 February 2007

Banking billionaires

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.

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Finance appeal

The coronavirus crisis has laid bare the class character of society in numerous ways. It is making clear to many that it is the working class that keeps society running, not the CEOs of major corporations.

The results of austerity have been graphically demonstrated as public services strain to cope with the crisis.

The government has now ripped up its 'austerity' mantra and turned to policies that not long ago were denounced as socialist. But after the corona crisis, it will try to make the working class pay for it, by trying to claw back what has been given.

  • The Socialist Party's material is more vital than ever, so we can continue to report from workers who are fighting for better health and safety measures, against layoffs, for adequate staffing levels, etc.
  • When the health crisis subsides, we must be ready for the stormy events ahead and the need to arm workers' movements with a socialist programme - one which puts the health and needs of humanity before the profits of a few.
Inevitably, during the crisis we have not been able to sell the Socialist and raise funds in the ways we normally would.
We therefore urgently appeal to all our viewers to donate to our Fighting Fund.

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In The Socialist 22 February 2007:

Bush & Blair: Get out of Iraq

Iraq 'surge' doomed to failure

Italy: Thousands march against US military base


Socialist Party Marxist analysis

No to Trident!

North Korea: Talks achieve new accord

Anti-war, anti-nuclear, anti-capitalist? Read the socialist!


Socialist Students

Students can defeat fees

Another profit-making racket

Living in debt - with no advice

Defend further education


Socialist Party Congress

The politics of socialism


Socialist Party news and analysis

Justice for the Shrewsbury pickets

Children at the sharp end of British capitalism

Banking billionaires

Drug companies squeeze profits out of health

Hospitals crisis worsens

Fighting homophobia


Environment

Climate change - we have to act now


Socialist Party Marxist analysis

CWI world congress: How will new workers' parties be built?


Workplace news and analysis

Valentine's day protest

Unique Care workers plan more protests

Israeli postal workers storm trade union HQ


 

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Related links:

Banks:

triangleHealth worker cooperation in the face of the pandemic

triangleBooks that inspired me: The Grapes of Wrath by John Steinbeck

triangleWorld capitalism's terrified strategists abandon austerity - for now

triangle'FinCEN Files' expose rampant financial corruption: nationalise the banks!

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