Lloyds profits rise on higher rates, finance chief calls the bank tax hike 'unhelpful'

Summary

Lloyds reported a profit increase as the bank got a boost from higher rates, the Evening Standard and The Independent reported on Thursday 29 October, the results coming a day after the Chancellor said in the Budget that bank taxes would be temporarily hiked. The FTSE 100 giant reported a £2.3bn pre-tax profit for the latest three months, up nearly 99 per cent on the previous year's figure, after a boost from high interest rates and a reduction in its cost base, but its shares tumbled on Thursday morning, City A.M. reported, Sky News reporting that the UK's largest mortgage lender has seen profits nearly double as customers pay higher interest rates, and The Scotsman that the Bank of Scotland owner's profits surged ahead of a higher Budget levy. Lloyds finance chief William Chalmers said the bank tax hike is 'unhelpful' to economic growth aims, and Chalmers 'sincerely hopes' the increase is temporary, as is planned, the Evening Standard and The Independent reported, The Independent adding that banks will have to pay an extra 3 per cent on their corporation tax surcharge from January, bringing the rate to 6 per cent, and The Guardian writing that the Lloyds executive criticised Healey for linking bank tax rises to energy bill support. On Sunday 1 November the Birmingham Mail reported that the banking group warned that doubling the surcharge on profits could make lending more expensive.

Latest: The Birmingham Mail reported that Lloyds warned that doubling the surcharge on profits could make lending more expensive, headlining a warning for customers as mortgage costs could rise.

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