Reported 8 months ago
Britain's Labour Party, traditionally viewed as anti-bank, is now attracting lenders but is still anticipated to affect banks' profits if it wins the upcoming election. Leader Keir Starmer is praised for stability promises but policies focusing on consumer finances might impact lenders such as HSBC, Barclays, Lloyds Bank, and NatWest which reported significant profits recently. Labour's proposed actions include reviewing long-term fixed rate mortgages, potentially challenging banks to offer a wider range of products and services to benefit consumers, thus impacting bank earnings. While Labour may not implement bank windfall taxes or change the Bank of England's interest payment structure, other policies like reintroducing local bank branches and housing ladder schemes might impact bank profitability in the long run.
Source: YAHOO