Lloyds Banking Group 2024: Putting power into the hands of our customers

However, we want to go much further than financial resilience alone, by making significant investments in financial empowerment; giving people greater confidence and control over their personal finances. Last year, we sent 10 billion targeted notifications and, throughout a changing interest rate environment, our alerts helped customers to make swift, beneficial choices. Our new Bill Switcher and Benefit Calculator are also making an important difference, with over 1 million people using Benefit Calculator to understand and access additional support. 

And I am particularly proud of our Ready Made Investments app, through which we’re making investing inclusive and easily-achievable for many more potential investors. This tool is in clear demand from younger customers, and we want to continue empowering a generation whose need for financial security is greater than ever. While at a different life stage, our Ready Made Pensions are easing retirement planning by enabling people to view, track and top-up their pensions via our mobile app. 

At Lloyds Banking Group, we have a strategic imperative to join-up across our organisation, in support of our customers and in order to leverage new commercial growth opportunities. And from 2025, we’ll welcome customers from across our brands to access their accounts, products and services at any of our Lloyds, Halifax and Bank of Scotland branches.

Whether online or in person, we want to support customers in the way they choose to bank – breaking down barriers to financial inclusion, helping people navigate a fast-changing economic environment, and broadening access to the brilliant range of knowledge and support across our Group. 

Galvanising growth and regional regeneration 

Lloyds Banking Group is uniquely invested in our country’s growth agenda – financing high-growth sectors such as energy, technology and housing. Over the past five years, with partners across the private and public sectors, we’ve supported infrastructure projects worth over £100 billion; fuelling regional regeneration and growth. Given our scale and footprint, we are closely attuned to the specific needs and opportunities of different regional economies; working with key sectors and regional leaders to create the right growth conditions.

But wherever I go in the UK, there is one challenge which is common to all – the need for more good quality, genuinely affordable housing, which is a critical foundation for strong communities, jobs and productivity.  

As the UK’s largest mortgage lender, we have provided around £100 billion to first time buyers since 2018 – supporting 65,000 in 2024. But we need more housing for buyers, renters and the growing waiting list of people in temporary accommodation. Lloyds Banking Group’s pioneering MADE partnership with Homes England and Barratt Redrow has created a master developer to realise the largest-scale infrastructure projects and place-based solutions; helping to deliver tens of thousands of new homes which are urgently required. This is cross-sector collaboration at its best, at significant ambition and scale.

We have also partnered with the National Wealth Fund to accelerate the retrofit of social housing and, through a blended finance solution, are helping housing associations to improve energy-efficiency and cost-effectiveness for residents – transforming health, work and home-lives. As the UK’s biggest commercial supporter of social housing, we are committed to increasing provision of safe, lasting homes with around £20 billion in financing since 2018 – including over £2 billion in 2024, of which 50% was for sustainability-linked builds and retrofit.

Together with our charity partner Crisis, we’re campaigning for one million more homes at social rent within the next ten years. In partnership with government, we want to make good progress on the necessary housing policies and investment structures. Housing and infrastructure are key commercial priorities for our Group, and a critical foundation for UK resilience, jobs and prosperity.

Across a range of socio-economic and growth priorities, we want to play an active, market-leading role. In 2024, we became the first major UK bank to lend to a Community Development Financial Institution (CDFI); contributing £43 million to three CDFIs as part of a £62 million fund, which is designed to support 800 businesses and over 10,000 jobs across the regions. This transaction was facilitated by our Regional Impact Fund, which has committed £1 billion towards regional regeneration, growth and Net Zero transition.

We are also proud to partner 70% of the UK’s higher education institutions – engines of regional growth and development, whose research increases private sector productivity by £40 billion each year. Last year, we co-authored a report with PwC UK which set out how we can unleash the catalytic power of Universities in our communities and commerce.

Helping Britain Prosper – now and for the future

I am an enduring optimist. I believe we are in a strong position to support progress and prosperity across the nations and regions of the UK, born from our long-standing and resilient fundamentals for growth. The growth which creates jobs, raises living standards and funds public services.

Yes, the economic outlook remains uncertain – with increased geopolitical tension, lower but persistent inflation and supply chain constraints. Yet our top universities, highly skilled workforce and robust capital markets provide strong foundations for growth.  We are market leaders in innovative, future-critical industries, including AI, biotech and clean energy. And we at Lloyds Banking Group play a key role in facilitating major investment into essential national infrastructure.

From our support for Statera Energy to finance the UK’s largest operational battery storage system, to our work with the UK Infrastructure bank for a stronger, more inclusive digital future – delivering full fibre, faster internet to 8 million homes and 800,000 businesses.

We are primed to support the government’s mission to boost our attractiveness as an investment destination, by taking judicious risk and investing for growth. This requires greater stability, certainty and confidence for the business community – through strategic long-term commitment to UK industry and infrastructure, support for emerging industries like AI, and proportional, competitive regulation.  

As I said at the start, a strong economy needs strong banks.  We are committed to helping Britain prosper – fuelling inward investment and inclusive, sustainable growth. UK households and businesses have been showing considerable resilience, with household savings and deposits increasing 6% over the past 12 months. With the right investment and business environment, we have a strong opportunity and capacity for growth. Lloyds Banking Group is committed to supporting a bold vision for the future, which increases prosperity for all those we serve.