Lloyds Banking Group revealed that customers have ditched 2.2 million subscription services since last summer in the face of soaring inflation, as it posted a fall in half-year profits and higher loan default provisions.
The lending giant stated that it is seeing increasing signs that customers are battening down the hatches amid the cost-of-living crisis, building up savings for a financial buffer and axing non-essential subscriptions.
Chief executive Charlie Nunn said that while most of its customers are able to tighten spending ahead of this winter’s energy bill increases, around 1% are already “struggling to make ends meet”.
