Key facts
- Barclays increased its bonus pool by nearly 30% to £1.3 billion for the first half of the year.
- Second-quarter pre-tax profits rose 31% to £3.3 billion.
- Half-year profits increased 17% to £6.1 billion.
- The bank announced a £1 billion share buy-back and £800 million in dividends.
- The Trades Union Congress called for an increase in the bank surcharge and taxes on banks.
Barclays has significantly increased its bonus pool for bankers by nearly 30%, allocating £1.3 billion for the first half of the year. This comes after the bank reported a substantial rise in second-quarter profits, with pre-tax earnings climbing 31% to £3.3 billion, contributing to half-year profits of £6.1 billion, up 17% year-on-year.
In addition to the increased bonus pool, Barclays announced new shareholder payouts, including a £1 billion share buy-back program and £800 million in dividends. These strong financial results have amplified calls from groups like the Trades Union Congress (TUC) for a tax raid on UK lenders.
The TUC argues that banks like Barclays are profiting immensely while individuals and businesses struggle with the cost of living crisis, exacerbated by high interest rates. TUC General Secretary Paul Nowak stated that banks can afford to pay more tax and urged the government to increase the bank surcharge to help lower energy bills.