Barclays profits rise before bank tax

Barclays reported a 12% increase in quarterly profits to £2.3 billion and announced a new £500 million share buyback, amid expectations of increased UK bank taxes in the upcoming budget. The bank’s strong performance included a 6% rise in UK net interest income and a 7% growth in loans, with its profits so far this year totaling £8.4 billion. The government is considering raising bank taxes, which has prompted calls from the TUC for higher levies to fund social energy support programs, amidst discussions of potential fiscal impacts on major UK banks.

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