HSBC profits: Govt cut taxes for big banks over protecting people's mortgages

EMBARGO: Immediate Release 

Responding to HSBC announcing it made quarterly profits of £6.35 billion, boosted by higher interest rates, and more than double what they were through the same period last year, Liberal Democrat Treasury spokesperson Sarah Olney MP said:

"It was the Conservative party's economic vandalism that crashed the economy and now the big banks are raking in massive profits off the back of working people's spiralling mortgage payments.

"To add insult to injury, this Conservative government cut taxes for the banks and is now set to remove the cap on bankers bonuses.

"They are so out of touch they may as well be on another planet. Working families are left without support, fearing they may lose their homes or have to choose between heating and eating again this winter.

"It is a situation that illustrates exactly why the Conservative party is completely unfit to manage our economy."

ENDS

Notes to Editors:

HSBC's profits are reported here.