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Lloyds backs Reeves budget plans in spite of expected tax increases
The Guardian
|October 24, 2024
Lloyds Banking Group has backed the Labour government's forthcoming budget and played down the impact of any tax increases, which it said would probably be part of a "constructive, pro-growth agenda".
The chief financial officer of Britain's biggest mortgage lender, William Chalmers, said he would welcome a budget package that was consistent with government pledges to kickstart growth and investment in areas such as energy, infrastructure and housing.
The bank's support for Labour's agenda will come as a boost to the government as it faces criticism from some employers over plans to increase workers' rights and employer national insurance contributions (NICs) in Rachel Reeves's budget next Wednesday.
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