Lloyds Bank

So you do not have to.

I've got the reactions from Rightmove, Zoopla, Savills, Knight Frank, Lloyds, Moneyfax, the Trade Broadies, the Brokers and plenty of agents too.

I've pulled out the best bits that matter for our industry.

Here's how I'm going to run through it.

So treat this episode as your briefing notes.

So grab yourself a coffee, or maybe something a little bit stronger if you're listening to this on a Friday night, because it's a bit of a long one, so I'm going to get into it.

So chapter one, what was actually announced? There were 98 separate measures in this budget, which Lloyds reckon is a record.

But if you strip it right back, there were six announcements, six announcements, should I say, that matter if you own, buy, rent or let a home.

But actually, that's kind of lost in translation because you look at the banking results and they've been uniformly disappointing.

You know, all four Barclays, NatWest, Lloyds, ages, all have gone down in results.

I think in the main, because interest rates have been holding up, investors expected net interest income to, you know, be better than it was, basically.

I think expectations just got a bit ahead of themselves.

Yeah, I mean, they haven't increased their dividends greatly, and NatWest isn't paying a dividend, and it's not buying back shares either.

The others are buying back shares.

But yeah, the reason that they've all performed so well from kind of 2024 onwards, I mean, you look at Lloyds, I was looking at the share prices trebled nearly, and yet earnings have only gone up 35%.

So there's been this big re-rating, and yeah, it's on the back of increased shareholder returns.

Hi, my name's Sukhi Dehal.

I'm head of franchising from Lloyds Bank.

When looking at the future of franchising, what I see happening more and more now is more brands reaching a point of maturity where resales will form a part of their everyday conversations.

This will continue to increase.

You know, this is...

If your mainstream banks, your Lloyds and your NatWest are saying it, and then you're getting a really big... you know, knock to the lower income or no income type part of the, you know, basically the social demographics, then I think that's a real red flag, to be perfectly honest.

That is saying to me, people on benefits are now struggling, actually, it says to me.

I agree with all of that.

Of course, under United Kingdom rules, financial institutions are ultimately responsible for providing services.

It means that if a customer of Revolut or Lloyds, they had no access to their money, basically, they have, or their account.

This is not Google's problem, it's Revolut's problem.

Revolut is responsible for this.

They met.

Interestingly, Dad joined Lloyds Bank, I think, when he was 18.

He retired at 55.

It was the only employer he ever had was Lloyds Bank and worked his way up to becoming a manager not on the banking side but on the the wills and the trust side which which I always found exciting interesting yeah and funny enough my my career has kind of followed part of that but Willsborough's home moved away from there because dad was promoted quite quickly so from there to Sussex to Torquay um I got abandoned in Torquay at the age of about 21 and Dad went on to his final bank down in Truro.

So we're used to moving as a family.

So when was the first time you moved? Were you at school? Was it quite disruptive?

It wasn't until I came down to Torquay when I was 14.

So he came down to work where in Torquay?

And I just chose the two competitors and rivals in the crossword world whom I admired the most.

And one was Sir Jeremy Morse, who at the time was chairman of Lloyds Bank and president of the International Monetary Fund, and also a fellow of all so long, the rest of it, wonderfully able and clever man.

And he was number one.

And the one who was number two was a Mrs.

So from operations to business development, and then I worked sort of strategic roles supporting executives.

And then a few years from there, I came to the UK, had a couple of jobs also with Lloyds Bank.

Then I worked with First Bank UK, which is a subsidiary of First Bank Nigeria.

And then I worked with MasterCard.