Outrage as banks announce huge profits
The Bank of England: it raised interest rates, supposedly to combat inflation – and now the banks have made a fortune in profits and inflation hasn’t fallen significantly.
After the energy firms, the banks.
Interesting how it goes, isn’t it?
The energy firms put up their prices for no very good reason (remember: the actual cost of gas and electricity is much, much lower than the amount you’re paying for it. The corporations say they keep the price up to smooth out any sudden shocks as the price comes down but they never refund the extra amount that you pay after the final costs are known).
This causes inflation.
The Bank of England then acts to reduce inflation – by increasing interest rates.
This creates a huge profit for the banks.
This profit is also never refunded.
Inflation has remained high.
Cue outrage:
Another day of massive profits for the banks.
HSBC profits DOUBLED as interest rates soared.
Banks – just like the energy firms – are lining their pockets at your expense.
Let's hit them with a Windfall Tax and use the money to bail out the people – as we once did the banks!
— Richard Burgon MP (@RichardBurgon) August 1, 2023
HSBC makes pre-tax profit of $21.7bn (£16.9bn) in the last 6 mths. Hands $2bn to shareholders.
What a scam. We bailout banks. Govt forces people to hand more money to banks, pays more for public debt. Banks swimming in cash.
No windfall tax. No curbs on profiteering, exec pay.
— Prem Sikka (@premnsikka) August 1, 2023
Logically the answer is a windfall tax and curbs on profiteering and executive pay.
I wonder if Rishi Sunak’s new Business Council will recommend that to him?
Who’s on it, again?
Rishi Sunak’s business council.
Guess how many donate to the Conservatives? All of them.
And in the last few days Infosys his father-in-law’s company joined.
Business council? No
CORRUPTION COUNCIL pic.twitter.com/Mg85BML1Ro
— BladeoftheSun (@BladeoftheS) August 1, 2023
SSE, Shell – they’re energy companies; Barclays is a bank…
That’ll be a “no”, then.
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