Lloyds share price steady following PMQ’s

Lloyds share price (LON:LLOY) remained steady following Wednesday’s Prime Minister’s Questions.

Lloyds has seen a sharp rally over the course of last week, on the back of the success of the government securing of the Irish deal over the dispute over hard borders.

Back on Monday, Brexit secretary David Davis said his comments which for some implied that the Ireland agreement would not be binding, had been misconstrued.

In an interview with LBC Radio, Mr Davis said he had intended to assert that the UK would avoid a hard border between Northern Ireland and Ireland even if a final deal did not materialise.

In turn, Lloyds shares continued to remain steady as the government showed progress with regards to Brexit.

However, a potential defeat in the commons over Brexit compensation bill could send shares spiraling, as negotiations continue to make incremental progress.

The government is reportedly facing the threat of defeat by rebel Tory backbenchers, during the vote on the centerpiece of its EU legislation.

This is particularly worrisome for Theresa May, given the fact that the government does not have a parliamentary majority.

This follows news that TV presenter Noel Edmonds has proposed settling his £300 million suit against the banking group.

According to Sky News, during mediation talks last month he would accept a £10 million payment from the bank in exchange for dropping his claim.

The case arose after the collapse of his company Unique Group back in 2007, which he alleges was as a result of a fraud perpetrated by former staff of HBOS.

In addition, earlier this year the bank announced the decision to close some 9 branches and axe almost 100 jobs, in a bid to streamline costs.

Halifax, Bank of Scotland and Lloyd’s brand branches will be affected by the move, resulting in around 99 job losses.

LLoyds share price is trading down 0.16 percent as of 12.48PM (GMT).

 

 

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