Lloyds Bank Pledges GBP18 Billion in Lending to Brexit-Hit UK Business
16 January 2019 - 11:18PM
Dow Jones News
By Adam Clark
Lloyds Banking Group PLC (LLOY.LN) said Wednesday that it will
lend up to 18 billion pounds ($23.1 billion) to British businesses
in 2019, as the Brexit deadlock in parliament clouds the U.K.'s
economic outlook.
Britain's largest retail bank it will offer loans to businesses
ranging from individual entrepreneurs to large multinational
corporations.
"During these uncertain times, it is important that our
customers have financial support and expert guidance to navigate
the challenges they may face. Whatever the future brings, we will
continue to support UK businesses as part of our commitment to help
Britain prosper," Chief Executive Antonio Horta-Osorio said.
Parliament's overwhelming rejection of Prime Minister Theresa
May's Brexit deal on Tuesday may mean businesses need to step up
planning for a no-deal Brexit, in which the U.K. leaves the
European Union without a trade agreement.
However, on Wednesday morning, shares in Lloyds and
domestic-banking peers were largely up along with the sterling, as
investors appeared to bet U.K. lawmakers opposed to a no-deal
Brexit will now be able to exert more influence on
negotiations.
Write to Adam Clark at adam.clark@dowjones.com;
@AdamDowJones
(END) Dow Jones Newswires
January 16, 2019 07:03 ET (12:03 GMT)
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