Violet Hudson

Money digest: Lloyds axes 3,000 jobs

Lloyds bank is to axe 3,000 jobs in the UK and close 200 branches in an attempt to save £400m by the end of 2017. Chief executive António Horta-Osório said that ‘a deceleration of growth seems likely’ following the UK’s decision to leave the European Union. Nevertheless, in the six months to June the group reported pre-tax profits to £2.45bn – more than double their 2015 earnings.

The board of French energy company EDF will meet in Paris later today to discuss whether to approve the Hinkley Point nuclear power plant plans – and they are likely to give the green light, reports The Guardian. The power plant, in Somerset, will create 25,000 news jobs and provide 7 per cent of the UK’s electricity. However, environmental groups such as Greenpeace have protested against the project, which will divert funds and interest from renewable energy. EDF is looking for a partner to share the financial burden of building the plant: China General Nuclear Power Corporation is expected to stump up 33 per cent.

Tumbleweed blew down Britain’s high streets after the EU referendum.

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