Barclays profits up 12% as UK banks brace for tax increase in budget
Summary
Barclays reported a 12% increase in quarterly pre-tax profits, reaching £2.3 billion from July to September. The bank plans to return an additional £500 million to shareholders ahead of the UK government’s announcement of a tax increase on banks.Key Facts
- Barclays’ pre-tax profits rose from £2.1 billion last year to £2.3 billion this quarter.
- The bank will give £500 million more to shareholders through share buybacks.
- Total money returned to shareholders since January is £2.8 billion.
- Barclays’ UK retail banking net interest income rose by 6% to £2 billion.
- The UK government plans to raise bank taxes in the upcoming budget on October 28.
- Bank tax plans aim to raise money for cost of living support programs.
- The Trades Union Congress says banks should pay more tax because their profits come at the expense of customers.
- Chancellor John Healey said the budget will support businesses and focus on lowering business costs.
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