The boss of one of the UK’s largest banks has said the number of customers with persistent debt problems has jumped by almost a third. It comes after inflation surged to 9.1% in May and is predicted to rise by as much as 11% this year amid jumps in the cost of energy, food and raw materials.
Charlie Nunn, chief executive at Lloyds, said customers are “concerned” about the economy. However, he said he believes many are talking “too negatively” about the financial outlook.
Nunn told BBC Radio 4’s Today Programme that Lloyds research shows three-quarters of its customers are worried about recent price hikes and the impact this is having on savings. “Customers are concerned, and they should be,” he said.
