Why are UK banks making so much money and why are their taxes being cut?
UK banks have so far reported bumper profit rises in the third quarter, which they say reflects improving economic forecasts.
Other sectors do not seem to be reaping the same benefits, particularly in light of the uncertainty linked to the Covid crisis.
We take a closer look at why lenders are performing so well.
HSBC and Barclays beat analysts’ expectations with strong profits for the three months to the end of September. HSBC posted a 74% rise, to $5.4bn while Barclays almost doubled its profits to £2bn.
Barclays benefited froma surge in trading and deal-making at its investment banking arm but, like HSBC, largely has improving economic forecasts to thank for the better-than-expected results.
Accounting rules rolled out in the wake of the 2008
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