Lloyds Bank H1 2024 profits: Positive Money response

London, 25 July 2024 - Positive Money responds to Lloyds Bank’s announcement this morning that its pre-tax profits for the first half of 2024 were £3.3 billion.

Hannah Dewhirst, Head of Campaigns at Positive Money, said: 

“Lloyds’ half-year profits easily surpass those made in years when interest rates were lower.

“That means they’re still profiting from the higher borrowing costs inflicted on millions of households during a cost of living crisis.

“The case for a windfall tax on bank profits is as strong as ever. In implementing one, the new government would be sending a clear message to the public: that it puts their interests ahead of big banks’.”

Notes:

• Today’s announcement from Lloyds can be found here: https://www.lloydsbankinggroup.com/investors.html 

• Lloyds Bank’s pre-tax H1 profits for 2018 (before the pandemic, cost of living crisis or rate rises) were £2.35 billion: https://www.lloydsbankinggroup.com/assets/pdfs/investors/financial-performance/lloyds-bank-plc/2018/2018-lb-hy-results.pdf  

• Calls for a windfall tax on banks have been echoed by MPs, including Angela Eagle, John McDonnell, Clive Lewis, Diane Abbott and Richard Burgon

• Polling commissioned by Positive Money in September 2023 found the majority of the public supports a windfall tax on banks: https://positivemoney.org/2023/09/uk-public-support-windfall-tax-on-banks-polling-shows/ 

About:

Positive Money is an international research and campaign organisation working to redesign our economic system for social justice and a liveable planet. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of supporters. Find out more: positivemoney.org