Lloyds Bank predicts ‘mild recession’ for UK this year and tumbling house prices
Bonus pot rises to £446m but small number of customers ‘struggling to make ends meet’
Lloyds Banking Group has said it expects the UK to dip into a mild recession this year, as it braces for a fall in house prices and as mortgage lending continues to recover following September’s mini-budget.
It said it was focused on supporting its customers who will be “struggling to make ends meet” – as it increased its bonus pot for bankers to £446m last year, the highest amount dished out since 2018.
The forecast comes after an economic survey showed a surprise return to growth by businesses this month, raising the likelihood of another Bank of England interest rate hike in March.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.