The chief executive of Lloyds Banking Group has warned that political uncertainty, regulatory costs and a lack of focus on competitiveness in the UK is holding back international investment in the country’s banks.
“There is nervousness at the moment about the UK . . . around the lack of stability that we’ve had,” said Charlie Nunn at the FT’s global banking summit on Tuesday.
Nunn visited US investors the week after former chancellor Kwasi Kwarteng’s disastrous “mini” Budget in September and found the budget had caused a “significant drop off in certainty”. He also heard “concerns about the UK as an investment thesis”.
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