Bank shares drop as John Healey prepares to raise taxes on the banking sector in the budget – business live

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• John Healey poised to raise taxes on banks in budget

British banking stocks have eased following last night’s reports that John Healey will tax the banks in the budget, says Angeline Ong, senior technical analyst at investing and trading platform IG

“A UK bank tax risk is now a base case. If it is confirmed on 28 October, it’ll be the size and timing that will be key.

If Healey does go ahead, shares of Lloyds and NatWest, which are almost entirely exposed to the UK, would likely be impacted most, and you are seeing this already in the share price reaction today. Barclays is partly exposed. HSBC is least exposed in the mix.”

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Source: Guardian Business