Lloyds and Halifax Banks to Close 40 Branches Across UK Over Demand Drop, Reports Say

MOSCOW (Sputnik) - British banks Lloyds and Halifax, owned by the Lloyds Banking Group (LBG), will close 40 branches across the United Kingdom from April-June this year due to a decline in demand, the Evening Standard newspaper reported on Friday, citing an LBG spokesperson.

"Branches play an important part in our strategy, but we need to have them in the right places, where they are well-used. We'll continue to invest in branches that are being used regularly, alongside our online, mobile app and telephone services," the spokesperson was quoted as saying by the newspaper.

The branches set to close have seen visits drop by an average of 60% over the past five years, the banking group said, adding that the closures list includes 12 high street banks in London, according to the Evening Standard.

Over recent months, the UK has seen a worsening economic crisis with millions of households across the country affected by rising inflation and an economic recession which is expected to last until the second half of 2024. According to the UK Office for National Statistics, the country's year-to-year inflation rate was 10.5% in December 2022.