Key facts
- Lloyds CFO William Chalmers criticized linking bank tax hikes to energy bill support.
Lloyds Banking Group's chief financial officer, William Chalmers, criticized UK Chancellor John Healey's plan to double the bank surcharge, warning against linking tax increases to energy bill support. Chalmers stated that the banking sector needs a stable tax regime to support UK growth and remain internationally competitive.
The UK government's proposed increase in the bank surcharge could impact the profitability and lending capacity of major UK banks, potentially affecting their ability to support economic growth and investment.
Lloyds Banking Group's chief financial officer, William Chalmers, has criticized UK Chancellor John Healey's plan to double the bank surcharge, warning that linking tax increases to energy bill support could harm the banking sector's ability to fuel UK growth. Chalmers stated that the sector needs a stable and predictable tax regime to remain internationally competitive and support long-term investment. Healey announced the surcharge would increase from 3% to 6% for 15 months to fund immediate energy bill support. Chalmers questioned the linkage, suggesting it's more important for banks to lend into the real economy to secure growth. Lloyds reported its third-quarter pre-tax profits nearly doubled to £2.3 billion, partly due to a reversal of a prior year's provision for motor finance compensation, and a 10% rise in net interest income.
Pick the topics you care about. Get only what matters, on your cadence.