Shares in the UK’s biggest lenders have slid amid reports that the Chancellor could target banks with higher taxes on their swelling profits.
Upping windfall taxes on the banking sector would be “ludicrous” and further deter international investment into the UK economy, according to markets analyst Michael Hewson of CMC Markets UK.
Chancellor Jeremy Hunt is thought to be weighing up new tax measures in anticipation that high-street banks will report big profits for the year, the Financial Times said.
