The UK's largest mortgage provider outlined options including debt consolidation, household budget reviews and spending control tools to customers it felt could be caught in the crosshairs of an escalating cost of living crisis, a spokesperson told Reuters.
Lloyds' move to get ahead of an economic slowdown may spark alarm among policymakers, given the bank's standing as a bellwether for the UK economy. Lloyds CEO Charlie Nunn told the BBC last week that most of its customers had less than £500 in savings - potentially exposing them to financial shocks - even though half of its customers had increased their balances through the pandemic.
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