UK bank stocks rise after reports they may dodge budget tax raid
06/11/2025 08:03
Nov 6 (Reuters) - A gauge of British bank stocks rose in steady markets on Thursday after the Financial Times reported Chancellor Rachel Reeves was set to spare them from a punitive budget tax raid. The FTSE 350 Banks Index .FTNMX301010 gained 1.3%, outperforming the flat FTSE 100 .FTSE and FTSE 250 .FTMC. By 0811 GMT, NatWest NWG.L, Lloyds LLOY.L, Close Brothers CBRO.L, Standard Chartered STAN.L and Barclays BARC.L shares were up between 1% and 2.7%. According to the FT, Reeves and others involved in budget preparations say banks in Britain already pay high levels of tax by international standards. (Reporting by Danilo Masoni; editing by Dhara Ranasinghe) ((Danilo.Masoni@TR.com; Reuters Messaging: danilo.masoni.thomsonreuters.com@reuters.net))