UK bank shares fall on reports of higher profit surcharge in Budget
Shares in some UK banks dropped after reports the government may raise the surcharge on bank profits in the Oct. 28 Budget.
Shares in some U.K. banks fell after reports that the government is weighing a bigger surcharge on bank profits, CNBC reports. The change would come in the Budget on Oct. 28. CNBC's report is dated Friday.
Senior banking executives told the BBC they expect banks to be "on the menu" for tax increases in the Budget later this month.
The reports do not say what rate the government is considering. They do not say which banks' shares fell or by how much.
Reported by
- BBC NewsBanks expect to be hit in Budget tax raidThu, Oct 15, 1:14 PM EDT
- CNBCBanking tax raid fears hit London lenders' shares ahead of crucial budgetFri, Oct 16, 7:19 AM EDT
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