LLOY Lloyds Banking Group Plc

By Adam Clark

Lloyds Banking Group PLC (LLOY.LN) said Wednesday that it will lend up to 18 billion pounds ($23.1 billion) to British businesses in 2019, as the Brexit deadlock in parliament clouds the U.K.'s economic outlook.

Britain's largest retail bank it will offer loans to businesses ranging from individual entrepreneurs to large multinational corporations.

"During these uncertain times, it is important that our customers have financial support and expert guidance to navigate the challenges they may face. Whatever the future brings, we will continue to support UK businesses as part of our commitment to help Britain prosper," Chief Executive Antonio Horta-Osorio said.

Parliament's overwhelming rejection of Prime Minister Theresa May's Brexit deal on Tuesday may mean businesses need to step up planning for a no-deal Brexit, in which the U.K. leaves the European Union without a trade agreement.

However, on Wednesday morning, shares in Lloyds and domestic-banking peers were largely up along with the sterling, as investors appeared to bet U.K. lawmakers opposed to a no-deal Brexit will now be able to exert more influence on negotiations.

Write to Adam Clark at adam.clark@dowjones.com; @AdamDowJones

(END) Dow Jones Newswires

January 16, 2019 07:03 ET (12:03 GMT)

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