London Daily

Focus on the big picture.
Thursday, Jul 23, 2026

Cost of living: Lloyds offers staff a one-off £1,000 payment to help with bills

Cost of living: Lloyds offers staff a one-off £1,000 payment to help with bills

Only executives and senior management will be exempt from the payment being offered to staff in August by Lloyds Banking Group.
Lloyds Banking Group (LBG) has offered tens of thousands of staff a one-off payment of £1,000 to help with the rising cost of living.

The country's largest domestic lender said the money would be made available in August, according to a memo seen by Sky News.

It is understood that executives and senior managers would be exempt.

Lloyds had come under pressure to help its lowest-paid workers cope with rocketing inflation, with Unite demonstrating outside its annual general meeting in Edinburgh in May following a vote among its members that rejected the company's pay offer.

The union argued then that Lloyds had rewarded shareholders through dividend payments on the back of record profits but had ignored the needs of bank branch and call centre staff.

It hit out after a survey it carried out found some workers complain they would not be able to sufficiently heat their homes following unprecedented hikes to energy bills.

Others, Unite said, were sacrificing their future retirement plans by stopping pension contributions in the face of mounting inflation - currently at a 40-year high.

The campaign at Lloyds is part of a wider union fight for pay rises in line with the rate of inflation to offset the cost of living crisis. This is evident through the prospect of the biggest rail strike since 1989.

However, the prospect of such awards has alarmed the Bank of England as it frets that high pay awards only fuel inflation in the longer term.

It is understood that 64,182 members of staff across the group - 99.5% of the workforce - will benefit from the payment.

The memo to staff read: "As the rising cost of living continues to impact our people and our customers we've been assessing the evolving outlook for inflation and considering how we can support you even further.

"With that in mind, I wanted to let you know we'll be making a one-off payment of £1,000 to all our people in grades A - G which you'll receive in your August pay.

"This support is designed to help you during these uncertain economic times and is in addition to the steps we've already taken to increase the support available both to you and our customers."

Sharon Graham, Unite's general secretary, responded: "Unite members' collective action has put desperately needed money into the pockets of staff on the front line.

"This victory for Unite's LBG pay campaign is an important step in changing the bank's pay structures.

"Staff will welcome the £1,000 bonus but there is still a long way to go to eradicate low pay in that is one of the economy's most profitable sectors."
Newsletter

Related Articles

0:00
0:00
Close
Northern Ireland Secures Additional Infrastructure Funding From UK Treasury
Wales Approves Port Investment Plans to Support Green Energy Supply Chains
UK Financial Regulator Simplifies Stock Market Rules to Attract More Listings
UK Reports Decline in Small Boat Crossings Across the English Channel
UK Government Creates Emergency Support Fund for Financially Pressured Universities
Scottish Government Launches Economic Strategy Focused on Innovation and Renewable Industries
UK Expands Sustainable Farming Incentives to Support Environmental Measures
UK Government Introduces New Neighbourhood Policing Standards Across England and Wales
UK Competition Regulator Opens Review of Artificial Intelligence Foundation Models
UK Deepens Indo-Pacific Security Cooperation After Talks With Singapore and Japan
UK Announces Rail Modernisation Plan for Northern England With New Infrastructure Funding
UK Government Updates Housing Planning Rules to Accelerate Residential Construction
UK Approves Major North Sea Offshore Wind Project to Support Clean Power Goals
UK Health Service Begins Major Digital Upgrade to Cut Hospital Waiting Times
Bank of England Holds Interest Rates Steady as UK Inflation Pressures Remain Persistent
UK Universities and Industry Expand Space and Defense Research Partnerships
House of Lords Approves Social Housing Bill Amendments on Shared Ownership Rights
House of Lords Advances Civil Aviation Bill With New Passenger Protection Measures
UK Government Suspends Tariffs on Fertilizer and Food Imports to Reduce Costs
Russell Group Universities Support New UK Business Department Focused on Innovation
UK Parliament Opens Inquiry Into Transport Barriers Facing Young Jobseekers
Home Builders Federation Calls for Lower Costs as New UK Government Sets Housing Priorities
Andy Burnham Meets UK Devolved Leaders to Strengthen Regional Cooperation
Andy Burnham Holds First International Calls With Trump, Macron, and Zelenskyy
Andy Burnham Reshuffles Cabinet With John Healey Appointed Chancellor of the Exchequer
Andy Burnham Government Removes VAT From Electricity Bills to Cut Household Costs
Andy Burnham Becomes United Kingdom Prime Minister After Sir Keir Starmer Resigns
Miliband Sets Climate and International Law at Centre of UK Diplomacy
US Gasoline Returns to $4 as Renewed Iran Fighting Disrupts Oil Flows
Czech Central Bank Governor Rejects Early Euro Entry and Rate-Cut Pressure
Trump Orders 50% Tariffs on Selected Canadian Imports
Pentagon Discloses Nearly 100 US Troop Injuries During Renewed Iran Fighting
Trump Readies New Tariffs as Temporary Global Levy Nears Expiry
US Judge Pauses Paramount Skydance and Warner Bros Discovery Merger Over Antitrust Concerns
NHS England Faces Growing Retention Pressure Among Younger Midwives
UK Data Centre Expansion Faces Water and Grid Capacity Challenges
UK Defence Shares Rise After John Healey Appointment and Continued Spending Commitments
OECD Urges UK Government to Review Pension Triple Lock to Protect Public Finances
Bank of England Keeps Cautious Approach as Energy Costs Threaten Inflation Progress
County Councils Call for Wider Devolution and Long-Term Social Care Funding Reform
IMF Urges UK Government to Maintain Fiscal Discipline as Growth Forecast Slows
Russian Warship Holds Live-Fire Exercises Near UK Coast as Royal Navy Monitors Activity
Mitie Agrees Three Point One Billion Pound Takeover by OCS in Another Blow to London Listings
JPMorgan Chase Warns Bank Levies Could Hit UK Growth and Drive Capital Away
UK Unemployment Holds at Four Point Nine Percent as Labour Market Shows Resilience
UK Government Borrowing Falls Below Forecasts as Treasury Receives Early Fiscal Boost
John Healey Cuts VAT on Household Electricity Bills After Cancelling National Digital ID Scheme
Andy Burnham Forms New Labour Government With Ten-Year National Renewal Plan
EU Imposes Record €550 Million Digital Services Fine on AliExpress
UK Publishes Updated Consumption-Based Carbon Emissions Data
×