TSB to give staff £1,000 to cope with inflation

British lender TSB, a unit of Spanish bank Sabadell, will pay a one-time £1,000 bonus to around 4,000 of its staff to help them cope with rising inflation, a Sabadell spokesperson said today.

Around three quarters of its employees in Britain will receive £500 in October and another £500 in April, the spokesperson said, confirming a report from Spanish newspaper Cinco Dias.

Senior executives and management will not be entitled to the bonus.

Several British lenders have similarly given thousands of their staff a one-off sum or a pay rise to help them cope with soaring prices, including HSBC, Barclays, Lloyds, Ulster Bank owner NatWest and the UK arm of Santander.