Barclays docks bosses' bonuses as profit drop sees shares slump

New mortgage lending reduced 11 per cent last year. It said the fall was due to the mortgage market turmoil that followed the “mini-Budget” last autumn.

Barclays revealed it has set aside £1.2bn to cover potential mortgage defaults and loan losses as pressure mounts on households and businesses already under strain from the cost of living crisis. Ms Cross said: “There is no doubt this is a significantly difficult environment for some customers in terms of inflation. But that’s not translating through to adverse credit behaviour. We are not seeing increases in arrears.”

Barclays said it is tightening lending for coal power and would stop financing oil sands exploration and production, but did not announce new restrictions on oil and gas lending as rivals have in the face of mountingCampaign groups expressed disappointment at Barclays move. “By continuing on this path, Barclays is ignoring the science and disregarding its customers,” Tony Burdon, at Make My Money Matter, said.

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