Brits “right to question” bank profit margins

James Alexander was responding to his company’s own estimation that each household in the UK has added around £475 per year to the overall profits of the five largest banks.

In light of the wake of dramatic increases in the number of people approaching Citizens Advice about debt-related issues, Zopa’s figure of £475 per households represents a 14 per cent rise on 2005.

“Given that this is just the profit contribution, I shudder to think what the total cost is to the average household for all of their banking,” Mr Alexander commented.

“Consumers are right to question whether or not it is appropriate that the average UK household is contributing £475 per annum to the bottom line of the UK’s five largest banks,” he continued.

Figures released earlier this week demonstrated that there had been a 15 per cent increase in the number of people asking Citizens’ Advice for debt advice during January of this year than in the same month of 2006.