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The Guardian - UK
The Guardian - UK
Business
Joanna Partridge

Banks poised to escape tax rises in Rachel Reeves’s budget

Rachel Reeves United Kingdom PwC
The City of London skyline, the capital's financial district, from London Bridge.
The City of London skyline. Banks currently pay a corporation tax rate of 28%. Photograph: Vuk Valcic/ZUMA Press Wire/Shutterstock

The chancellor has decided against increasing taxes on banks in this month’s budget, according to reports, which sent UK bank shares higher on Thursday.

Shares in the high street banks NatWest and Lloyds rose by about 2%, putting them among the top risers on London’s FTSE 100.

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