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The Guardian - UK
The Guardian - UK
Business
Kalyeena Makortoff Banking correspondent

UK bank shares tumble after call for windfall tax on lenders in budget

United Kingdom IPPR NatWest Group Stock Market The Bank of England
Bank branches on a UK high street
NatWest Group was hit by the biggest drop in banking share prices on Friday morning. Photograph: Bloomberg/Getty Images

UK bank shares tumbled on Friday, cutting the combined stock market value of some of the biggest companies in the sector by more than £6bn, as fresh calls for a windfall tax on large lenders in the autumn budget spooked investors.

Calls for a tax grab, in a paper written by the Institute for Public Policy Research (IPPR) thinktank, took a toll on some of the UK’s biggest high street banks.

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