Financial Services
HSBC's record profits reignite the bank-tax debate, as its chief makes the case for growth
Source: The Standard, 04 Aug 2026
HSBC posted a pre-tax profit of $19.5bn (£14.5bn) for the first half of the year, up 23% on the same period in 2025 and ahead of the $18.9bn analysts had forecast, rounding off a strong reporting season that also lifted Lloyds, Barclays and NatWest. The results reignited calls from the Trades Union Congress to raise the surcharge on bank profits from 3% to 8%, a move it says could raise £9bn over four years. Group chief executive Georges Elhedery responded directly: "So the UK growth requires strong banks."
That line was not a throwaway remark; it was a reframe. A record profit invites one obvious question from politicians and unions — can you afford to pay more tax? — and HSBC answered a different one instead: can the country afford weaker banks? That is a communications choice as much as a financial one, and it is the same instinct any leader needs when good results arrive with a target on their back.
When your own numbers are strong enough to draw scrutiny, do not wait for critics to set the frame. State plainly what your results enable for other people — lending capacity, jobs, investment — before anyone else defines what they mean.