UK economy is resilient, says Lloyds boss. Should we relax? | Nils Pratley

Antonio Horta-Osorio may have tried to calm concerns over Brexit, but others will be less confident

Let's hope Antonio Horta-Osorio is right. The chief executive of Lloyds Banking Group makes the immediate outlook for the UK seem, if not rosy, then at least steady. The economy is "resilient". Borrowers can cope with a quarter-point rise in interest rates to 0.5%. And we shouldn't get too excited about the increase in consumer debt because levels are still 25% below those of a decade ago.

These are all fair points, and Lloyds' third-quarter results illustrated the theme of resilience. The bank's percentage of impaired loans continues to run at historically low levels, despite a hit from an unnamed and mysterious "single large corporate". Impairment charges over the nine months rose 20% to 538m but the loan book itself is larger after the purchase of the MBNA credit card business.