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Lloyds faces economic reality check

Two months on from its first-quarter results, the bank’s base case scenario looks increasingly optimistic
Lloyds faces economic reality check

When it published its first quarter results at the end of April, Lloyds Banking Group (LLOY) joined the growing chorus of major financial institutions issuing their sombre outlooks for the UK economy. Acknowledging that Covid-19 had added “significant uncertainty” to its projections, it estimated UK GDP would contract by 5 per cent this year, before returning to growth in 2021 and 2022.

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