Responding to Reuters' report that UK bank profits expected to be £35 billion in 2012

Tuesday, January 3, 2012

For immediate release:

Collating City estimates, Reuters is reporting the UK’s five biggest banks are expected to earn £35billion between them in 2012, or £137million a day. This represents a likely 15% jump in expected profits for 2011, with official figures due in the coming weeks.

Barclays is expected to make £7billion profit in 2012, Lloyds Banking Group £3.3billion, Royal Bank of Scotland £4.6billion, Standard Chartered £4.6billion and HSBC £15.4billion.

David Hillman, spokesperson for the Robin Hood Tax campaign, said:

While the New Year is looking grim for millions facing service cuts and job losses, the banks who got us into this mess are back to making scandalously high profits.

Massive bank profits and excessive remuneration for a privileged few are not the sign of a healthy economy, but an unhealthy one.

“If the Government makes one New Year’s resolution, it should be to harness the banking sector’s excesses for the benefit of society as a whole.”

Contacts:

Simon Chouffot: 07725 879 580 simon@robinhoodtax.org.uk

Jon Slater: 07876 476 403 jslater@oxfam.org.uk

Notes to editors:

The Robin Hood Tax campaign is a coalition of 115 UK organisations including Barnardo’s, Comic Relief, Oxfam, Friends of the Earth, Stamp Out Poverty and the TUC: www.robinhoodtax.org.uk

The campaign has 250,000 supporters and we are endorsed by over 1,000 economists and politicians from all main political parties.

We are calling for new financial sector taxes to help tackle poverty and climate change, at home and abroad.