Business & Technology
Lloyds targets £2bn cost-cutting after axing Halifax Bank
Pre-tax profits reached £4.3 billion for the first half of 2024, up 23% on the same period last year.
Charlie Nunn, chief executive of Lloyds Banking Group, said: “We are successfully completing our 2022 to 2026 strategy, focusing on customer experience, pivoting the group to growth and laying the foundations for our exciting new strategy.
“We have strengthened our market leadership, built our digital and AI capabilities, and enhanced our cost and capital leadership, while remaining on track to deliver our 2026 financial targets.
Lloyds decided to scrap the Halifax brand and change it to Lloyds. (Image: Ben Gingell/Getty)
“This ensures the group is well placed to launch our new strategy, Accelerate 2030, from a position of strength.”
The lender’s improved performance was driven by higher income, tighter cost controls, and growth in both customer lending and deposits.
Lloyds is on track to deliver more than £2 billion in gross cost savings between 2022 and 2026, with an additional £2 billion targeted by 2030.
The savings will come through further digital transformation, modernising technology, and expanding the use of AI across the organisation.
Mr Nunn said AI could enable Lloyds to offer entirely new digital services, including more tailored financial advice.
He said: “We do think that there are new opportunities with agentic AI to both differentiate our services and grow more efficiently, i.e. provide services we’ve never been able to provide.
“So being able to provide investment advice to anyone in the UK that wants to talk to us with really well-trained agents.
“And also be able to do work differently and more efficiently internally.”
However, the bank’s deeper push into generative AI has sparked concerns over potential job losses.
While Mr Nunn said the group does “not put targets around numbers of staff,” he acknowledged that the shift will “impact work” across the organisation.
He said: “It is going to impact work, it is going to require us to continue to reskill people and hire new people.
“But that’s been my history for 30-odd years in financial services.”
Under its new ‘Accelerate 30’ strategy, Lloyds will invest more than £13 billion over the next four years to transform how customers manage their money.
This includes new products such as the recently announced Lloyds Smart Wallet, which will offer alternative payment options and rewards.
Since 2022, Mr Nunn has led the bank through major changes, including the expansion of digital banking, increased use of AI, growth in its wealth management division, and the closure of hundreds of branches.
More recently, Lloyds decided to scrap the Halifax brand and change it to Lloyds.
Mr Nunn said the bank is on track to achieve its 2026 financial goals and is launching its next phase of growth from a “position of strength.”
The group’s strategy aims to keep pace with rapid changes in customer expectations and the wider banking landscape.
Business & Technology
Network Rail will not reopen Botley Road early despite completion
Gas network company SGN confirmed it had repaired three minor gas leaks and left the site on Monday, August 3, six days earlier than expected.
The leaks were discovered during excavation works last month and contributed to the pushing back of the road’s reopening date, yet again, to September 20.
The completion of the gas mains replacement marked a significant step forward in the wider Oxford Station improvement project, which was originally budgeted at £161 million but is now expected to cost at least £237 million.
The development prompted hopes that Botley Road, closed beneath the rail bridge since April 2023, could reopen earlier than planned.
However, Network Rail has moved to manage expectations, saying the project remains on course to meet its existing target date rather than finish ahead of schedule.
A Network Rail spokesperson said: “We’re pleased that SGN has completed its gas mains replacement work.
“While this is an important milestone, it doesn’t necessarily mean the overall project will finish early as some remaining work is dependent on access to the railway, which we have had to rearrange to enable the replacement of the gas main.
“Our focus remains on meeting our planned deadline of 20 September for reopening Botley Road to traffic.”
While the completion of the gas works removes one of the most recent obstacles facing the scheme, Network Rail says further work under the bridge and around the station is still needed before the route can reopen to traffic.
Business & Technology
40-year-old Oxfordshire gymnastics club at risk of closure due to heat
The club is currently struggling in the summer heat, and has launched a new fundraiser to keep its gymnasts safe.
The club, which is based at Grove House Barn near Warkworth in Banbury, launched the fundraiser so it could buy and install four air conditioning units to keep its space cool.
Currently, the club hopes to raise £7,000 through the appeal so it can buy four 10kW air conditioning units and cover all the installation costs.
So far, the club has raised £380.
Karl Wade, director of Wade Gymnastics, said the club has become “increasingly warm” during the summer months due to the rising temperatures.
READ MORE: Thames Water leakage targets are ‘not realistic’ says boss after pay rise
Wade Gymnastics at Grove House Barn in Banbury (Image: Google Maps)
“Despite our best efforts to keep doorways and shutters open, it becomes very uncomfortable for gymnasts to play and train,” Mr Wade said.
He added: “The safety of our gymnasts and coaches is always our utmost priority.
“Unfortunately, the risk of having to close the business during these hot spells is increasing and we need to have more effective ways of keeping everyone cool.
“An air conditioning system would allow the business to stay open during those extreme hot conditions and continue to provide classes for everyone who attends.”
The gym currently delivers classes seven days a week for around 900 people, which range from toddlers to athletes competing at national level.
The gym club was founded more than four decades ago by Ruth Wade and, for the past 20 years it has been based at its current facility.
Business & Technology
Solihull Council appoints ICS.AI for AI discovery phase
SOFIAH NICHOLE SALIVIO
News Editor
Solihull Council has appointed ICS.AI to deliver the first phase of an AI Transformation Discovery programme to examine how artificial intelligence could be used across several resident-facing services.
The 24-week programme will review opportunities in Adult Social Care, Children’s Services, Economy & Infrastructure, and Public Health. It is intended to help the council decide where AI could be used and where future spending should be directed.
In this first phase, ICS.AI will assess the council’s readiness for AI and identify use cases across the four service areas. The programme is expected to produce a prioritised shortlist of about 200 use cases, including 50 validated from a finance perspective, alongside a longer-term AI Transformation Roadmap.
The work is intended to create an evidence base before any wider implementation decisions are taken. Ethics, privacy, and safeguarding will be considered throughout the assessment process.
Discovery phase
ICS.AI will use its AI Target Operating Model framework to review Solihull’s current position across five dimensions before ranking opportunities. The outputs will be based on council-owned baseline data and reviewed by public sector specialists.
The approach reflects a broader pattern among local authorities exploring AI in service delivery while facing pressure to justify spending and manage risks around data use and public accountability. Councils have also been seeking clearer business cases before committing to larger technology programmes.
Solihull said the discovery exercise would support a measured approach to service modernisation. The authority wants to identify where AI could improve services for residents while also demonstrating value for money.
“We are committed to taking a well-considered and planned approach to modernising the services we provide. By building a strong evidence base for future decisions, this programme will help us understand where the greatest AI opportunities exist. We will then be able to prioritise those improvements that will deliver the greatest benefit for residents, while ensuring full value for the council,” said Councillor Dave Pinwell, Cabinet Portfolio Holder for Resources, Solihull Council.
Public sector focus
ICS.AI said the Solihull engagement builds on work it has carried out with more than 20 public sector organisations using its AI transformation and discovery assessments. Those organisations include Derby City Council.
The company focuses on AI projects for the public sector, where interest has increased as authorities look for ways to manage demand pressures in social care, public health, and other frontline services. At the same time, councils are under scrutiny to show that new technology investments are proportionate and supported by practical evidence.
Dwayne Johnson, Chief Local Government Officer at ICS.AI, said local authorities need stronger justification before committing funds. “Local authorities need confidence that every investment is backed by robust evidence and long-term value for residents. Solihull Council is taking the right approach by starting with a structured discovery programme that builds a clear understanding of priorities before decisions are made. By developing finance-validated business cases and a practical roadmap, the council can be more proactive in the decisions it makes,” he said.
The programme’s initial outputs are expected to give Solihull a ranked view of where AI could be applied across services, the level of organisational readiness, and which projects may warrant further consideration. This first phase is focused on identifying options rather than moving directly into deployment.
For local government leaders, that distinction is becoming increasingly important as councils test AI in areas that affect vulnerable residents and essential public services. In Solihull’s case, the work spans some of the authority’s most visible functions, including care services, children’s provision, public health activity, and parts of local infrastructure planning.
The council aims to use the findings to inform later investment decisions through finance-validated business cases and a practical roadmap for future priorities.
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