Banks’ record balances “completely unjustifiable”

In the face of the country’s deepening debt crisis and increasing cases of bankruptcy, the profits being amassed by banks are “excessive”, Mr Cable asserts.

“Gordon Brown should stop worrying about his reputation with the haves and instead start thinking about the have-nots,” he said.

“Banks are still enjoying excessive profits, based all too often on the exploitation of vulnerable customers through unfair, and in some cases illegal, bank charges.”

The MP also quotes figures which suggest the annual amounts being made by high street banks has risen by around 87 per cent since 1997 and now equates to as much as £230 profit per customer, which he called “completely unjustifiable”.

Last week, Tim Moss, head of loans and debt at price comparison service Moneysupermarket, predicted that the UK’s biggest banks will soon be looking to tighten their lending criteria.