It’s boom time for the bankers again.
Champagne corks were popping in City wine bars this week as Britain’s banks announced billions in profits.
After two years of running cap in hand to the government for bailouts—all of which is to be paid for by cutting public spending—bosses and traders are now set to reward themselves for their hard work.
Banking giant HSBC was boosted by state aid to the whole financial system. Its profits soared by 121 percent to
£7.2 billion for the first six months of the year. By the end of the week, the profits of the banks were expected to reach £10 billion or more.
Rich shareholders joined the bonanza as HSBC alone dished out £1.8 billion in dividends.
But while the fat cats spend their days wondering how to spend the loot, millions of workers in Britain worry about the public spending cuts and how they will keep their heads above water.
People who are dependent on vital services wonder how they will cope if their hospital is closed, or their home help is scrapped. Others will lie awake at night in fear of losing their homes when housing benefit is slashed.
Rightly, they will all be angry that the bankers are living the high life at our expense. It’s time we turned the tables on the rich rabble that run Britain.
We need resistance in every community, every workplace and every union.