BUSINESS LIVE: Lloyds profits slump; Heathrow slams ‘anti-growth’ policies; PZ Cussons to sell St. Tropez

Heathrow execs have lashed out against ‘anti-growth policies’ like the so-called tourist tax, which they say are holding back the airport and travel industry.

The criticism came despite a record 8.5million passengers travelling through Heathrow in the first three months of the year.

The airport said: ‘Ministers should rethink anti-growth policies like the “tourist tax” that discourage international visitors from spending in the UK; and unnecessary travel visas for transiting passengers that risk the UK’s global connectivity and Heathrow’s hub status.

‘A supportive policy environment for aviation would deliver a much-needed economic boost by encouraging people to visit, spend and do business here in the UK.’

Ithaca Energy is to join forces with the UK arm of an Italian oil major in a deal worth more than £750million.

The FTSE 250 North Sea producer has agreed to buy most of the upstream oil and gas assets owned by Eni UK for around £754million.

Lloyds Banking Group profits sank 28 per cent in the first quarter after peaking interest rates and rising competition in the mortgage market squeezed margins.

The British bank has posted a first quarter pre-tax profit of £1.6billion, down from £2.3billion a year ago and in line with estimates.

Group chief executive Charlie Nunn said: ‘The Group is continuing to deliver in line with expectations in the first quarter of 2024, with solid net income, cost discipline and strong asset quality. Our performance provides us with further confidence around our strategic ambitions and 2024 and 2026 guidance.

‘Guided by our purpose, we are continuing to support customers and successfully execute against our strategic outcomes, as highlighted in the third of our strategic seminars last month. This underpins our ambition of higher, more sustainable returns that will deliver for all of our stakeholders as we continue to Help Britain Prosper.