UK banks rise after budget brings smaller-than-feared tax hikes

Lloyds Banking

Wed 13:20

Updates
** Shares of British banks rise after tax surcharges hiked less than expected during the UK budget 
** Finance minister John Healey hikes tax surcharge on banks to 6% from 3%, partially reversing a cut down from 8% three years ago
** Natwest NWG.L up 4.1%, Lloyds LLOY.L up 3.9% and Barclays BARC.L up 3.6%
** Standard Chartered, which lifted its annual income forecast earlier in the day, also up 4.5%
** YTD, NWG was flat, LLOY up ~7% and BARC down ~9%
     
     

 (Reporting by Yamini Kalia in Bengaluru)
 ((Yamini.Kalia@thomsonreuters.com))