Lloyds executive criticises Healey for linking bank tax rises to energy bill support

Bank’s chief financial officer hopes measure in budget is temporary as sector provides loans that could fuel growth

A top Lloyds Banking Group executive has criticised the chancellor for linking bank tax increases to energy bill support for UK households, as he warned the government against extending the higher levy beyond March 2028.

Lloyds’ chief financial officer, William Chalmers, acknowledged that the economic environment was “challenging but said this should not come at the expense of the banking sector, as it provides loans that could fuel UK growth.

“Ultimately, it is important that the UK banking sector is able to deliver banking services to businesses and households and communities in a cost-effective way, in order to promote UK growth,” he said, adding that it was also important that the sector…