Are British banks getting billions in hidden subsidies?

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A new briefing from think-tank nef (the new economics foundation), released the day before Barclays announce their full year results, asks whether banks would be making any profit at all without billions in hidden subsidies from the British taxpayer and bank customers.

Read it here.

As the report says:

The briefing concludes that there [are further] hidden subsidies [that] must be investigated and that if the Independent Commission on Banking is to properly do its job, it must establish a full picture of the de facto hidden subsidies being enjoyed by the banks.

Disclosure: I contributed on quantitative easing