It comes as the high street lender revealed cautious customers were avoiding taking out personal loans and instead turning to depositing their cash. In the three months to the end of , customer deposits rose 0. Mortgages reduced 0. Business lending rose slightly by 0. Gallery: The UK's debt compared to other countries Lovemoney. The bank said it had seen higher customer spending prior to stricter Covid restrictions introduced in November and December, but this fell back as tiering and lockdowns were introduced.
The shock provision was announced on Thursday morning, following last month's court ruling that customers could claim compensation on PPI policies dating back many years. PPI policies have been sold alongside mortgages, loans and credit cards since the s. They were meant to repay people's borrowings if their income fell because they became ill or lost their jobs. Critics say the banking industry began aggressively selling PPI to customers after realising that the policies were highly profitable.
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