Read our privacy notice Thanks for signing up to theBreaking News email {{ #verifyErrors }} {{ message }} {{ /verifyErrors }} {{ ^verifyErrors }} Something went wrong. Please try again later {{ /verifyErrors }}UK consumers are “adjusting to the times we’re in”, Lloyds Banking Group has said as it reported rising profits on the back of higher borrowing costs. Its mortgage borrowers typically have a lower loan-to-value deal and a higher income, meaning they are more able to absorb higher interest rates, the bank has previously said. Meanwhile, household spending increased in recent months despite consumers facing a cost-of-living squeeze, the bank revealed. More than two-thirds of the money flowing out of current accounts, which typically have low returns, is “captured” by Lloyds’ savings accounts, Mr Chalmers said.

Source: The Times October 25, 2023 10:58 UTC