In an effort to help employees with the rising cost of living in the UK, Lloyds Bank are giving 64,000 of its staff a one-off payment.

News of the payment, which is due in August, is said to come after a campaign by the union Unite over the bank's pay structures.

Unite, which demonstrated at Lloyds' annual general meeting, said the announcement was an 'important step'.

"Unite members' collective action has put desperately needed money into the pockets of staff on the front line," said Sharon Graham, Unite's general secretary.

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

In a statement seen by the BBC, the bank said the money would help during uncertain economic times.

It added that it anticipated the current economic environment would continue featuring in pay negotiations with its employees in 2023.