Lloyds Banking Group’s finance chief, William Chalmers, has called on the UK government to keep the recently announced increase in the bank‑profits surcharge temporary. Chalmers warned that a permanent rise could erode the sector’s international competitiveness. The call comes after Chancellor John Healey’s budget announced a doubling of the bank‑profits surcharge to 6 % for a period of 15 months. Lloyds said its pre‑tax profit for the latest quarter was £2.3 billion, almost twice the figure reported a year earlier. Total revenue rose to £5.1 billion from £4.6 billion in the same period. The bank also confirmed that it has not increased its provision for motor‑finance mis‑selling.
Article source: Cedar News | Image credit: Cedar News