Lloyds increased PPI provision 'welcome boost to economy'

Lloyds Banking Group says it is increasing its provision for the mis-selling of payment protection insurance (PPI) by another £1.8bn, bringing the total to nearly £10bn.

Philip Augar, former group managing director at Schroders, told BBC Radio 4's Today programme that this represents "a welcome boost" to the country's finances as the money "eventually trickles back into the economy".

He added: "Lloyds are still receiving 37,000 PPI claims every month", noting that it affects "a big part of the population".

First broadcast on BBC Radio 4's Today programme on Monday 3 February 2014.

  • Business