LBG half-year profits 2023: What about the workers?
Today, LBG has announced its results for the first half of 2023.
The Group delivered what it described as a ‘robust’ financial performance which lifted pre-tax profits to just below the £4bn that analysts had forecast, but it was enough to warrant an increase in shareholder dividends of 15%.
The Group Chief Executive said:
“We know that rising interest rates, cost of living pressures and an uncertain economic outlook are proving challenging for many people and businesses.”
The next pay review for LBG staff in April 2024 is a long way away with the prospect of real reductions in living standards before then, so we’ve put forward a pay claim calling for:
- An interim ‘across the board’ pay award to be effective from October 2023
- The budget for the April 2024 Pay Review to be higher than the RPI figure for October 2023
- Pay awards in April 2024 to be distributed as a fixed percentage and not differentiated by grade or position in pay ranges
- All pay ranges to be increased by the agreed pay budget % with effect from April 2024
We’re looking to start joint talks as soon as possible and will keep members up to date with progress.
Any comments in the meantime should be sent to [email protected].