Explained in plain English
Why are banks making so much?
Banks like HSBC are seeing big profits partly because of higher interest rates set by the Bank of England. They earn more from lending money and pay less on savings, widening their profit margins. This isn't unique to the UK; banks globally have benefited from rising rates to combat inflation.
Stories that explain this
Andy Burnham urged to tax banks as HSBC reports £14.5 billion profitThis explainer came from a news story
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