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Barclays bank announces £1.8 billion profit in the first quarter of 2010

In a further sign that the UK banking sector is most definitely over the worst, UK giant Barclays bank today announced profits of £1.8 billion in the first quarter of 2010. This compares favourably to profits of £1.24 billion in the first three months of 2009 after a major reduction in impairment charges and an increase in business. Impairment charges dropped from £2.31 billion to £1.51 billion over the year, which is a 35% reduction.

The company confirmed that trading has been "consistent with the trends over the first quarter" and the management look forward to the future with confidence. This is the latest positive news from the UK banking sector at a time when the rest of the economy and consumers are still struggling to make ends meet. We have seen a massive increase in the amount of bonuses and pay increases across the sector which has been met with great disdain by UK taxpayers.

While Barclays bank refused direct investment from the UK government during the financial crisis, the sector as a whole has benefited from government and Bank of England intervention in the money markets. Many taxpayers believe that the banking sector "owes" UK taxpayers but has so far yet to deliver.

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