Coronavirus: Barclays says loans worth £4.8bn may never be repaid
18/02/2021 | news | business | 686
Barclays sees profits dive after setting aside billions for loans expected to turn sour due to Covid.
1
18/02/2021 10:49:01 5 12
bbc
Diddums
2
18/02/2021 10:50:22 7 4
bbc
The banks always win. This will come back to us.
1
18/02/2021 10:49:01 5 12
bbc
Diddums
2
18/02/2021 10:50:22 7 4
bbc
The banks always win. This will come back to us.
96
18/02/2021 11:09:48 0 0
bbc
win from interest
3
18/02/2021 10:50:36 21 19
bbc
"The bank reported a 30% fall in pre-tax profits to £3.1bn for 2020, down from £4.3bn in 2019."

Anyone else think that £3.1bn in profit is still an obscene amount?
7
18/02/2021 10:53:12 1 0
bbc
"Palma non sine pulvere"
8
18/02/2021 10:53:17 1 0
bbc
Not if you're a Barclays shareholder.
9
mal
18/02/2021 10:53:29 3 1
bbc
It's Pre-Tax profit. So no, not really.
11
18/02/2021 10:53:42 5 0
bbc
It depends on what percentage of the turnover the £3.1bn represents. If the turnover was £5bn, then yes, but if it was £1000bn, then no.
14
18/02/2021 10:53:55 1 0
bbc
Chicken feed compared to Apple and Amazon.
23
18/02/2021 10:54:59 1 0
bbc
Depends on what their margin is. If that 3.1bn derived from trade of 100bn then it's hardly obscene is it.
64
18/02/2021 11:08:06 2 0
bbc
For a huge multinational company? No. What would be appropriate then? £10m? £100m? That's sailing quite close to making a loss comparatively speaking.

Maybe they could eat into that profit by massively increasing staff bonuses - but hang on a second, public opinion is against those too.

Since when should 'doing well' be bad and 'barely surviving' be considered good?
89
18/02/2021 11:08:22 0 0
bbc
banks make all the money off the poor peasants in debt
4
18/02/2021 10:51:17 8 39
bbc
Spurred on the by the media, the government over-reacted and closed down the country, ruining people's lives and livelihoods.

People die all the time of a range of illnesses and for various reasons. Closing down the country should be an absolute last resort. The treatment can't be worse than the disease.
60
18/02/2021 11:05:17 6 2
bbc
It was the absolute last resort.

Boris can never win can he? Some say he locked down too late, or that the measures aren't strong enough, and others, like this covidiot want no measure at all.
5
18/02/2021 10:52:02 1 6
bbc
This may sound like a positive thing unless you have a pension as most will have a reasonable exposure to the banking sector. But at least the taxpayer is not picking up the full tab here.
22
18/02/2021 10:54:58 1 0
bbc
I wonder if they have written down the government backed loans in that calculation?
6
18/02/2021 10:52:45 12 8
bbc
Even before the covid crisis, the UK economy has been increasingly built on debt. Prior to Thatcher, private sector debt never exceeded 75% of GDP but now stands at a massive 220% of GDP and is increasing. This dwarfs public sector debt of 100% of GDP.
38
18/02/2021 11:00:51 8 7
bbc
Prior to thatcher we had black outs, 3 day working weeks, very high unemployment, now we dont but we do have debt, which one would take
smart small and medium business to survive funnel drug money Removed
306
18/02/2021 12:13:04 0 0
bbc
Compare interest rates to see affordability. Although we do need to beware of over indebtedness. Not sure I'd blame Thatcher for the rise
3
18/02/2021 10:50:36 21 19
bbc
"The bank reported a 30% fall in pre-tax profits to £3.1bn for 2020, down from £4.3bn in 2019."

Anyone else think that £3.1bn in profit is still an obscene amount?
7
18/02/2021 10:53:12 1 0
bbc
"Palma non sine pulvere"
53
18/02/2021 11:03:56 0 0
bbc
"Te gratissimum"
3
18/02/2021 10:50:36 21 19
bbc
"The bank reported a 30% fall in pre-tax profits to £3.1bn for 2020, down from £4.3bn in 2019."

Anyone else think that £3.1bn in profit is still an obscene amount?
8
18/02/2021 10:53:17 1 0
bbc
Not if you're a Barclays shareholder.
54
18/02/2021 11:04:18 0 0
bbc
Aren't we all shareholders?
3
18/02/2021 10:50:36 21 19
bbc
"The bank reported a 30% fall in pre-tax profits to £3.1bn for 2020, down from £4.3bn in 2019."

Anyone else think that £3.1bn in profit is still an obscene amount?
9
mal
18/02/2021 10:53:29 3 1
bbc
It's Pre-Tax profit. So no, not really.
52
18/02/2021 11:03:00 0 1
bbc
?
10
18/02/2021 10:53:41 2 4
bbc
Lend in haste repent at leisure
3
18/02/2021 10:50:36 21 19
bbc
"The bank reported a 30% fall in pre-tax profits to £3.1bn for 2020, down from £4.3bn in 2019."

Anyone else think that £3.1bn in profit is still an obscene amount?
11
18/02/2021 10:53:42 5 0
bbc
It depends on what percentage of the turnover the £3.1bn represents. If the turnover was £5bn, then yes, but if it was £1000bn, then no.
41
18/02/2021 11:02:08 0 1
bbc
Its all in their accounts if you chose to read them.
12
18/02/2021 10:53:46 6 9
bbc
I'm sure the banks will manage just fine....

Unfortunately.
26
18/02/2021 10:55:28 10 16
bbc
Can you manage without a bank?
63
18/02/2021 11:06:54 3 0
bbc
If our don’t like the banks open a Basic non overdraft account to pay your wages into. Withdraw them on the day of payment and place them under your pillow. Surrender your cards, never take any credit, cancel all direct debits and arrange to pay all your utility bills via cash, should they allow it.

And good luck with your bank free lifestyle.
13
18/02/2021 10:53:51 3 16
bbc
Zero bank charges

Zero dividends

I know which I prefer.
20
18/02/2021 10:54:46 0 16
bbc
Okay, not quite "zero" but "zero" enough.
3
18/02/2021 10:50:36 21 19
bbc
"The bank reported a 30% fall in pre-tax profits to £3.1bn for 2020, down from £4.3bn in 2019."

Anyone else think that £3.1bn in profit is still an obscene amount?
14
18/02/2021 10:53:55 1 0
bbc
Chicken feed compared to Apple and Amazon.
44
18/02/2021 11:02:23 0 0
bbc
Look squirrel!
15
18/02/2021 10:53:55 16 7
bbc
So many emergency loans given out to companies who were unlikely to pay them back. Some will be genuine decisions but lets hope that there are mechanisms in place to detect when people are taking money out of companies and then just folding them.
33
18/02/2021 10:58:40 12 0
bbc
By law, dividends can only be paid out of company profits/when said company can prove they are solvent. Directors/shareholders taking money out of a company and then allowing it to fold is indeed illegal and the people involved would face prison and/or fines and there are mechanisms in place to recover any assets that are removed illegitimately so they can be paid to the creditors of the company.
85
18/02/2021 11:06:28 0 1
bbc
the small medium British businesses that launder drug money stay afloat
16
18/02/2021 10:54:05 7 9
bbc
Don't worry Jez; the UK tory govt will bail you out. With tax payer money. Again.
143
18/02/2021 11:27:47 2 2
bbc
Who bailed them all out last time.....?
216
18/02/2021 11:48:09 1 0
bbc
Again? I thought it was Labour that bailed out the banks?
17
18/02/2021 10:54:12 84 6
bbc
Looks like it's all fine, then.

The bad debt provision is sensible, and the bank continues to make big profits and pay out dividends, increased bonuss, and all looks rosy in their garden.

No cause for concern, no liquidity trap, no run on the bank as happened to Northern Rock etc.
168
18/02/2021 11:36:15 73 1
bbc
Stop talking sense. It's not allowed on here.
283
18/02/2021 12:05:49 2 7
bbc
Stupid argument. If the bank didn’t have to write off huge losses the money it retained could be used for the benefit of its customers.
368
18/02/2021 12:37:13 2 2
bbc
The dividend amounts to 10% of the bonus pot for employees?

The company has weathered the storm and the beneficiaries will be the employees at the top (very few) rather than the pension funds that hold the shares (most of us).

If this causes you no concern I assume you don't have a pension?
543
18/02/2021 14:05:15 5 0
bbc
Not to mention 650m in corporate tax they'll pay which is good. Barclays will also feature in many pension funds so a profitable tax paying company had to be good news in this pandemic? But you can always rely on the BBC to look for the negative. Will they bash the supermarkets for them milking their profits, probably not!
18
18/02/2021 10:54:36 57 6
bbc
The staff bonus pool still looks good, despite the "big drop in annual profits".
138
18/02/2021 11:26:28 28 9
bbc
The processing of thousands of bounceback loans (that we the taxpayer are backing) will have ensured there is plenty of money for the bonus pot...
332
18/02/2021 12:22:04 0 0
bbc
As an average level financial sector worker myself, IMO that's a good thing ;). Not everyone who receives a bank workers bonus is a high flying CEO on millions per year.
19
jon
18/02/2021 10:54:44 6 5
bbc
So it’s the investment “casino” banking making the profits at Braclays! Meanwhile Nat West is pulling out of Ireland to concentrate on the UK. The taxpayer is on the hook for the £4.8bn of projected covid loan write-offs, guaranteed by the government.
13
18/02/2021 10:53:51 3 16
bbc
Zero bank charges

Zero dividends

I know which I prefer.
20
18/02/2021 10:54:46 0 16
bbc
Okay, not quite "zero" but "zero" enough.
62
18/02/2021 11:06:46 2 1
bbc
I'm guessing you have a public sector pension then, ie taxpayer picking up the bill? If not, the dividends will be paying retirement income to lots of pensioners. from the money that they saved. If you've got a final salary scheme, you don't give a monkeys as the taxpayer or next generation will pay that bill. Not your problem. Great..........
21
18/02/2021 10:54:56 4 13
bbc
My heart bleeds for these parasites
28
18/02/2021 10:57:15 2 17
bbc
They're human beings too.
42
18/02/2021 11:02:08 2 0
bbc
Without these 'parasites' John, you have no job, no roof over your head, and we go back to living in mud huts with every day is a struggle to survive.
49
18/02/2021 11:02:39 2 2
bbc
John, you obviously have no job or work in the public sector. Every private sector employer in the land has to make a profit to survive, or else we'd all be out of jobs including banks .It's only the public sector that has no regard for profit as the taxpayer always picks up the bill. The problem with the public model is it has no regard for efficiency so end up as bloated, slow and inefficient.
102
18/02/2021 11:16:21 0 0
bbc
John, if financial services goes bust there will be no money to pay your pension. Will out hearts bleed for you then?
106
mm
18/02/2021 11:17:46 0 0
bbc
I assume you mean the 'businesses' that should never have been started anyway because they were run by incompetents.
5
18/02/2021 10:52:02 1 6
bbc
This may sound like a positive thing unless you have a pension as most will have a reasonable exposure to the banking sector. But at least the taxpayer is not picking up the full tab here.
22
18/02/2021 10:54:58 1 0
bbc
I wonder if they have written down the government backed loans in that calculation?
3
18/02/2021 10:50:36 21 19
bbc
"The bank reported a 30% fall in pre-tax profits to £3.1bn for 2020, down from £4.3bn in 2019."

Anyone else think that £3.1bn in profit is still an obscene amount?
23
18/02/2021 10:54:59 1 0
bbc
Depends on what their margin is. If that 3.1bn derived from trade of 100bn then it's hardly obscene is it.
24
18/02/2021 10:55:14 25 3
bbc
apocryphally small businesses have taken loans with no intention of repaying them saying that they will wind the business up when the loan comes due. The government bring the backer for all these loans will be in the position of having to cover all the defaulted amounts.
167
18/02/2021 11:35:54 32 0
bbc
"Government" - no, it's us taxpayers.
25
18/02/2021 10:55:22 36 9
bbc
Businesses who need support as they recover will only find it even more difficult to get banks to lend to them as the risks of lending to certain sectors will simply be too great. Obscene amount of profit? Would you rather banks made losses? A necessary evil until such time as we're all altruistic and, as the post-initial hit of selflessness has shown, everyone continues to look after number 1.
Grovel away. They can do what they want and you fall over yourself to give them your money in bailouts and tax holidays and indirect support.

Its contemptible.

They pay themselves stupefying sums on the basis they take risks.

YOU take the risk, clown. ALL of it.
Removed
136
18/02/2021 11:26:08 5 0
bbc
" Obscene amount of profit? Would you rather banks made losses? "

Why one extreme or the other? No-one with any sense objects to a business making a profit, but there comes a time when certain businesses make vast profits, and those profits are invariably at someone else's expense. The difficulty is to decide when profits become excessive, and what we as a society do to tackle it.
12
18/02/2021 10:53:46 6 9
bbc
I'm sure the banks will manage just fine....

Unfortunately.
26
18/02/2021 10:55:28 10 16
bbc
Can you manage without a bank?
86
18/02/2021 11:07:02 0 2
bbc
banks leave you in debt
27
18/02/2021 10:56:44 7 11
bbc
Just an excuse for wonder boy Sunak to waste more taxpayers money. Was always going to be a scam. Banks no incentive to check details fraud and more fraud and rewards for banks
21
18/02/2021 10:54:56 4 13
bbc
My heart bleeds for these parasites
28
18/02/2021 10:57:15 2 17
bbc
They're human beings too.
94
18/02/2021 11:09:34 1 2
bbc
they are reptiles
29
18/02/2021 10:57:19 40 4
bbc
There are going to be a lot of Zombie companies going to disappear.
51
18/02/2021 11:02:56 7 10
bbc
When? we've already had a year of lockdowns and they are mostly still kicking around
83
18/02/2021 11:05:22 0 1
bbc
zombie companies just funnel drug money
30
MVP
18/02/2021 10:57:28 30 21
bbc
Are we supposed to feel sorry for the banks that they have written loans that will not be repaid?
39
18/02/2021 11:01:04 19 9
bbc
No
77
mm
18/02/2021 11:12:08 1 1
bbc
A qualified yes because it will be our money to cover this shortfall. Many of these businesses have been set up in the likes of someones garage or spare room. They were often not viable because they could not survive a downturn of a few months never mind a year. They did not have the business acumen.
87
18/02/2021 11:07:20 2 5
bbc
smart people dont pay bank loans
145
18/02/2021 11:28:31 1 0
bbc
Wait until you see the wide scale fraud really kicking in over the next 12 months and you'll realise that we, the taxpayer, are on the hook for £bns more of BBLs that will never be paid back.
256
18/02/2021 11:58:41 1 1
bbc
Loans might never be repaid. That's a fundamental aspect of a loan.

That's why we call it credit - it relies on belief and faith that it will be repaid.

Banks should accept that they own this risk when they lend money.
31
QED
18/02/2021 10:57:29 345 35
bbc
Profits down 30% but bonus pool up 6%. Anyone else find this wrong?
46
18/02/2021 11:02:30 137 20
bbc
completely... but this has always been the same for big business, they keep the money in their hands while the business itself suffers.
67
18/02/2021 11:09:01 33 2
bbc
You are missing the point completely. Profits are down because they have increased provisions for bad loans. They "think" the loans "might" not be repaid so are effectively assuming the worst case. They can take the hit very easily because they are restoring their dividends and share buy-backs. Fundamentally, they are still doing well.
74
MVS
18/02/2021 11:11:47 11 3
bbc
No, because I am not privy to all of the facts.
78
18/02/2021 11:12:36 5 7
bbc
I find it wrong, very wrong.
The upside is the income tax paid will be a large portion of the bonus pool that's paid to the Treasury.
82
18/02/2021 11:04:45 9 18
bbc
its the norm. western financial systems are corrupt
110
18/02/2021 11:18:25 11 2
bbc
No not really, so parts of the business would have been profitable and the bonus will be based on the individual performance, as long as dividends remain strong have no issue with it.
164
18/02/2021 11:34:41 12 4
bbc
This is so common in private companies that state that they must pay large salaries for 'talent'. If a company's bosses are responsible for profits, they are also responsible for losses and should then face cuts in their salaries. Don't worry, there are always poorer staff to lose their jobs - after all they won't get the big pay-offs that bosses will get.
180
18/02/2021 11:38:07 4 13
bbc
Only a left wing loser
274
18/02/2021 12:03:10 1 2
bbc
More staff needed and to be doing their jobs in bad situations - more costs. Not rocket science
339
18/02/2021 12:24:06 2 0
bbc
Nope.

If it's like the company I work for, bonuses have been maintained whilst there have been no pay rises for 3 years or so. It maintains a level of employee satisfaction, but is far more flexible as there's no commitment to pay out the same amounts in future years if things get worse.
343
18/02/2021 12:24:59 1 0
bbc
.....a la KPMG & Bill Michael who told the truth about attitudes to entitled bonuses by the pampered consultants who found the truth to be unpalatable and a Board which would not face up to it either. Telling the truth is obviously a hanging offence in finance. Good on yer, cobber!
351
18/02/2021 12:28:51 2 0
bbc
The "bonus" is performance related to the junior staff in the main whose basic salary has always needed increasing. It is not the old bonuses made by selling products.
359
18/02/2021 12:32:33 2 1
bbc
More importantly bonus pool is 10x the size of the dividend payout if you're a shareholder (which many of us are through out pensions) why are Barclay's senior execs getting the lion's share of the money that should be in our pensions?
393
18/02/2021 12:48:23 2 0
bbc
Not really. My son works there just normal worker not minted banker. Bonuses down for years and this year really tough for rank and file. I expect average person there deserves every penny.
394
18/02/2021 12:48:35 0 0
bbc
not in the slightest
487
18/02/2021 13:36:37 0 0
bbc
The morality of big business bonuses is always a bone of contention, but ultimately they still made a profit so not sure why they shouldn't pay them. The only real issue is that the boss gets 1M+ and the branch staff get peanuts, but that applies to virtually all big businesses.
515
18/02/2021 13:50:01 1 0
bbc
Staff don't work for free, would you?
631
18/02/2021 16:19:49 0 0
bbc
its always been like that goes back the Rothchilds
32
18/02/2021 10:57:47 8 16
bbc
The FT reporting that HM Treasury is looking to scrap the EU bonus cap in a desperate attempt to keep bankers from fleeing Brexit Britain.
Another cost to Brexit which will no doubt be deflected by a photo-op of Numpty Dumpty in a lab coat or cleaning a chair or something.
35
18/02/2021 11:00:00 7 3
bbc
Still better to entice those businesses into the UK. Those Bonuses do add to the HM Treasury/gov funding.
90
18/02/2021 11:09:08 0 0
bbc
banks will always o places where taxes are low..namely Netherlands...most of the economy in the Netherlands is based on drug money
15
18/02/2021 10:53:55 16 7
bbc
So many emergency loans given out to companies who were unlikely to pay them back. Some will be genuine decisions but lets hope that there are mechanisms in place to detect when people are taking money out of companies and then just folding them.
33
18/02/2021 10:58:40 12 0
bbc
By law, dividends can only be paid out of company profits/when said company can prove they are solvent. Directors/shareholders taking money out of a company and then allowing it to fold is indeed illegal and the people involved would face prison and/or fines and there are mechanisms in place to recover any assets that are removed illegitimately so they can be paid to the creditors of the company.
211
18/02/2021 11:46:43 1 0
bbc
I believe there could be other ways to take money out of a company besides dividends. Someone with criminal intent is likely to find other routes.
34
18/02/2021 10:59:55 6 11
bbc
Oh dear oh dear

So this hints it is not just a problem of Barclays but also other UK banks??

The UK financial crisis is coming soon while the whole nation is in crisis of COVID and Brexit ??
32
18/02/2021 10:57:47 8 16
bbc
The FT reporting that HM Treasury is looking to scrap the EU bonus cap in a desperate attempt to keep bankers from fleeing Brexit Britain.
Another cost to Brexit which will no doubt be deflected by a photo-op of Numpty Dumpty in a lab coat or cleaning a chair or something.
35
18/02/2021 11:00:00 7 3
bbc
Still better to entice those businesses into the UK. Those Bonuses do add to the HM Treasury/gov funding.
269
18/02/2021 12:01:57 0 0
bbc
Yes, it's strange how it's so popular to bash those who contribute most to building schools, hospital etc.
36
18/02/2021 11:00:30 141 69
bbc
When you owe a few thousand pounds that's your problem
when you owe a few million it's the banks problem
when you owe a few billion it is societies problem...

Isn't it funny that its always socialism that bails out capitalism once they get it wrong.
47
18/02/2021 11:02:32 118 40
bbc
And yet capitalism pays for the socialism - so it's a virtuous circle really.
72
18/02/2021 11:10:34 19 10
bbc
When does socialism pay for anything?
80
18/02/2021 11:04:03 4 6
bbc
in a nutshell.... i give you the railways.
81
18/02/2021 11:04:18 1 5
bbc
why pay loan back with interest
226
ARH
18/02/2021 11:50:29 11 4
bbc
I’m struggling to come up with an example of a successful socialist economy. Perhaps you’d be kind enough to help me.
382
18/02/2021 12:42:43 2 0
bbc
Wrong it's always been the taxpayers that bail out everyone else
532
18/02/2021 13:57:40 1 0
bbc
Then I suggest you work hard to work in a company where capitalism pays, in your eyes that would be all the private sector, oh very dear??
597
18/02/2021 14:34:34 1 0
bbc
Socialism never bails out anyone. It just robs from the people who have worked hard/earned it and gives it to the feckless
37
Leo
18/02/2021 11:00:40 4 9
bbc
Sunak and the banks what a great combination.
6
18/02/2021 10:52:45 12 8
bbc
Even before the covid crisis, the UK economy has been increasingly built on debt. Prior to Thatcher, private sector debt never exceeded 75% of GDP but now stands at a massive 220% of GDP and is increasing. This dwarfs public sector debt of 100% of GDP.
38
18/02/2021 11:00:51 8 7
bbc
Prior to thatcher we had black outs, 3 day working weeks, very high unemployment, now we dont but we do have debt, which one would take
151
18/02/2021 11:30:42 2 3
bbc
There are very many years prior to Thatcher and for the vast majority of those years we did not have the things you describe. History goes back a long way. I would prefer to live "prior to Thatcher" but the option isn't there.
30
MVP
18/02/2021 10:57:28 30 21
bbc
Are we supposed to feel sorry for the banks that they have written loans that will not be repaid?
39
18/02/2021 11:01:04 19 9
bbc
No
648
18/02/2021 17:14:28 0 0
bbc
It's peoples pensions / retirement investments that are going to suffer. We should all be concerned about bank loses on loans.
40
18/02/2021 11:02:07 107 42
bbc
Not much sympathy for a massive corporation whose profits will still run into the billions whilst a massive amount of worlds population are malnourished
231
Dee
18/02/2021 11:51:29 74 5
bbc
Many countries have extremely corrupt governments who starve their citizens.
322
18/02/2021 12:19:03 1 4
bbc
More people die as a result of over eating than under eating. Sad fact
323
18/02/2021 12:19:07 2 0
bbc
Who is requesting sympathy?
632
18/02/2021 16:21:00 0 0
bbc
Rothchilds have most of the wealth
11
18/02/2021 10:53:42 5 0
bbc
It depends on what percentage of the turnover the £3.1bn represents. If the turnover was £5bn, then yes, but if it was £1000bn, then no.
41
18/02/2021 11:02:08 0 1
bbc
Its all in their accounts if you chose to read them.
21
18/02/2021 10:54:56 4 13
bbc
My heart bleeds for these parasites
42
18/02/2021 11:02:08 2 0
bbc
Without these 'parasites' John, you have no job, no roof over your head, and we go back to living in mud huts with every day is a struggle to survive.
43
18/02/2021 11:02:15 107 39
bbc
As usual bankers line their pockets to the tune of a 6%rise in bonus whilst the average "man in the street" can see prices rising all around him and we have not yet seen what Councils are going to do to us, seems out of balance or what!
204
18/02/2021 11:44:14 29 6
bbc
Making money off of other people's money - fish/barrel anyone?
235
18/02/2021 11:51:54 6 5
bbc
I guess it's called 'capitalism' and not perfect. At least with capitalism every man in the street has the opportunity to climb the ladder to making more money, if they so choose. Socialism means the majority of men in the street are constantly beaten into submission so that a few dictators at the top of the tree can exploit them.
325
18/02/2021 12:19:46 4 1
bbc
The 'man on the street' should have paid more attention in school class then!
356
18/02/2021 12:31:31 1 0
bbc
No the bank staff who do the work looking after your accounts will get the majority of the bonus. This will not be much per head but helps increase their rather low salaries.
358
18/02/2021 12:32:25 0 2
bbc
Whether it's a banker or Council or University staff. They should not be paid more than furloughed workers. All gov workers (not health care or other key workers) should also have pension contributions frozen, in the same way that self employed people must choose between their pension schemes or looking after their children or putting food on the table.
We should all be taking the same pay cuts.
599
18/02/2021 14:36:34 0 0
bbc
It seems perfectly reasonable to me. Bonuses are based on performance. Targets were obviously met despite provision for bad debts. Bonus earned. I assume bankers experience prices rising all around and pay council tax as well?
14
18/02/2021 10:53:55 1 0
bbc
Chicken feed compared to Apple and Amazon.
44
18/02/2021 11:02:23 0 0
bbc
Look squirrel!
45
JGC
18/02/2021 11:02:27 19 6
bbc
I'm sure they can afford it.
120
18/02/2021 11:20:02 31 2
bbc
"They" may be able to - but remember that most peoples pensions are invested in companies like this, so when the company loses, so does OUR pension.
253
18/02/2021 11:58:22 0 0
bbc
Loans might never be repaid. That's a fundamental aspect of a loan.

That's why we call it credit - it relies on belief and faith that it will be repaid.

Banks should accept that they own this risk when they lend money.
31
QED
18/02/2021 10:57:29 345 35
bbc
Profits down 30% but bonus pool up 6%. Anyone else find this wrong?
46
18/02/2021 11:02:30 137 20
bbc
completely... but this has always been the same for big business, they keep the money in their hands while the business itself suffers.
84
MVS
18/02/2021 11:13:43 19 6
bbc
If you had ever run a business you might start to understand why your comment is completely non-sensical. Barclays has been in business for a very long time because its shareholders ensure that its Balance Sheet remains strong.
233
18/02/2021 11:51:46 1 1
bbc
... do you think it might be that some divisions have outperformed others thus bonuses have risen causing an average rise across the business?
278
18/02/2021 12:03:46 0 2
bbc
Yes, for "big business". But 99% of companies in the UK are SMEs. Not big business. If they aren't supported, it will mean millions of livelihoods lost and millions of people on benefits.
338
18/02/2021 12:11:27 3 0
bbc
The article is wrong. Bonuses are up 3%, not 6%. The BBC have quoted a figure that includes delayed payments from previous years to make it seem higher than it actually is
593
18/02/2021 14:30:52 0 0
bbc
Headline profits are down because of exceptional potential bad debt provisions. The bonuses will be based on other deliverables. The primary business stream may well have made great profits which have triggered bonuses, but 'upstairs' have allocated a big number to potential bad debts, whilst still making a profit overall. Seems perfectly legit to me.
36
18/02/2021 11:00:30 141 69
bbc
When you owe a few thousand pounds that's your problem
when you owe a few million it's the banks problem
when you owe a few billion it is societies problem...

Isn't it funny that its always socialism that bails out capitalism once they get it wrong.
47
18/02/2021 11:02:32 118 40
bbc
And yet capitalism pays for the socialism - so it's a virtuous circle really.
95
18/02/2021 11:09:43 17 13
bbc
but capitalism always fails... its a race to the bottom.
i give you Mrs Thatcher.. and the financial car crash of 15% interest rates and the IMF begging bowl.
Abject greed and utterly failed capitalism gave us the world banking crisis and crash..bailed out by?.... public money.
236
18/02/2021 11:52:21 7 2
bbc
Maybe this will make people realise that capitalism and socialism are essentially the same thing. A small section of society control the economy whether its bureaucrats or the private sector. Capitalism is just better at giving you the illusion of freedom.
291
18/02/2021 12:08:27 2 3
bbc
..... and of course could pay for an awful lot more if a some capitalists didn’t leach so much out of the system to line their own pockets
447
18/02/2021 13:11:22 1 0
bbc
More of a vicious circle
48
18/02/2021 11:02:35 4 10
bbc
I would of let them go to the Wall as business is a risk anyway
66
18/02/2021 11:08:39 3 2
bbc
Thats what they will do to the borrowers
381
18/02/2021 12:42:15 0 0
bbc
good luck when there are no banks
21
18/02/2021 10:54:56 4 13
bbc
My heart bleeds for these parasites
49
18/02/2021 11:02:39 2 2
bbc
John, you obviously have no job or work in the public sector. Every private sector employer in the land has to make a profit to survive, or else we'd all be out of jobs including banks .It's only the public sector that has no regard for profit as the taxpayer always picks up the bill. The problem with the public model is it has no regard for efficiency so end up as bloated, slow and inefficient.
50
18/02/2021 11:02:43 7 3
bbc
Barclays not saying they are struggling though which is good because banks struggling (still paying bonuses and Dividends though, obs) should worry everyone.

2008 take 2 with the backdrop of a 1930's style depression.
174
18/02/2021 11:26:42 0 0
bbc
yep.but no depression for the bankers.
29
18/02/2021 10:57:19 40 4
bbc
There are going to be a lot of Zombie companies going to disappear.
51
18/02/2021 11:02:56 7 10
bbc
When? we've already had a year of lockdowns and they are mostly still kicking around
364
18/02/2021 12:34:46 8 1
bbc
Once the government stop giving out money that's when businesses will fold.
9
mal
18/02/2021 10:53:29 3 1
bbc
It's Pre-Tax profit. So no, not really.
52
18/02/2021 11:03:00 0 1
bbc
?
7
18/02/2021 10:53:12 1 0
bbc
"Palma non sine pulvere"
53
18/02/2021 11:03:56 0 0
bbc
"Te gratissimum"
453
18/02/2021 13:15:17 0 0
bbc
voluntas mea fiet
8
18/02/2021 10:53:17 1 0
bbc
Not if you're a Barclays shareholder.
54
18/02/2021 11:04:18 0 0
bbc
Aren't we all shareholders?
590
18/02/2021 14:26:04 0 0
bbc
In Barclays? NO!
55
18/02/2021 11:04:34 133 3
bbc
Or, the bank still made a £3.1bn pre-tax profit even taking into account almost £5bn in bad loans.
279
18/02/2021 12:04:24 14 22
bbc
That is a lot, but without considering the number of employees it's not a meaningful number on its own.
290
18/02/2021 12:08:01 8 0
bbc
And the headline says Barclays one of the biggest providers of lones in this pandemic, And last week the Bank of England was saying that, businesses are cash rich and holding billions of pounds in cash, Let’s hope those who are holding cash reserves pay back these practically interest-free loans
56
18/02/2021 11:04:56 12 12
bbc
Barclays invested in white South African Apartheid against world condemnation. I have no sympathy for this horrible bank.
57
18/02/2021 11:04:58 62 26
bbc
The cats get fatter and we get hounded.
184
18/02/2021 11:38:34 18 6
bbc
Meow.
58
18/02/2021 10:51:59 238 48
bbc
£4 Million pounds salary...that tells you all what's wrong with the world.

127
18/02/2021 11:23:07 180 89
bbc
But its OK for footballers, movie stars and TV personalities to earn that kind of money? Banks and other big businesses need skilled, experienced people to steer them.
142
18/02/2021 11:27:37 23 7
bbc
Yes, he gets paid almost as much as most premier league footballers. That's even after taking a £1-9m pay cut.
It does tell you what's wrong with the world.
177
18/02/2021 11:37:56 13 9
bbc
Around £1.75 million in income tax - should pay for a few nurses.
317
18/02/2021 12:17:31 4 2
bbc
Oh....envy!
326
18/02/2021 12:20:09 4 1
bbc
It depends, which side of the political fence you sit, if you're conservative its really, really bad but if your on the left and earning that sort of money then it appears to be a very virtuous thing. Can't work it out ??
357
18/02/2021 12:32:10 2 5
bbc
Seedless rubbish! They provide the business for employees - not like so called TV celebrities, sports stars .
521
18/02/2021 13:52:52 0 0
bbc
Need to pay the best to recruit the best just like football teams. If we don't then a foreign bank will and they get all the jobs and the tax take so careful what you wish for.
595
18/02/2021 14:32:55 0 0
bbc
Yes, disappointing that there arent more people capable enough to earn this kind of money. I'm sure if the shareholders thought they could get the right person for less in a competitive market they would have done so. They obviously think he/she is worth it, like any employment transaction.
59
18/02/2021 11:05:08 32 17
bbc
Never feel sorry for a bank, they never loose in the long run and those that use them (probably all of us in some way) are always the ones that do
68
18/02/2021 11:09:02 20 7
bbc
Dont feel sorry for them, I dont think anyone ever had.
Nobody wants banks to fail, that is much more financially damaging
4
18/02/2021 10:51:17 8 39
bbc
Spurred on the by the media, the government over-reacted and closed down the country, ruining people's lives and livelihoods.

People die all the time of a range of illnesses and for various reasons. Closing down the country should be an absolute last resort. The treatment can't be worse than the disease.
60
18/02/2021 11:05:17 6 2
bbc
It was the absolute last resort.

Boris can never win can he? Some say he locked down too late, or that the measures aren't strong enough, and others, like this covidiot want no measure at all.
61
mm
18/02/2021 11:05:36 40 9
bbc
Those who are going to fail to pay will be bailed out by the rest of the population. Same old same old. What sort of 'businesses' are we talking about - nail bars etc?
105
18/02/2021 11:16:59 43 1
bbc
I agreed with your comment, until your final sentence. If any business, pre-covid, was viable, it doesn't matter what the business is. People obviously want beauty treatment and, normally, are happy to pay for it.
Personally, I'm beyond assistance.
446
18/02/2021 13:10:32 1 1
bbc
Why do you single out nail bars as the kind of business that will fail, implying both that they're not worth saving & that they're dishonest? Is it simply that you consider any business that provides a service that you don't personally use as worthless? Or is it because both the business owners & their employees tend to be women who are often non-caucasian?
581
18/02/2021 14:22:52 0 0
bbc
Personally I have never had a manicure, but what's wrong with businesses that provide employment, pay taxes and keep the high street alive? They should not be saved just because you are snobby about what they do?
But how happy are you to keep the "nail technicians" and their dependents on benefits if they can't work?
20
18/02/2021 10:54:46 0 16
bbc
Okay, not quite "zero" but "zero" enough.
62
18/02/2021 11:06:46 2 1
bbc
I'm guessing you have a public sector pension then, ie taxpayer picking up the bill? If not, the dividends will be paying retirement income to lots of pensioners. from the money that they saved. If you've got a final salary scheme, you don't give a monkeys as the taxpayer or next generation will pay that bill. Not your problem. Great..........
584
18/02/2021 14:24:11 0 0
bbc
Your concern regarding my personal affairs is superfluous.
12
18/02/2021 10:53:46 6 9
bbc
I'm sure the banks will manage just fine....

Unfortunately.
63
18/02/2021 11:06:54 3 0
bbc
If our don’t like the banks open a Basic non overdraft account to pay your wages into. Withdraw them on the day of payment and place them under your pillow. Surrender your cards, never take any credit, cancel all direct debits and arrange to pay all your utility bills via cash, should they allow it.

And good luck with your bank free lifestyle.
3
18/02/2021 10:50:36 21 19
bbc
"The bank reported a 30% fall in pre-tax profits to £3.1bn for 2020, down from £4.3bn in 2019."

Anyone else think that £3.1bn in profit is still an obscene amount?
64
18/02/2021 11:08:06 2 0
bbc
For a huge multinational company? No. What would be appropriate then? £10m? £100m? That's sailing quite close to making a loss comparatively speaking.

Maybe they could eat into that profit by massively increasing staff bonuses - but hang on a second, public opinion is against those too.

Since when should 'doing well' be bad and 'barely surviving' be considered good?
65
18/02/2021 11:08:33 394 12
bbc
HMRC should make it a priority to investigate every single emergency loan that goes bad.

If Directors have taken money from the loan to spend personally or pay other debts, they should be prosecuted.

Tax payer should not pay for dishonesty.
128
18/02/2021 11:23:33 161 168
bbc
Won't happen while the Tories are in charge.
185
18/02/2021 11:38:52 6 41
bbc
Save all small businesses. The loads must be cancelled
196
18/02/2021 11:43:28 24 11
bbc
HMRC is bogged down in niceties and procedures. In Russia the tax compliance police jump from helicopters with guns to do raids on tax evaders. In the UK it is a letter beginning Dear Sir or Dear Madam and ending Please reply within thirty days.
197
18/02/2021 11:43:34 7 9
bbc
Dear Barclays,

unfortunately it turns out I will not be able to repay that £4.8bn you gave me.

Best regards,

_____________________________
218
18/02/2021 11:49:00 20 8
bbc
Like it or not, it's a perfectly legitimate use of Bounce Back Loans to maintain company directors' salaries and drawings which they can then spend on whatever they wish.
227
18/02/2021 11:50:32 10 43
bbc
The tax payer isn’t paying.

If you believe they are then please explain.

Once the money is with the government, it is the government’s money and they, not you can spend it whatever way they want.

Would you, SERIOUSLY, give a financial gift to a family member but tell them how they should spend it?

It’s exactly the same principle.
230
rob
18/02/2021 11:45:47 14 0
bbc
The covid loans are 100 percent covered by Hmg and they will get this money back I think Barclays are saying generally because of covid if the report is read and understood
246
18/02/2021 11:51:35 26 1
bbc
"....Tax payer should not pay for dishonesty."

You must be new to banking.
250
18/02/2021 11:57:07 9 0
bbc
Too true U, but some will have made hay.
I remember a foreign guy back in the 80,s . He borrowed a quarter of a million quid from the government to set up a so called training course for us out of workers. He suddenly went missing (with the dosh of course) and guess what, someone else was loaned more money to keep us unfortunates off the then high dole figures.
Where theres money theres a fiddle.
266
18/02/2021 12:01:09 25 1
bbc
Please stop referring to company directors as if they were so cliched top-hat wearing corpulent figures from a cartoon!
99% of British businesses are SMEs.
The vast majority of directors applying for loans work very hard running small firms and local businesses.
Please stop trying to lump them in with corporate fat cats.
448
18/02/2021 13:12:00 3 1
bbc
I. Think the real problem is. That many loans were made to fake Companies, set up just to apply for the loan, and then vanished with the cash.

Good to think that the applicants could be nabbed and roasted, but probably wil never be caught.
464
18/02/2021 13:20:28 1 0
bbc
I has started, looked at the big furlough fraud case in Birmingham by the same BAME people who are refusing the Covid jab, it could almost be a conspiracy to make the outbreak go on longer to claim more hand outs, and nothing to do with race or colour.
474
xlr
18/02/2021 13:27:15 0 0
bbc
The UK's economic system since 1981 is that the taxpayer does pay for dishonesty in business. There's nothing new there.
536
18/02/2021 14:00:00 0 0
bbc
Absolutely.
And the 4.8 million paid to one man?
621
18/02/2021 15:57:45 0 0
bbc
I love the comment

Just one problem

Hmrc staffing levels
629
18/02/2021 16:18:39 0 0
bbc
HMRC allows illegal foreign money to boy up London property..useless
630
18/02/2021 16:19:27 0 0
bbc
HMRC is useless they let foreign criminals buy up London property
668
18/02/2021 20:48:56 0 0
bbc
I'm guessing that many of these emergency COVID loans have been obtained fraudulently. Just not quite sure why the bank is making the bad debt provision when such loans are supposed to be backed by the Government. It will be the UK taxpayers who will ultimately incur these bad debts.
676
PCS
19/02/2021 01:15:14 0 0
bbc
Perfect crime opportunity for Tory chums.
48
18/02/2021 11:02:35 4 10
bbc
I would of let them go to the Wall as business is a risk anyway
66
18/02/2021 11:08:39 3 2
bbc
Thats what they will do to the borrowers
31
QED
18/02/2021 10:57:29 345 35
bbc
Profits down 30% but bonus pool up 6%. Anyone else find this wrong?
67
18/02/2021 11:09:01 33 2
bbc
You are missing the point completely. Profits are down because they have increased provisions for bad loans. They "think" the loans "might" not be repaid so are effectively assuming the worst case. They can take the hit very easily because they are restoring their dividends and share buy-backs. Fundamentally, they are still doing well.
149
18/02/2021 11:30:15 9 2
bbc
And you are missing their point entirely. If the business is in the red for that quarter should the CEOs get a pay bonus or forgo the bonus to help the company. It should be the latter but it's always the former
385
18/02/2021 12:43:30 0 0
bbc
They can be pretty sure most of the 'Bounceback' loans are going to be difficult to recover. The loans were dished out by the shovelful, and then we went into another lockdown. What was the point of the loan if the businesses were to be locked down again, no chance to bounceback! Bad planning.
59
18/02/2021 11:05:08 32 17
bbc
Never feel sorry for a bank, they never loose in the long run and those that use them (probably all of us in some way) are always the ones that do
68
18/02/2021 11:09:02 20 7
bbc
Dont feel sorry for them, I dont think anyone ever had.
Nobody wants banks to fail, that is much more financially damaging
117
18/02/2021 11:19:34 0 4
bbc
"Nobody wants banks to fail, that is much more financially damaging"

Grovel away. Thats exactly what they want to hear.

You have heard of 'capitalism'? Clearly not. But in little tiny words - this. isn't. it.
169
18/02/2021 11:36:25 1 2
bbc
Nobody wants banks to fail but there are plenty of relatively secure families in the country who by their own diligence in remaining debt free are largely secure from the outcomes if they did. People should consider how this might be achieved.
69
MVS
18/02/2021 11:09:52 8 7
bbc
Well what a surprise! Banker Bashers of the World unite on a BBC HYS stream about a Bank's result, with such well-informed comments about a business very few even remotely understand.
But it makes for good sport eh?
70
18/02/2021 11:10:23 1 1
bbc
Well, they've said the loans "could" never be repaid, so there will be many on here who will dismiss this as scaremongering.
93
18/02/2021 11:15:33 1 1
bbc
It is scaremongering. "Could never be repaid" i9s meaningless. Could equally all be repaid. All sorts of things could happen; until they do, it's hardly news. There is far too much speculation and guesswork in the so-called "news" these days.
71
18/02/2021 11:02:13 6 8
bbc
Lets be honest - we are not in a recession we are in a depression, where banks will try to protect shareholders, but punish customers, and people who are just about holding on will lose jobs, go bankrupt and lose homes, but Barclays and other banks CEOs will still command 7 figure salaries when others won't have enough money to even worth having a bank account.
36
18/02/2021 11:00:30 141 69
bbc
When you owe a few thousand pounds that's your problem
when you owe a few million it's the banks problem
when you owe a few billion it is societies problem...

Isn't it funny that its always socialism that bails out capitalism once they get it wrong.
72
18/02/2021 11:10:34 19 10
bbc
When does socialism pay for anything?
310
18/02/2021 12:13:56 2 2
bbc
Whenever the corporate banks are bailed out. Circa every 10 years or so.
73
18/02/2021 11:11:34 4 3
bbc
This was always going to happen. Banks - not just Barclays - were under huge pressure from the Treasury to support the various Covid support mechanisms, even though they were being asked to lend money way beyond what prudent.
The Treasury view is that even defaulting loans get money circulating. Positively Keynsian.
31
QED
18/02/2021 10:57:29 345 35
bbc
Profits down 30% but bonus pool up 6%. Anyone else find this wrong?
74
MVS
18/02/2021 11:11:47 11 3
bbc
No, because I am not privy to all of the facts.
75
18/02/2021 11:11:52 6 6
bbc
That's good - Barclays can bear it - doing their bit for blighty!
76
18/02/2021 11:11:56 14 8
bbc
A builder near me upgraded his van and new widows and front garden, funny that. I have been told of other borrowers putting money into saving accounts which helped one person to move house.
148
18/02/2021 11:29:52 9 2
bbc
If you have any actual evidence - not "I have been told" - you can report this anonymously on the Crimestoppers website.
303
18/02/2021 12:12:00 2 0
bbc
I know people who have taken loans as they could. I dont see this a bad thing unless they find a way to avoid paying it back. Regardless of what it is spent on it does keep the economy moving and generating income for someone else.
30
MVP
18/02/2021 10:57:28 30 21
bbc
Are we supposed to feel sorry for the banks that they have written loans that will not be repaid?
77
mm
18/02/2021 11:12:08 1 1
bbc
A qualified yes because it will be our money to cover this shortfall. Many of these businesses have been set up in the likes of someones garage or spare room. They were often not viable because they could not survive a downturn of a few months never mind a year. They did not have the business acumen.
31
QED
18/02/2021 10:57:29 345 35
bbc
Profits down 30% but bonus pool up 6%. Anyone else find this wrong?
78
18/02/2021 11:12:36 5 7
bbc
I find it wrong, very wrong.
The upside is the income tax paid will be a large portion of the bonus pool that's paid to the Treasury.
350
18/02/2021 12:28:28 3 0
bbc
and they pay corporation tax on the pre tax profits
79
18/02/2021 11:03:54 1 9
bbc
Who would pay the banks back...they rip people off
36
18/02/2021 11:00:30 141 69
bbc
When you owe a few thousand pounds that's your problem
when you owe a few million it's the banks problem
when you owe a few billion it is societies problem...

Isn't it funny that its always socialism that bails out capitalism once they get it wrong.
80
18/02/2021 11:04:03 4 6
bbc
in a nutshell.... i give you the railways.
36
18/02/2021 11:00:30 141 69
bbc
When you owe a few thousand pounds that's your problem
when you owe a few million it's the banks problem
when you owe a few billion it is societies problem...

Isn't it funny that its always socialism that bails out capitalism once they get it wrong.
81
18/02/2021 11:04:18 1 5
bbc
why pay loan back with interest
31
QED
18/02/2021 10:57:29 345 35
bbc
Profits down 30% but bonus pool up 6%. Anyone else find this wrong?
82
18/02/2021 11:04:45 9 18
bbc
its the norm. western financial systems are corrupt
208
Dee
18/02/2021 11:45:09 0 0
bbc
You’re funny.
402
18/02/2021 12:53:03 1 0
bbc
unlike those in China or North Korea I suppose?
29
18/02/2021 10:57:19 40 4
bbc
There are going to be a lot of Zombie companies going to disappear.
83
18/02/2021 11:05:22 0 1
bbc
zombie companies just funnel drug money
46
18/02/2021 11:02:30 137 20
bbc
completely... but this has always been the same for big business, they keep the money in their hands while the business itself suffers.
84
MVS
18/02/2021 11:13:43 19 6
bbc
If you had ever run a business you might start to understand why your comment is completely non-sensical. Barclays has been in business for a very long time because its shareholders ensure that its Balance Sheet remains strong.
15
18/02/2021 10:53:55 16 7
bbc
So many emergency loans given out to companies who were unlikely to pay them back. Some will be genuine decisions but lets hope that there are mechanisms in place to detect when people are taking money out of companies and then just folding them.
85
18/02/2021 11:06:28 0 1
bbc
the small medium British businesses that launder drug money stay afloat
281
18/02/2021 12:05:19 0 0
bbc
Which businesses might they be? Evidence of your claims would be good!
26
18/02/2021 10:55:28 10 16
bbc
Can you manage without a bank?
86
18/02/2021 11:07:02 0 2
bbc
banks leave you in debt
257
18/02/2021 11:58:48 0 0
bbc
Don't borrow then.
314
18/02/2021 12:15:25 0 0
bbc
I think it is spending more than one earns that causes debt. That is not to say that everyone can survive on their earnings but that is a different discussion.
30
MVP
18/02/2021 10:57:28 30 21
bbc
Are we supposed to feel sorry for the banks that they have written loans that will not be repaid?
87
18/02/2021 11:07:20 2 5
bbc
smart people dont pay bank loans
6
18/02/2021 10:52:45 12 8
bbc
Even before the covid crisis, the UK economy has been increasingly built on debt. Prior to Thatcher, private sector debt never exceeded 75% of GDP but now stands at a massive 220% of GDP and is increasing. This dwarfs public sector debt of 100% of GDP.
smart small and medium business to survive funnel drug money Removed
302
18/02/2021 12:11:37 0 1
bbc
Evidence?
3
18/02/2021 10:50:36 21 19
bbc
"The bank reported a 30% fall in pre-tax profits to £3.1bn for 2020, down from £4.3bn in 2019."

Anyone else think that £3.1bn in profit is still an obscene amount?
89
18/02/2021 11:08:22 0 0
bbc
banks make all the money off the poor peasants in debt
294
18/02/2021 12:10:13 0 0
bbc
Rubbish - they made the profit from the investment bank - mostly the rich
32
18/02/2021 10:57:47 8 16
bbc
The FT reporting that HM Treasury is looking to scrap the EU bonus cap in a desperate attempt to keep bankers from fleeing Brexit Britain.
Another cost to Brexit which will no doubt be deflected by a photo-op of Numpty Dumpty in a lab coat or cleaning a chair or something.
90
18/02/2021 11:09:08 0 0
bbc
banks will always o places where taxes are low..namely Netherlands...most of the economy in the Netherlands is based on drug money
91
18/02/2021 11:14:25 36 3
bbc
Should be pursuing these businesses, to many hiding behind covid, HMRC should also be looking at the government loans and payouts, I know far to many businesses that have had money and not really needed it but have some nice shiny new cars and vans sitting on there drives. It was far to easy to make spurious loan and grant applications time to start recovering money.
171
18/02/2021 11:36:44 14 2
bbc
And yet new car sales are at their lowest for decades - wonder where all these "shiny new" vehicles came from.
210
18/02/2021 11:45:48 2 4
bbc
Correct. They didn't even put a simple check in place like company incorporation date before or after X.
£40 billion in loans, it's estimated £20-30billion is fraud, and recovery by HMRC will be 50% max.
And the Tories don't want to give poor families an extra £20 a week.
623
ARH
18/02/2021 16:01:09 0 0
bbc
Given that you know businesses that have abused the scheme it’s reasonable to assume that you’ve reported them. If not, why not?
92
18/02/2021 11:15:16 1 1
bbc
Senior Executives - the argument for massive pay is that the right person can make the company tens of millions, so is worth it.

But how come when they make huge profits it's the senior staff, so they are worth the money. But when they make huge losses it's the market conditions, so they get the money anyway. If pay was directly linked to profit (no profit, no pay) then I'd be happier.
70
18/02/2021 11:10:23 1 1
bbc
Well, they've said the loans "could" never be repaid, so there will be many on here who will dismiss this as scaremongering.
93
18/02/2021 11:15:33 1 1
bbc
It is scaremongering. "Could never be repaid" i9s meaningless. Could equally all be repaid. All sorts of things could happen; until they do, it's hardly news. There is far too much speculation and guesswork in the so-called "news" these days.
28
18/02/2021 10:57:15 2 17
bbc
They're human beings too.
94
18/02/2021 11:09:34 1 2
bbc
they are reptiles
47
18/02/2021 11:02:32 118 40
bbc
And yet capitalism pays for the socialism - so it's a virtuous circle really.
95
18/02/2021 11:09:43 17 13
bbc
but capitalism always fails... its a race to the bottom.
i give you Mrs Thatcher.. and the financial car crash of 15% interest rates and the IMF begging bowl.
Abject greed and utterly failed capitalism gave us the world banking crisis and crash..bailed out by?.... public money.
126
18/02/2021 11:22:15 2 2
bbc
Everything fails, nothing works.
135
18/02/2021 11:25:55 15 9
bbc
The IMF begging bowl came after two decades of socialism prior to Thatcher even coming to power - it's not hard to google this stuff...
152
18/02/2021 11:30:47 15 6
bbc
I recall that the very brief 15% interest rates were as a result of a failed attempt to invest us in the ERM with the EU. Which as everyone is plainly aware is (or rather was) a social experiment sweetened by trade deals rather than a capitalist concept.
349
18/02/2021 12:27:58 4 2
bbc
It was Labour's 'financial car crash' (sic) and 15% interest rates that got Thatcher's Conservative govt elected! Despite many (in my opinion) economically dubious short-termist policies, at the time she turned the economy/recession around. And won 2 more landslide elections on the back of that. When the libraries re-open, you'll be able to take out some history and economics textbooks.
2
18/02/2021 10:50:22 7 4
bbc
The banks always win. This will come back to us.
96
18/02/2021 11:09:48 0 0
bbc
win from interest
97
18/02/2021 11:10:11 5 3
bbc
Banks like to keep the population in debt
296
18/02/2021 12:10:40 2 0
bbc
Maybe as individuals we must take personal responsibility for going into debt, or not going into debt. Blaming others or the banks for our actions is not a very healthy attitude to life in my opinion!
98
18/02/2021 11:12:11 4 6
bbc
HMG has corruptly driven the CRIMINAL Bank of England to destroy savers wealth and transfer it to bankers.

Get interest rates back to at least 3% to 4% range immediately if we even want to the economy back to stability within a decade.

FIRE the Bank of England and stop instructing them to rob the people for the benefit of their friends. Get rid of all the crooks.
568
18/02/2021 14:16:28 1 0
bbc
You must have a £million in a cash savings account, otherwise 4% is an irrelevant sum; you are a liar or a fool or both

If savings rate is 4%, what do you suppose the borrowing rate will be? Impact??

Are you living in some bizarre dreamworld where your financial incompetence and illiteracy justify the invention of a new crime of "Not paying John 4% because he doesn;t understand the world at all"
99
18/02/2021 11:15:47 2 3
bbc
It isn't your money anyway Barclays.
100
18/02/2021 11:15:52 3 1
bbc
In that case... can I borrow £4.9bn please?