Cost of living crisis and LBG's results for Q1 2022
We’re continuing to receive contact from members who want Lloyds Banking Group to do something at least as an interim measure to assist with the rises in fuel and energy costs.
Following the news earlier this week that RPI inflation rose to 9% in the year to March 2022, that CPI inflation rose to 7% (its highest level for 30 years) and that almost 9 in 10 British adults say that their living costs are rising, we pressed the Group for a response to the issues put forward by Accord.
In short, we’d asked the Group to look at three things as interim measures:
- How it can better package and present the support which is already available to colleagues
- What other steps it could take to give colleagues more choice and put extra pounds in their pockets
- To make a one-off discretionary payment
In addition, we’ll be having joint discussions next week about the “solid financial performance” for the first quarter of 2022 with statutory profit before tax at £1.2bn which the Finance Director said was “…. a result of your hard work and dedication.
Although it’s early in the year, we want to understand what these results (and the £177m net impairment charge) indicate for the Group Performance Share Award potentially payable in March 2023.
We'll continue to provide updates to members.
In the meantime, any queries should be sent to: [email protected]