Barclays profits soar past forecasts to reach £2bn on back of rising interest rates

Results will further fuel calls for the government to tax banks' excess earnings

Barclays has become the second big bank to breeze past profit forecasts this week after an increase in borrowing costs and bond trading during the UK's market meltdown pushed earnings to 2bn this quarter.

The results, which follow a higher-than-expected windfall at HSBC on Tuesday, will further add to calls for the government to tax banks' excess earnings, as lenders reap the benefits of higher interest rates and volatility across UK markets.