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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.
In The Socialist 22 February 2007:
Iraq 'surge' doomed to failure
Italy: Thousands march against US military base
Socialist Party Marxist analysis
North Korea: Talks achieve new accord
Anti-war, anti-nuclear, anti-capitalist? Read the socialist!
Socialist Students
Living in debt - with no advice
Socialist Party Congress
Socialist Party news and analysis
Justice for the Shrewsbury pickets
Children at the sharp end of British capitalism
Drug companies squeeze profits out of health
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
Unique Care workers plan more protests
Israeli postal workers storm trade union HQ
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