UK Banks Underperform on Tax Worries Ahead of Reeves’s Budget

UK lenders were among the worst-performing banks in Europe on Tuesday amid tax worries ahead of Chancellor of the Exchequer Rachel Reeves’s budget announcement on Nov. 26.

• The Telegraph reported that Reeves is considering a “last-minute raid on banking profits in the Budget”
• The Stoxx 600 Banks Index is more than 2% lower amid a global sell off
  • Barclays -2.9%, Standard Chartered -2.6%, Lloyds -2.1% and HSBC -2.5%
• Read more, Oct. 31: UK Bank Tax Jitters Grip City of London as Reeves’s Budget Nears

To contact the reporter on this story:
Macarena Muñoz in Madrid at mmunoz39@bloomberg.net

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