Barclays has increased its banker bonus pool by nearly 30% to £1.3bn for the first half of the year, following a sharp rise in profits that has intensified calls for the government to impose higher taxes on UK banks. The bank's strong results have been seized upon by the Trades Union Congress (TUC), which argues that Barclays can easily afford to contribute more to help fund policies aimed at easing the cost of living crisis, putting pressure on the new prime minister and chancellor to act.

Corporate filings released on Tuesday showed the bonus pot, covering annual and deferred payouts, rose from £1bn last year, and is expected to grow further before final pay decisions are made by the end of February 2027. The increase came after Barclays reported second-quarter pre-tax profits of £3.3bn, up 31% year-on-year, taking half-year profits to £6.1bn, a 17% rise; the bank also announced a £1bn share buyback and £800m in dividends. TUC general secretary Paul Nowak said such "bonanza" profits showed banks could afford higher taxes and urged ministers to raise the bank surcharge to help reduce energy bills.