Outrage as banks announce huge profits

Last Updated: August 2, 2023By Tags: , , , , , , , ,

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:

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?

SSE, Shell – they’re energy companies; Barclays is a bank…

That’ll be a “no”, then.

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