Difficult decision to come from Sunak and Hunt on bank surcharge October 30, 2022 The government has not ruled out reversing a tax cut on the UK’s biggest banks as it scrambles to overfill a huge hole in the public finances. Asked today by City A.M. if chancellor Jeremy Hunt and prime minister Rishi Sunak would commit to cutting the bank surcharge, an effective windfall tax, the Treasury said [...]
Government eyes bank surcharge U-turn despite Lloyds profits tumbling October 27, 2022 Britain’s biggest mortgage lender, Lloyds Bank, has set aside hundreds of millions of pounds in preparation for a surge in loan defaults caused by the rising cost of living and higher interest rates squeezing household budgets. The lender today said it had banked £668m over the three months to September to absorb souring loans, primarily [...]
London’s FTSE 100 boosted by Truss trampled stocks regaining ground after Sunak victory October 24, 2022 London’s FTSE 100 today was lifted by stocks that have suffered during the last month’s financial market turmoil regaining losses. The capital’s premier index closed 0.64 per cent higher at 7,013.99 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, rose 0.76 per cent to [...]
Government puts bank windfall tax on table to help plug fiscal hole October 19, 2022 The government has put a windfall tax on the UK’s largest banks on the table, sending their shares plummeting today. London-listed Lloyds Bank, which is Britain’s biggest mortgage lender, plunged to the bottom of the FTSE 100 index today, shedding 4.11 per cent. Previously state-owned NatWest trailed closely behind on the biggest losers’ table, dropping [...]
London’s FTSE 100 dragged down by windfall tax rumours hitting UK banks October 19, 2022 London’s FTSE 100 was dragged lower today by investors ditching UK banks on fears they will be hit by a windfall tax by new chancellor Jeremy Hunt. The capital’s premier index fell 0.17 per cent to 6,924.99 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
London’s FTSE 100 weighed down UK banks tumbling October 12, 2022 London’s FTSE 100 was marred by the UK’s largest listed lenders falling sharply today on fears over borrowers struggling to pay home loans. The capital’s premier index fell 0.86 per cent to 6,826.15 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dropped 1.73 per [...]
Cash no longer king: Lloyds says 90 per cent of payments now by contactless card September 2, 2022 Face-to-face transactions in cash are near to becoming extinct, as the pandemic-driven shift to convenient contactless takes hold. New figures from Lloyds Bank claims there has been a huge spike in the use of contactless payments on debit cards rising from 65 per cent in June 2019 to 87 per cent in 2022. The move away [...]
Lloyds profits top City’s expectation on higher interest rates July 27, 2022 Higher interest rates have lifted Britain’s largest mortgage lender Lloyds’s profits above the City’s expectations. Net interest income, the difference between what a bank charges borrowers and pays depositors, surged 13 per cent over the first six months of the year to £6.1n, Lloyds said today. That boost hoisted the lender’s pre-tax profits to £3.66bn, [...]
Week ahead: Banks to report amid high inflation and interest rate fears July 25, 2022 Customer behaviour and cost control are set to be top of the in-tray for the major banks as they update investors over the next week. Barclays, Lloyds and NatWest are all set to update the markets in a bumper week for the sector. Although priorities will vary slightly, there will be significant focus on whether [...]
80 per cent of all Brits have less than £500 in their account as hordes of people are slipping into debt July 9, 2022 The number of customers with persistent debt problems has jumped by almost a third as the cost-of-living crisis bites further, the boss of Lloyds said this morning. Charlie Nunn, who took over at the finance giant, said customers are “concerned” about the economy but said he believes many are talking “too negatively” about the financial [...]