Lloyds Banking Group faces uncertainty ahead of UK budget

about 1 month ago

Chloe Malay

"In terms of Lloyd's Banking Group, that also seems to be having a difficult moment today on the market. Is that anything to do with the UK budget? Yes, it does. So, we had seen this morning a little bit of a sell-off across those UK banks, across those UK stocks in general, but UK banks in particular, and Lloyds was one of them and one of the worst affected. So a lot of that has to do with that possible well that you done from Rachel Reeves on the budget measures and those dropped plans to raise income tax which that prompted quite a sharp selloff in guilds and then that weakness in those UK banks."

Lloyds Banking Group is depicted as under pressure amid a market sell-off, largely driven by uncertainties surrounding UK budget measures and dropped plans to raise income tax. This has raised concerns among investors about potential revenue shortfalls and contributed to the overall weakness seen in UK banks.

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