Taxpayers still waiting for a break

The story behind last week’s good results for Barclays and HSBC provide as little comfort for the British economy as the losses at the taxpayer-funded banks.

8th August, 2009

The story behind last week’s good results for Barclays and HSBC provide as little comfort for the British economy as the losses at the taxpayer-funded banks.

Barclays announced a pretax profit of stg£2.98 billion (€3.5 billion) for the first six months of 2009, but profits for its British retail banking division were down by 61 per cent, from£690million a year ago to £268 million.

The trading operations of Barclay’s investment banking division,...

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