Lloyds announces £3.47bn loss for first quarter

Lloyds Banking Group, which is partly owned by the taxpayer, has announced losses of almost £3.5bn for the first three months of 2011.

The bank had returned to profit last year, but it has set aside £3.2bn to pay cover the cost of claims from customers who were mis-sold payment protection insurance.

Simon Gompertz reports.

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