Lloyds lays bare impact of soaring inflation on everyday U.K. customers

Families spending on average £89 more a month on energy, food and fuel than before pandemic, says bank

Families are spending an average of £89 more a month on energy, food and fuel than they were before the pandemic, Lloyds Banking Group said in a financial update, as it laid bare the impact of surging inflation on everyday customers.

Lloyds’ chief executive, Charlie Nunn, said about 20% of the bank’s customers had had to adapt their spending “significantly” to rising prices, forcing them to refrain from purchases such as white goods and computers.

He added that customers had cancelled or blocked 2.2m subscriptions services such as Netflix since the summer of 2021, while about 1% of Lloyds customers were “really struggling to make ends meet”.

UK households are being squeezed by soaring inflation, which hit a 40-year high of 9.4% last month.

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https://www.theguardian.com/business/2022/jul/27/lloyds-profits-take-hit-after-putting-more-money-aside-for-defaults