From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.
Read more
UK banks are set to reassure customers and businesses of their support as tariffs signal a “watershed” moment for the economy, experts say.
Some of the country’s biggest high street lenders will publish their latest financial results next week.
The updates come at a critical time for the global economy, with new US tariffs announced by President Donald Trump this month expected to disrupt trade and slow growth in many countries.
The International Monetary Fund (IMF) warned this week that the global trade system was entering a “new era” and uncertainty had hit “unprecedented” levels.
While the latest banking results will cover the first three months of 2025, prior to key tariff announcements, lenders are expected to give an update on how they are responding to the wider volatility.
Peter Rothwell, head of banking at KPMG UK, said UK banks are likely to “emphasise their commitment to the UK, to retail and business customers”.
“I think you’ll hear banks saying there’s no reason to believe it’s not manageable, and they’re willing to lean in to help limit the impact as far as possible, but it’s too early to tell… they’re not seeing many signs at the moment but they remain attentive, and focused, and ready to support,” Mr Rothwell suggested.
This could see more lenders poised to increased lending to businesses in need of financial support, especially at a time when others could pull back.
Mr Rothwell described it as a “watershed” moment, adding: “There are as many opportunities as there are threats.”
The reporting season will kick off with HSBC on Tuesday, followed by Barclays and Santander on Wednesday, Lloyds and Thursday, and NatWest on Friday.
In particular focus for investors will be HSBC and Barclays, as well as London-listed Standard Chartered, which have greater exposure to global trade disruption.
Analysts for AJ Bell said investors will be looking to HSBC’s results for an update on the outlook for its Asia operations – which generated three quarters of its total pre-tax profit last year – due to the impact of tariffs on China.
Furthermore, they could shed light on the effect of recent turbulence in the financial markets, sparked by tariffs, on their investment banking and trading divisions.
Advisory functions like deal-making, including mergers and acquisitions, “remain challenged by market conditions”, KPMG’s Mr Rothwell said, with recent volatility causing some “paralysis” in the market.
High street banking group Lloyds is expected to report a slight dip in its first-quarter pre-tax profit, to £1.5 billion from £1.6 billion a year ago.
The bank has set aside £1.2 billion to cover potential compensation costs relating to motor finance commission arrangements, which dragged on its yearly earnings.