UNION CALLS FOR AN END TO MASSIVE BONUSES Out of control
Bankers set to cash in after huge profits rise Fatcat bankers are in line to lap up their biggest bonuses yet.
Britain’s top four banks are set to DOUBLE their profits year on year – which means they are poised to make about £1660 per second.
That’s because their bumper bottom lines have been turbocharged by sky-high mortgage rates – following Tory budget blunders.
By the end of September, the so- called big four – NatWest, HSBC, Lloyds and Barclays – had combined profits almost topping £ 40billion, according to analysis of the banks’ public accounts by Unite.
And the union predicts the banks’ combined annual profits for 2023 wi l l hit more than £52billion – almost DOUBLE last year’s near £27.5billion.
Meanwhile, ordinary families are a lot worse off because of hikes in home loan repayments since the disastrous mini budget under Sunak’s predecessor Liz Truss.
Last night Sharon Graham, leader of Unite, which projected the profit figures based on the accounts, said: “It’s out- ofcontrol prof iteering. Whi le everyday people pay the price, senior city bankers look forward to uncapped bonuses.
“It’s high time our pol icy makers and politicians stood up to corporate Britain and put a stop to this runaway profiteering.”
Even before Rishi Sunak axed the City bonus cap last month, the average London banker landed as much as £120,000 in annual bonuses – seven times the average pay for a care worker.
But the top bosses had already hit the salary jackpot, with personal pay packages totalling almost £ 20mi l lion last year shared out among the Big Four’s chiefs. They were:
NatWest Group’s now ousted chief executive Alison Rose, who took home £ 5.2mi l lion – up 46 per cent on 2021.
HSBC head Noel Quinn, who netted £ 5.6million, a 14 per cent hike.
Barclays boss CS Venk at a k r i shnan wa s handed £5.2million.
Poorest was
Lloyds’
Charlie
Nunn, who got £ 3.8mi l lion. Problems have spiralled since Truss and then chancel lor Kwasi Kwarteng’s car- crash mini-budget, including tax cuts costing £ 30billion.
The plan tanked the economy and saw interest rates hit a 15-year high of five per cent – adding £223 a week to the average family’s mortgage.
I t ’ s forced about 34 00 households to re- mortgage every day since May this year. Debt charity
Christians Against Poverty found nearly one in four homeowners could not afford an unexpected £200 bill.
Debt Justice has warned that 12.8million adults are falling behind on bills or finding their repayments a heavy burden.
Luke Hilyard, who heads up economic inequality think tank The High Pay Centre, said: “There’s nothing inevitable about this. While politicians waf f le on about ar t i f icial intelligence and technology, they could be raising living s t a nd a r d s b y ma k i n g businesses share their profits with ordinary workers and pass on gigantic windfalls to their customers.”
Labour’s shadow business minister Justin Madders said: “The Tories’ mismanagement of the economy has piled on the agony for mil lions of homeowners hammered with higher mortgage payments. And despite all their tough talk, the banks have passed on interest rate r ises far faster to borrowers than to savers – making a tidy profit.
“This shows they cannot be trusted to stand up for ordinary people.”
Lib Dem treasury spokesperson Sarah Olney said: “This is a mess ent i rely of Liz Truss and numerous Tory chancel lors’ making. The public is watching big banks making eye-watering profits, all while mortgage bills spiral. The whole thing stinks.
“It’s time the Government helped families who can’t afford whopping mortgage bills.” A government spokesman said: “UK banks are already responding to the Chancellor’s demands and are handing over more of the benefits of interest rate rises than European and US counter - parts.”
HSBC said: “We’re focused on supporting customers providing a broad range of s av ing s a c c ou nt s designed to offer them a choice on how they manage their money, including our one-year fixed rate saver at 5.3 per cent.”
NatWest declined to comment. Lloyds, Barclays and the Bank of England were approached.
Big banks are making huge profits while mortgage bills spiral. It stinks