UK consumer confidence sinks to new low, as Lloyds Bank profits drop 20% – business live
Rolling coverage of the latest economic and financial news
Lloyds Banking Group, which is something of a bellwether for the UK economy, has missed City expectations this morning by reporting a 20% drop in profits last year.
Lloyds reported a pre-tax profit of £5.97bn for 2024, a fifth lower than the £7.5bn it made in 2023.
“People’s expectations of the economy reached a new low, having fallen almost 40pts since July 2024.
Even Gen Z (18-27), the most upbeat generation on the economy and their own finances, saw a drop off in optimism. There was also a widening gender divide in confidence this month, with women more pessimistic than men about both the economy and their own finances by 13 and 17pts respectively. Continue reading...
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