11-10-2022, 06:09 PM
The Liberal Party notes the £33 billion in profits recently announced by HSBC, Lloyd, Natwest and Barclays banks.
Whilst much of this profit is the result of higher interest rates, including overnight deposits held by the BOE, and Quantitative Easing, these companies also make a regular profit from business and personal banking services.
It is not healthy for a banking sector to generate profits to the detriment of the wider economy and the party believes banking regulators and the government should seek to ensure companies and consumers are fairly supported by the banks they do business with, and excess profits are ploughed back into supporting the wider economy.
As providers of financial services to the SME sector of the economy banks have a vital role supporting business which in turn create economic activity, employment, and ultimately economic prosperity.
Whilst much of this profit is the result of higher interest rates, including overnight deposits held by the BOE, and Quantitative Easing, these companies also make a regular profit from business and personal banking services.
It is not healthy for a banking sector to generate profits to the detriment of the wider economy and the party believes banking regulators and the government should seek to ensure companies and consumers are fairly supported by the banks they do business with, and excess profits are ploughed back into supporting the wider economy.
As providers of financial services to the SME sector of the economy banks have a vital role supporting business which in turn create economic activity, employment, and ultimately economic prosperity.