THOUSANDS of workers across the UK will be handed a welcome £1,000 pay boost to help with the cost of living crisis.

Banking giant Lloyds is to hand a £1,000 bonus to the vast majority of its staff with 64,182 employees set to receive the cash boost.

“As the rising cost of living continues to impact our people and our customers, we’ve been assessing the evolving outlook for inflation and considering how we can support you even further,” Lloyds said in the memo.

“With that in mind, I wanted to let you know we’ll be making a one-off payment of £1,000 to all our people in grades A – G which you’ll receive in your August pay.

“This support is designed to help you during these uncertain economic times and is in addition to the steps we’ve already taken to increase the support available both to you and our customers.”

The move shows the pressures on employers to support workers against the impact of price rises, after inflation struck a 40-year high of nine per cent and is expected to surpass 10% later this year.

On Monday, Sharon Graham, Unite general secretary, said: “Unite members’ collective action has put desperately-needed money into the pockets of staff on the front line.

“This victory for Unite’s Lloyds Banking Group pay campaign is an important step in changing the bank’s pay structures.

“Staff will welcome the £1,000 bonus but there is still a long way to go to eradicate low pay in what is one of the economy’s most profitable sectors.”