UK banks rise after budget brings smaller-than-feared tax hikes
EWU•British bank shares rose after the UK budget increased the bank tax surcharge to 6% from 3%, less than expected. NatWest gained 4.1%, Lloyds 3.9%, Barclays 3.6% and Standard Chartered 4.5%.
1. Bank shares advance
Shares of British banks rose after the budget’s increase in the tax surcharge to 6% from 3% was smaller than expected. NatWest rose 4.1%, Lloyds 3.9%, Barclays 3.6% and Standard Chartered 4.5%; Standard Chartered had earlier raised its annual income forecast.
