Measures announced as part of the UK's emergency Budget will provide a fillip to Lloyds Banking Group's business by the year 2012 and will hit earnings at the country's other four large universal banks by "just" £56m (€68m) on average - or less than 1% of profits.

The good news comes thanks to a successive one percentage point reduction in the UK's corporate tax rate over the next four years, which will soften the blow of the estimated £2bn bank levy on banks' balance sheets, due to come at the start of next year after consultation this summer.