Bank surcharge slashed but ‘so-called cut’ means 1% tax rise for sector

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Shares of Britain’s major banks have received a boost after the autumn budget confirmed it will slash its tax surcharge on the sector to 3% from 8%.

Lloyds Banking Group and NatWest saw shares rise by about 1.5%, lifting them towards the top of the FTSE 100, after the Treasury confirmed the tax on banks’ profits would be cut from April.