| Banks, PPI, PPI Scandal

The biggest banks have racked up a bill of almost £30billion for the PPI scandal – this is the equivalent of a £1,000 for every household in Britain.

This staggering figure was hit when Lloyds revealed it had set aside a further £1.4billion, taking its part in the claims scandal to £13.4billion.

This latest provision was more than £400million more than they had been expecting as the PPI claims continue to come in.

This also affected the share prices which dropped to 83.2p, which makes this drop the biggest in the FTSE 100 index.

The lender, which is part owned by the tax-payer, still managed to post a 38% profit to £1.2billion in the first half of 2015 and expects claims to tail off more sharply.

But it claimed that if the claims continued to come in at their current level, they would be forced to set aside £1billion for claims every six months.

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