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Barclays reported profit before tax of £3.3 billion for the second quarter on Tuesday, up 31 per cent, as the TUC called for the surcharge on banking profits to be raised to as much as 35 per cent.

The FTSE 100 lender said strong equities trading activity had helped lift quarterly profits. It also upgraded its guidance, telling investors it now expects group income of about £31.5 billion this year, having previously anticipated about £31 billion.

Paul Nowak, TUC general secretary, said: “Big banks like Barclays are raking it in while working people and local businesses are struggling. This is a chance for the new prime minister and chancellor to show whose side they’re on. It’s time to increase the bank surcharge and tax banks to bring down energy bills.”

The surcharge is levied on bank profits on top of corporation tax. HMRC set the rate at 3 per cent from 1 April 2023, down from 8 per cent, and raised the banking group allowance to £100 million. Business Matters reported in October that the Treasury was examining restoring the surcharge to 8 per cent, a move expected to raise about £2 billion a year.

Speaking on a media call with journalists, CS Venkatakrishnan, the Barclays chief executive known as Venkat, pushed back on suggestions that banks could be a target for more taxes under Andy Burnham’s government, saying the sector already pays “the highest rate of tax globally”.

He added: “We think that the track record that we and the other banks have in terms of supporting UK growth and UK lending… is really important for the health of the economy, and we hope that will be considered.”

Barclays is the first of three major UK banks to report first-half earnings since Burnham appointed John Healey as chancellor on 20 July.

Group income rose 16 per cent to £8.3 billion over the second quarter, beating City estimates. Over the first half, income rose 11 per cent to £16.5 billion, with profit before tax up 17 per cent to £6.1 billion.

The investment bank reported profit before tax up 32 per cent to £1.7 billion over the quarter, with income from equities trading up 45 per cent. The results follow record profits at Wall Street banking giants, where traders capitalised on volatility in financial markets.

Corporate banking income rose 8 per cent to £1 billion over the half year and profit before tax rose 30 per cent to £566 million. In retail banking, net interest income, the difference between what the bank charges borrowers and what it pays savers, rose 8 per cent to £4.5 billion, with profit before tax up 10 per cent to £1.8 billion. Private banking and wealth income rose 2 per cent to £713 million, while profit before tax fell 21 per cent to £186 million.

The bank increased its provisioning for loan losses to £1.4 billion, up from £1.1 billion, which it said was “primarily driven” by the funding set aside to handle the collapse of Market Financial Solutions, the Mayfair-based provider of mortgages and bridging finance that collapsed amid allegations of fraud.

Barclays also launched a £1 billion share buyback and increased the interim dividend to 5.9p a share, up from 3p a share in the same half last year. The three-year targets it set out in February include about £2 billion of cost savings and more than £15 billion of capital returns by the end of 2028.

Shares in Barclays fell 5 per cent, or 27¼p, to 503p. The stock has risen nearly 40 per cent over the past year. Some analysts said the investment bank’s performance had lagged Wall Street rivals, which saw equities trading boosted by SpaceX’s initial public offering.

Gary Greenwood, investment analyst at Shore Capital, said the shares had had a strong run-up to the results and “expectations had got ahead of themselves”. He said the investment bank had been “the standout performer” and that the group’s corporate banking services had “more than offset softer consumer trends”.

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

Couples are also getting married later, points out Julia Rodgers, cofounder of US prenup platform HelloPrenup.

“You may have some [university] debt, maybe started a business or purchased a home. So you have a lot to protect and to lose by the age of 34,” she says.

What’s become known as “the Great Wealth Transfer” means some members of the younger generation are receiving huge assets to manage. It is often their parents who are the driving force behind ring-fencing those inheritances.

And while in the past prenups have been criticised for limiting women’s rights, Rodgers argues they have evolved and now benefit women like her by giving them the chance to clarify their rights from the start.

“We want to make sure we have the honest, open, transparent conversations about life goals, about finances, about roles and responsibilities in the home, so that we can have a long, happy marriage and not end up in that position that we saw our parents in,” she says.

Celine says most of her friends think prenups are a good idea.

It only cost her a few hundred dollars online, but even if she had had to pay lawyers it would have been a worthwhile “investment” in the marriage she says, and less expensive, but probably more important than the wedding itself.

Best of all she and Charles have got the “hard conversations” out of the way.

“We haven’t had a single argument about finances,” she says.

Cyber security officer Ritesh Patel was on the Hugging Face call with around 450 others and says the industry is working hard to address the new threat of rogue AI agents.

“This is the reality of autonomous agents powered by frontier models: they are relentlessly persistent, sometimes highly noisy, and will try every possible path to achieve their goal, which can easily overwhelm traditional defences,” he said.

This is not the first time AI agents have been shown to go “rogue”.

In the CSA’s report it references previous examples like in September 2024 when an earlier model of ChatGPT escaped its container to get an answer it needed for another test.

That event was contained in OpenAI’s own IT systems and “largely celebrated at the time”, the CSA noted.

But “rogue” behaviour “is the standard, not the exception,” the paper claimed.

It warned cyber-security professionals around the world they needed to adapt to the new normal of swarms of AI agents working at speed in strange and clumsy ways that might lead to more breaches.

The paper also urged people who use or develop AI agents to be responsible in how they control them, calling for some way for cyber-security defenders to find out who is the ultimate owner of agents to increase transparency.

Previous reports suggest it took OpenAI four days , externalto realise its AI had hacked Hugging Face.

OpenAI said it would release the findings of its own investigation soon to help people learn from the event.

Whether you’re trying to pay off debt, save for retirement, build an emergency fund, or simply enjoy a more comfortable lifestyle, increasing your income can make a significant difference. While cutting expenses is helpful, there’s a limit to how much you can reduce spending. On the other hand, your earning potential has virtually no ceiling.

The good news is that you don’t need to quit your job or invest thousands of pesos to start earning more. Many income opportunities require little or no capital, and others can grow into full-time businesses over time.

Below are 100 simple ways to increase your income. You don’t have to try all of them. Even implementing a handful could substantially improve your financial future.

1. Ask for a Salary Increase

If you’ve consistently delivered excellent results, prepare evidence of your achievements and negotiate a higher salary.

2. Learn a High-Income Skill

Skills like digital marketing, programming, AI, cybersecurity, copywriting, and data analytics are highly valued.

Offer services on platforms like Upwork or Fiverr, including writing, graphic design, programming, or virtual assistance.

4. Teach Online

Create online courses or tutor students in subjects you’re knowledgeable about.

5. Become a Consultant

Businesses pay experts for advice in accounting, HR, marketing, IT, and management.

Create templates, spreadsheets, eBooks, planners, or printable designs that generate passive income.

A successful blog can earn through display ads, affiliate marketing, and sponsored content.

8. Launch a YouTube Channel

Create valuable videos and monetize them with ads, memberships, sponsorships, and affiliate links.

Promote products and earn commissions from every successful referral.

10. Sell Stock Photos

Upload quality images to stock photo websites and earn royalties.

11-20: Earn More from Your Existing Skills

• Offer resume writing services.
• Become a social media manager.
• Provide bookkeeping services.
• Offer tax preparation assistance.
• Create websites for small businesses.
• Offer SEO services.
• Become a translator.
• Provide voice-over services.
• Edit videos.
• Create logos and branding packages.

• Open an online store.
• Sell handmade crafts.
• Start a print-on-demand business.
• Offer cleaning services.
• Start lawn care services.
• Provide pet sitting.
• Offer babysitting.
• Become a mobile car detailer.
• Start pressure washing services.
• Offer home repair services.

31-40: Online Income Ideas

• Sell on Amazon.
• Sell on Etsy.
• Become an Amazon Influencer.
• Flip domain names.
• Sell website templates.
• Create mobile apps.
• Develop browser extensions.
• Create premium newsletters.
• Sell online memberships.
• Launch a paid community.

• Invest in dividend stocks.
• Buy index funds.
• Invest in REITs.
• Purchase rental properties.
• Invest in bonds.
• Use high-yield savings accounts.
• Peer-to-peer lending.
• Invest in ETFs.
• Reinvest dividends.
• Dollar-cost averaging.

51-60: Gig Economy Opportunities

• Drive for ride-sharing services.
• Deliver food.
• Deliver groceries.
• Rent out your car.
• Become a mystery shopper.
• Complete paid surveys.
• Test websites.
• Participate in research studies.
• Become a product tester.
• Rent unused parking spaces.

61-70: Sell What You Already Own

• Sell unused electronics.
• Sell old furniture.
• Sell collectibles.
• Sell books.
• Sell designer clothing.
• Sell unused tools.
• Sell sports equipment.
• Sell musical instruments.
• Host a garage sale.
• Flip thrift store finds.

• Write an eBook.
• Create online courses.
• License your music.
• Sell stock videos.
• Create digital planners.
• Sell Canva templates.
• Develop software.
• Create WordPress themes.
• Sell website plugins.
• License your photography.

81-90: Career Growth

• Earn professional certifications.
• Network with industry leaders.
• Attend conferences.
• Improve communication skills.
• Master negotiation.
• Become a public speaker.
• Learn AI tools.
• Take leadership roles.
• Find higher-paying employers.
• Work remotely for international companies.

91-100: Smart Financial Habits That Increase Income

• Automate investments.
• Invest in yourself every year.
• Read personal finance books.
• Track your net worth.
• Build multiple income streams.
• Use cashback credit cards responsibly.
• Start a family business.
• Turn hobbies into income.
• Partner with other entrepreneurs.
• Never stop learning.

How to Choose the Best Income Strategy

Not every opportunity will fit your personality, schedule, or financial goals. Before committing your time and money, consider these important factors:

• Available Time: Some income sources require only a few hours a week, while others demand full-time commitment.
• Startup Cost: Many side hustles can be started for under P5000, while others require larger investments.
• Skills: Focus on opportunities that match your strengths or those you can learn quickly.
• Scalability: Businesses and digital products often have greater long-term income potential than hourly work.
• Risk: Investments can generate excellent returns but also involve financial risks.

Common Mistakes to Avoid

• Trying too many income ideas at once.
• Expecting overnight success.
• Ignoring taxes and business expenses.
• Not reinvesting profits.
• Failing to continue learning.
• Giving up too early.
• Not building an emergency fund.

Tips for Maximizing Your Earnings

The highest earners rarely depend on a single source of income. Instead, they combine active income with passive income and investments. For example, someone may have a full-time job, operate a blog, invest in dividend stocks, and earn affiliate commissions—all at the same time.

Focus first on increasing your primary income by improving your skills and negotiating better compensation. Then gradually build additional income streams that can eventually operate with minimal daily effort.

Remember that consistency matters more than perfection. Small improvements each month can compound into significant financial growth over the years.

Increasing your income doesn’t always require a dramatic career change. Sometimes, it starts with learning one valuable skill, launching a small side hustle, or making smarter investment decisions.

The 100 ideas listed above prove there are countless opportunities available today, both online and offline. The key is to choose one or two that match your interests, commit to them consistently, and continuously improve your skills.

Financial freedom is rarely achieved overnight, but every additional income stream brings you one step closer to your goals. Start small, stay disciplined, and remember that your earning potential grows as you continue learning and taking action.

Frequently Asked Questions (FAQ)

What is the easiest way to increase my income?

The easiest way is often to combine asking for a raise, freelancing in your existing skill set, and selling unused items. These options require little investment and can produce results quickly.

How many income streams should I have?

Many financial experts recommend having at least three income streams: your primary job, a side hustle, and an investment or passive income source. Diversifying your income reduces financial risk if one source declines.

Which income ideas require the least money to start?

Freelancing, tutoring, blogging, affiliate marketing, virtual assistance, resume writing, and social media management can often be started with just a computer and an internet connection.

What are the best passive income ideas?

Some of the most popular passive income options include dividend investing, creating digital products, publishing eBooks, building niche websites, affiliate marketing, online courses, and renting out property or equipment.

How long does it take to build a significant second income?

It depends on the strategy you choose. Some side hustles can generate income within weeks, while blogs, YouTube channels, and investment portfolios may take months or years to reach their full earning potential. Consistency and continuous improvement are the biggest factors in long-term success.

Business News Philippines was launched in October 2015 as a portal for readers to learn more about operating a business in the Philippines.

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Prime Minister Andy Burnham will have to raise taxes or cut spending to meet his pledges on defence and the cost of living, a major think tank has said.

Burnham has announced a series of new measures since assuming office last week, including cuts to electricity bills and bringing the bus fare cap in most parts of England back down to £2.

But the National Institute of Economic and Social Research (Niesr) warned the public finances will continue to be squeezed by more persistent inflation as a result of the Iran war.

It questioned whether Burnham had “fully thought through” how his promises would be paid for, but said the prime minister will have to raise taxes or cut spending elsewhere.

Stephen Millard, Niesr’s deputy director for macroeconomics, said: “There’s clearly no scope for increasing borrowing, so it is about choices.”

Labour’s manifesto pledge was to not increase taxes for working people – including income tax, VAT and national insurance contributions – which Burnham has said he will uphold.

Millard said Niesr was advocating for cost-of-living measures to be funded through higher taxes – “which could involve tax reform rather than higher marginal rates” – or spending cuts.

He said: “People have talked a lot about the welfare bill – that is an obvious place to look.

“The triple lock on pensions, that is very, very expensive, and will get more expensive as we age.”

He also pointed to potentially reforming council tax to move towards a land value tax system, or scrapping some VAT exemptions.

“Once you’ve done all of that, then I’m afraid I would break the manifesto promise and would be looking at the income tax rate.”

Niesr also said on Wednesday it expects inflation to keep rising until February 2027, peaking at 3.8% before falling back to the Bank of England’s 2% target.

The think tank said in its latest economic outlook that it does not believe the central bank will cut interest rates until 2028.

Its Director David Aikman said that “treading water is not enough” to prevent the national debt from rising.

“Every major shock this century has ratcheted the debt ratio higher, and none of that increase has been reversed,” he said.

The Treasury said the government will stick to its fiscal rules while investing in “the public services people rely on”.

“Fiscal discipline is the bedrock of economic stability and national security,” a spokesperson said.

The six basic travel adaptors also presented fire safety concerns in tests.

These included missing safety shutters – which protect people from coming into contact with a plug’s live internal parts – missing fuses and oversized pin holes.

The Office for Product Safety and Standards has noted such concerns when issuing alerts for travel adaptors.

For instance, it recently ordered the recall of one product, external it said lacked safety shutters and rejected the import of another, external, saying it presented a serious risk of fire because it did not meet UK plug dimension requirements.

Online reviews seen by ESF also sparked concerns about how widely the devices it tested may have been purchased and used.

In one review on Amazon Marketplace, a user claimed the device “fell apart in their hands” and they “could have been electrocuted” if this had happened during use.

“We require all products offered in our store to comply with applicable laws, regulations and our own policies,” said an Amazon spokesperson.

“The products identified have been removed from sale.”

They added: “If we discover a product was undetected by our automated checks, we address the issue immediately and refine our controls.”

Meanwhile a review of a universal travel adaptor on AliExpress claimed it exploded while in use.

An AliExpress spokesperson told the BBC it had removed the products flagged by ESF and was contacting affected customers to initiate a recall.

“We have also launched a wider review of universal travel adapter listings where all plug pins are shown extended at the same time,” they said, adding AliExpress would restrict listings with this “unsafe characteristic” until corrected by the seller.

An eBay spokesperson said they “combine technology, AI-supported monitoring and specialist teams to help maintain a safe and trusted marketplace,” adding its efforts have “prevented millions of potentially unsafe items from being listed every year”.

TikTok said it “robustly” enforced it policies, “with 99.5% of the violative products we remove taken down before they are listed”.

But ESF believes the government should do more to hold online sellers to account.

“Shopping in the UK is currently far too dangerous,” said Capanna.

“These platforms claim customer safety is a priority, yet our investigations show that, in reality, they perpetually fail to prevent dangerous goods being made freely available to the public.”

It has called for online marketplaces to be made legally responsible for products sold on their sites, saying this would help protect consumers from dangerous electrical goods.

Consumer group Which? recently said it discovered phone chargers for sale online that posed similar dangers to users, external.

“Badly designed electricals can have life-altering – even fatal – consequences,” said head of consumer protection Sue Davies.

“It’s appalling that online marketplaces continue to fail to prevent dangerous products from reaching consumers, despite countless warnings.”