UK Banking Stocks Fall on Budget Tax Report
British banking stocks dipped following a report that the finance minister plans to tax banks in the upcoming budget. Barclays, Lloyds and NatWest fell in early trade as analysts pointed to a possible profit surcharge increase.
Insights:
United Kingdom banking shares fell Friday morning after reports indicated a potential profit tax increase in the upcoming budget. Equities dropped between 0.2% and 1.8% during early trading. The potential fiscal adjustment follows reports that finance minister John Healey plans to target lenders to support deficit reduction plans.
