Lloyds Bank: Redundancy

(asked on 27th November 2023) - View Source

Question to the HM Treasury:

To ask His Majesty's Government, further to recent reports concerning job cuts at Lloyd's Bank, what steps they are taking to address challenges in the financial sector and mitigate the impact on employees.


Answered by
Baroness Vere of Norbiton Portrait
Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
This question was answered on 8th December 2023

The government is committed to ensuring the continued global success of the financial services sector. At the Autumn Statement, the government set out further progress in delivering on the Edinburgh and Mansion House reforms, taking ambitious steps to increase the flow of capital going to our more promising growth companies whilst further enhancing the financial services regulatory environment.

Decisions on how firms like Lloyds Banking Group manage their workforce is a commercial consideration for the firms themselves. However, this government is committed to creating the right environment for businesses to invest, expand, and increase the number of high-quality jobs for people and this remains at the centre of the government’s economic policy. For example, at the Autumn Statement the government announced that full expensing for qualifying business investments would be made permanent, giving the UK one of the most generous capital allowances regimes in the OECD on a net present value basis.

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