Lloyds Banking Group PLC at Barclays Global Financial Services Conference Transcript
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Now in fact, when the energy regulator put out the numbers before the Truss intervention, they recommended a rise of GBP 3,500 for the average household. And what the Truss intervention did was to bring that back to GBP 2,500 for the household. So actually a level below what we've been assuming at the half, which is clearly a benign development now.
Second point, consumer spend, I think most likely, the Truss intervention boosts confidence, potentially boosts spend levels versus what they would have otherwise have been and in turn, is overall supportive to economic activities in general.
And then we look at interest rates. It's interesting how the Truss support measure is going to have quite a significant effect upon inflationary expectations. So it will take somewhere between 4% to 5% off of inflation measures. That, in turn, I think, may reduce a little bit of the wage pressure in the economy, which may have a bearing on the overall course of interest rates. Of
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