Lloyds chief says UK has chance to ‘stand out’ globally amid Trump presidency
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The boss of Lloyds has said he sees an opportunity for the UK to “stand out” on a global stage following the new Trump presidency in the US. Chief executive Charlie Nunn also said he welcomes the Government’s intervention in the motor finance case, which has seen the bank set aside hundreds of millions of pounds for potential compensation.
Speaking to Bloomberg Television at the World Economic Forum in Davos, Mr Nunn said there was “excitement” in parts of the world following the political changes in America. “Obviously it’s early days in the Trump presidency, but our colleagues in North America are really excited about what’s going on,” he said, adding that this sentiment had spread to other countries including Saudi Arabia and India.
Meanwhile, there is a “real concern about growth in Europe”, he said, while it was a slightly more mixed picture for the UK which has experienced some uncertainty in recent months. He added that, if tariffs hit the rest of the world under the Trump presidency, growth could accelerate in the US but slow for other global economies.
“But the structure of the UK economy – more services-based, very international, no supply chains heavily into the US – there’s an opportunity for the UK to really stand out”, he said. Meanwhile, Mr Nunn raised concerns about the future of the UK’s car finance sector.
