Barclays posts 12% profit rise as UK banks face budget tax increase

Barclays reported a 12% quarterly profit rise and announced a £500m share buyback ahead of John Healey's expected bank tax increase in the 28 October budget.

• Barclays logged £2.3bn in pre-tax profits for July to September, up 12% from £2.1bn a year earlier.
• Chief executive CS Venkatakrishnan announced a £500m share buyback, taking shareholder returns since January to £2.8bn.
• TUC general secretary Paul Nowak said the big four banks made £200bn in profit since 2021 and should pay more tax.
• Healey told the Times the budget will back business in Britain and cut the "cost of business."
• Barclays' investment bank generated £3.1bn in revenue as equity trading jumped 47% year-on-year, offsetting a 19% decline in fixed-income trading.