Staff across Lincolnshire are waking up to the news Lloyds Banking Group is axing 3,000 jobs and closing 200 branches in a bid to to cut costs in anticipation of a cut in interest rates.
The bank is blaming changes to customer behaviour and anticipated cuts to interest rates following the vote for Brexit last month.
Following the EU referendum the outlook for the UK economy is uncertainChief executive of Lloyds António Horta-Osório
Lloyds plays an important part in the High Streets of many towns across our area - including Skegness, Boston, Spilsby, Spalding, Bourne, Sleaford, Donington, Holbeach, Louth, Market Rasen and Horncastle.
In small towns, the branches have served villages and vulnerable people who may not have access to the internet or public transport to bigger centres.
A spokesman said this morning they were unable to say, at this stage, if any branches in Lincolnshire would be affected by the announcement.
So far this year, 70 branches across the country have closed - the nearest being one in Cleethorpes Road, Grimsby. Six more are due to close today, but not in our region.
Mark Carney, the Bank of England governor, said a rate cut would take place during the summer and the City now expects rates will be cut from their 0.5 per cent historic low on August 4.
The bank had already earmarked 200 branches for closure by 2017 so the latest announcement means that 400 will be shut by the end of next year.
Chief executive António Horta-Osório said: “Following the EU referendum the outlook for the UK economy is uncertain and, while the precise impact is dependent upon a number of factors including EU negotiations and political and economic events, a deceleration of growth seems likely.
“The UK, however, enters this period of uncertainty from a position of strength, following continued private sector deleveraging, significantly improved mortgage affordability and low levels of unemployment.”