Lloyds Bank warns Rachel Reeves against bank tax raid amid 'cash grab’ temptation
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A major UK bank has warned Chancellor Rachel Reeves against a tax "cash grab" against the sector, with it potentially being viewed as an easy target.Lloyds Banking Group reported first‑quarter profits of £2billion on April 29, beating City forecasts by £200million as the lender warned Labour against imposing further taxes on the sector.
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The Ftse 100 bank also upgraded its income guidance following a more favourable interest‑rate outlook and now expects net interest income to exceed £14.9billion for the full year.The improved outlook reflects shifting expectations for UK interest rates.Lloyds said it anticipates just one rate cut by the end of 2027, with the base rate forecast to remain at 3.75 per cent until the third quarter of next year.
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TRENDING Stories Videos Your Say Ongoing tensions in the Middle East have contributed to inflationary pressures, prompting central banks to delay reductions in borrowing costs and supporting stronger earnings expectations across the banking...
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