Banks wouldn’t be here if taxpayers didn’t bail them out so profits should go to community

Some of the biggest banks wouldn’t exist if it wasn’t for the taxpayer bailing them out in 2008.

The reputation of the UK’s financial sector was trashed during the credit crunch 16 years ago and it’s barely improved since. Banks have spent the last decade closing as many of their branches as they can get away with and forcing customers to do all of their banking online.

The days of knowing your local bank manager are long gone. Customers are there to be squeezed whether it’s from extortionate overdraft charges or overpriced loans.

The rise in interest rates has now meant the big four banks have reported obscene combined profits of £44billion. Barclays, Bank of Scotland owner Lloyds, NatWest – owner of Royal Bank of Scotland – and HSBC are rolling in cash and handing bosses bumper pay packets as a result.

All at a time millions of families are struggling to pay their mortgages due to a massive hike in interest rates. There’s little hope that Rishi Sunak would do the obvious thing and impose a windfall tax on these undeserved profits.

The Tories will always look out for their pals in the City. But a future Labour government should be seriously considering imposing such a tax as a priority. We bailed out the banks once before. In return, their profits could help pay for our struggling public services.

Fatcat shareholders shouldn’t be the priority when public services such as schools and hospitals are struggling to function.

Banks should be made to put a fair chunk of their mega-profits back into our communities. After all, some of them wouldn’t be here at all if the taxpayer hadn’t saved their skins back in 2008.

Crews control

Thousands of Scots take to the sea every day – from fishermen bringing us the best catch in the world to offshore workers in our multi-billion-pound energy sector.

There are also many of us who get much-needed exercise and inspiration from taking to the waves in yachts, kayaks and paddleboards or even just a wetsuit for a spot of wild swimming.

We are a nation of sea lovers, which is why those brave volunteers who risk everything to help those in distress are as busy as ever.

Today in the Daily Record, we tell how two fearless lifeboat crews carried out dramatic rescues over recent days.

The bravery and dedication of these crews are almost beyond comprehension. They deserve our eternal thanks and, where possible, a bit of fundraising to make sure they are always there when we need them.

Don’t miss the latest news from around Scotland and beyond – Sign up to our daily newsletter here .