Joined: 03 Jun 2005
|Posted: Tue Jan 03, 2012 9:19 am Post subject: THE BANKS AND THE GOVERNMENT ARE ROBBING US BLIND
|Britain's big five banks aim to rake in £35bn profit this year as families face further squeeze
By Daily Mail Reporter
Last updated at 8:35 AM on 3rd January 2012
Britain's biggest banks are aiming to rake in around £35billion in combined profits this year while families see their incomes squeezed in the worst downturn for almost a century.
Between them, the big five banks in the UK will earn around £137million for every working day of this year, according to City estimates collated by financial news agency Reuters.
Barclays is expected to make £7billion profit during 2012. State-supported Lloyds Banking Group is tipped to earn more than £3.3billion and Royal Bank of Scotland – also bailed out by the taxpayer – is predicted to report a gain of £4.6billion after making a £1.1billion loss in 2010.
Huge profits: Barclays are set to make £7 billion profit this year
HSBC, which has extensive operations overseas as well as on the UK high street, is forecast to make a mammoth £15.4billion and fellow international bank Standard Chartered is tipped to earn £4.6billion.
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The banks will reveal their results for 2011 from next month and are expected to have made just under £30billion, around a third more than their combined earnings in 2010.
This year, they are expected to increase their collective profits by another 15 per cent.
But despite this, the banks are expected to announce a further round of job cuts over the next 12 months, adding to the tens of thousands of employees they are already cutting.
State-support: Bailed out Lloyds and RBS will also take in huge profits this year
The figures will also enrage small business owners, who complain they are still starved of credit by the banks. For bankers and traders, though, the profit bonanza is likely to trigger a fresh round of lavish bonuses, despite pledges from Prime Minister David Cameron to curb City excess.
They are expected to start receiving their awards for 2011 over the next few weeks, with an estimated £4.2billion bonus pot to be shared out.
The huge profits may also spell even richer rewards for bank chief executives, who have hauled in multi-million pound bonuses despite the economic gloom.
Curbs? Prime Minister David Cameron pledged to halt city excess
Although some top bankers waived all or part of their bonuses at the peak of the financial crisis, they are still in line for handsome sums.
Phil McCabe, of the Forum of Private Business, said: ‘These expected profit figures show that the banks are adept at making money in fair weather and foul.
‘It is a clear signal there needs to be more competition in the sector.’
He added: ‘They need to be helping firms to create jobs and to drive growth. Before they set about paying massive bonuses they should be using their profits to do that.’
The Big Four – Barclays, RBS, Lloyds and HSBC – between them control 73 per cent of personal current accounts and 78 per cent of small business current accounts.
Standard Chartered, though based in London, conducts most of its business overseas.
Despite the Government’s efforts to make the banks give credit to small and medium firms, a recent report by analysts at Citigroup found that their net lending to the sector fell by more than 3 per cent this year to £56.1billion.
It undermined claims by ministers and the banks that lending had increased – as agreed under the Project Merlin deal.
City analysts said they expect the banks’ profits from retail customers to have gone up in 2011 and to rise again in 2012.
One analyst said: ‘High Street banks face a difficult economy, but their control of the retail market shows they remain capable of generating money, even in a recession.’
Reason 324675258 for leaving the EU. But, as much as I want us out of the EU, we have a problem there. Blair and Brown signed away all our rights and fixed us on a path that will ultimately end up with the UK being absorbed into Europe. Dave can do nothing about it. The Treaties our "leaders" have signed have no exit clauses in them. This is the big secret that non of the politicians want you to know. Do you why we can't have a referendum? Because there is no legal mechanism for a country to leave the EU in the treaties that our highly paid politicians have been freely signing. We are doomed to European Governance. Our inept and incompetant politicians have sold us down the river. I will be looking for the country to stand up and do something, but I know it will do no good. Germany has won, One Nation, One People, One Ruler. Time for any one who loves freedom and democracy to leave. There is no democracy in the EU, so freedom is the next thing to go, but i know it already has.
Recession? Created just to cradle you into welfare dependency and totalitarian control. Yes it will end,but you won't like the new dawn - sit there and watch your own demises.
YOU, LIKE IT OR NOT, ARE THE SLAVES OF THE BANKS FROM THE MINUTE YOU STARTED SCHOOL, YOU ARE PRIMED BY OUR USELESS TEACHERS TO BE TAX PAYING SLAVES UNTIL YOU DIE, THIS IS HELPED BY OUR SO CALLED GOVERNMENT AND THEIR COUSINS THE COUNCILS. TAX, TAX, TAX AND INTEREST, HOW MUCH OF YOUR PAY GOES TO THESE NON PEOPLE, 70%, MORE,. TAX WAS BROUGHT IN ON A PERMINENT BASIS JUST OVER A HUNDRED YEARS AGO 1874 AND LOOK AT WHAT IT HAS SPAWNED. NON JOBS BY THE MILLION, WASTE WITHOUT RECRIMINATION, WARS FOR NOTHING, THE GOVERNMENT GIVES YOUR MONEY TO PEOPLE OVERSEAS AND IMMIGRANTS RATHER THAN TO YOU AND WHEN THEY GET SHORT THEY INCREASE YOUR TAXES AND DO IT AGAIN!!!!. YOU ARE TAKEN FOR GRANTED, USED ABUSED AND IF YOU SAY ANYTHING THESE NON-JOBS BELITTLE AND BROW BEAT YOU. HOW MANY TAXES ARE YOU PAYING, GO ON COUNT THEM? YOU ARE PAYING TAXES ON TAXES, IT WOULD BE EASIER TO GIVE THEM ALL YOUR MONEY TO SAVE TIME, INFACT THATS WHAT YOUR DOING, ANY TIME YOU EARN MONEY THE GOVERNMENT AND THE BANKS RAKE IT IN, ON YOUR SAVINGS WHAT INTEREST DO YOU GET? YOUR MONEY IS WORTH LESS EVERY DAY WITH Q.E. YOU ARE FIRST CLASS SLAVES, RULED BY FIRST CLASS THIEVES AND ROBBERS, WAKE UP.
THE BANKS LOSE YOUR MONEY THEN INCREASE THEIR INTEREST, AND WHEN THEY GET ENOUGH THEY GIVE THEMSELVES HUGE BONUSES FOR ROBBING YOU, WOULD IT NOT BE BETTER TO HELP OUR COUNTRY, NO,NO,NO WE ARE SLAVES TO BE SOLD TO THE EU, ARE WE MAD OR ARE THEY PUTTING SOMETHING IN OUR WATER SO THAT WE DONT CARE???/ I THINK FLOURIDE HAS A LOT TO DO WITH IT!!!!, AND IF YOU LOOK AT THE HEALTH OF THE NATION, JUST THINK ABOUT IT FOR ONCE.
WAKE UP AND TAKE YOUR MONEY OUT OF THE BANKS, DONT PAY YOUR CREDIT CARDS OR LOANS NOR YOUR TAXES UNTIL THEY PAY FOR THE MESS THEY HAVE GOT US INTO.
IF THEY CANNOT OR WILL NOT STOP USING THE PEOPLE OF THIS ISLAND AS MILK COWS ITS TIME TO START AGAIN, AND WE CAN IF THERE IS A WILL TO DO IT.
THE PEOPLE OF THIS ISLAND HAVE THE POWER TO DO THIS WHEN EVER THEY WANT, DONT LET THESE PEOPLE USE YOU ANYMORE, THERE IS NO INTEGRITY IN THE BANKS NOR THE GOVERNMENT, GET RID OF BOTH SYSTEMS IF WE WANT TO PROSPER.
WHEN INJUSTICE BECOMES LAW, RESISTANCE BECOMES YOUR DUTY.