The Sky News Business Podcast · Sky News

A profit boost for Lloyds, working mums and a trade deal with India

·22 min·1 clip

Charlie Nunn says the UK needs a strong financial system to support housing, infrastructure and small business growth.

1. The Sky News Business Podcast covers Narendra Modi's UK visit, Lloyds Banking Group's higher profits, and a maternity-return survey on the same morning. 2. Darren McCaffrey hosts the program, while Ali Renneson, Charlie Nunn, and Sophie Maunder each explain one of the day's business stories. 3. The episode asks what the India trade deal, Lloyds' results, and maternity leave data mean for UK growth, taxes, and labor supply. 4. Modi is in the UK to sign a landmark free trade agreement with Prime Minister Sukhir Sharma, described as the biggest UK deal since Brexit. 5. Ali Renneson says India has a high mix of tariff and non-tariff barriers, which is why this agreement could move the dial on trade. 6. She says India's average weighted tariff is falling from about 15 percent to 3 percent, with whiskey and auto duties cut sharply over time. 7. The discussion notes whiskey tariffs near 150 percent and auto tariffs around 110 percent before the new reductions. 8. Renneson says rice and sugar were effectively excluded from the deal, reducing some agricultural sensitivities for UK farmers. 9. She says India also wanted easier access for textiles and shoe apparel, while UK consumers could see lower clothing costs. 10. The interview also covers public procurement, where non-sensitive sectors may allow British firms to bid for contracts across India. 11. Charlie Nunn says Lloyds' strategy since 2022 has been to pivot back to growth, win market share, and improve productivity and capital use. 12. He points to six percent revenue growth, nine percent growth in other operating income, and strength in mortgages and SME lending. 13. Nunn says Lloyds helped 34,000 first-time buyers in the first half and grew net mortgages by more than £5 billion. 14. He says Lloyds expects two more rate cuts this year and rates around 3.5 percent in 2026, with house prices rising 2 percent to 3 percent. 15. Nunn warns Rachel Reeves not to treat Lloyds' profits as a reason to raise taxes on financial services. 16. He says the UK financial services sector is one of the highest taxed sectors in the world and argues the City of London must stay globally competitive. 17. Sophie Maunder says a new Magistrate survey found over a quarter of mothers on maternity leave do not return to work or leave within a year. 18. She says two thirds of those women cite poor parenting policies or a lack of support, and she estimates the cost to British businesses at £650 million a year. 19. The tone is a live breakfast-news format with short interviews, rapid turn-taking, and direct follow-up questions from Darren McCaffrey. 20. Listeners interested in UK business policy, taxation, trade, and workplace flexibility will get the most from it.

As heard by us

A brisk business update that ties trade, banking profits, and maternity-leave retention back to the UK economy.

This briefing keeps its focus on the UK economy without drifting into filler. The India-UK free trade agreement, Lloyds Banking Group's stronger-than-expected pre-tax profits and warning on taxes for the financial services sector, and the fact that over a quarter of mothers on…

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