Calls for bank tax to be increased as HSBC reports £14billion profit

• HSBC reported a 23 per cent surge in pre-tax profits for the first half of the year, reaching $19.5 billion (£14.5 billion).
• The bank announced a $1 billion share buyback programme and a second interim dividend, though the buyback was less than anticipated by experts.
• This growth was primarily driven by higher net interest income and increased fee income, particularly from wealth management and its focus on Asian markets.
• The Trades Union Congress (TUC) called for the government to increase taxes on banks, including HSBC, to fund a social tariff that would lower energy bills for low and middle-income households.
• The TUC highlighted the recent reduction of the bank surcharge from 8 per cent to 3 per cent and urged for it to be increased to raise up to £60 billion over the next four years.

IN FULL

HSBC launches $1 billion share buyback after profits surge leads to calls for bigger bank taxes