Partner Article

When will the PPI river run dry?

Lloyds Bank’s recent announcement that it would set aside a further £1.8 billion for PPI misselling redress, signalled an enormous milestone in what has been dubbed the “biggest misselling scandal of all time.”

The bill is now estimated to be creeping towards the £20 billion mark. For consumers it could be worth £16 billion in payouts.

As the BBC’s Robert Peston points out, it has been a bigger fiscal stimulus for the economy than any other measure carried out by government in the wake of the 2008 crunch. In fact, Peston surmised that PPI cash could be the key to UK recovery.

This latest tranche of Lloyds cash continues to fill the PPI river for a bit longer, but could this be the last downpour? When it has all dried up it will be interesting to see the political stones lying on the riverbed.

This was posted in Bdaily's Members' News section by Tom Keighley .