Barclays increases bonus pool by nearly 30% as calls grow for UK bank tax
Summary
Barclays has increased its bonus pool for bankers by nearly 30% after reporting higher profits in the first half of the year. This strong financial performance has led to calls from trade unions for the UK government to tax banks more to help fund public spending.Key Facts
- Barclays raised its bonus pool to £1.3 billion for the first half of the year, up from £1 billion last year.
- The bonus pool will keep growing in the second half and will result in bigger payouts by February next year.
- Barclays reported second-quarter pre-tax profits of £3.3 billion, a 31% increase compared to last year.
- Half-year profits totaled £6.1 billion, which is 17% higher than last year.
- The bank announced shareholder payments, including a £1 billion share buy-back and £800 million in dividends.
- The Trades Union Congress (TUC) urges the UK government to tax banks more to support spending plans by Andy Burnham, aiming to address the cost of living crisis.
- The TUC claims high interest rates have benefited banks but made mortgages and bills more expensive for regular people.
- Calls are made to increase the bank surcharge tax to use funds for lowering energy bills.
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