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City of London

Lloyds Pays Staff £1,000 Each to Deal With Cost of Living Crisis

  • Bank forks out £64 million to support staff with rising costs
  • Move comes as inflation in UK rises at fastest rate in decades
A Lloyds Banking Group Plc bank branch in London.

A Lloyds Banking Group Plc bank branch in London.

Photographer: Jason Alden/Bloomberg

Lloyds Banking Group Plc will pay staff an additional £1,000 this summer as the cost of living spirals in the UK. 

Britain’s biggest mortgage lender will make the onetime payment in August to 64,182 employees -- covering all staff apart from senior executives -- according to an internal memo seen by Bloomberg.