SHARES in Barclays and other leading banks got a bump today, as the Chancellor announced a review of the surcharge.
This measure imposes an 8% tax on banking profits, on top of corporation tax.
With corporation tax rates heading higher, bank shareholders feared profits would be squeezed. That in turn would make it harder for banks to lend to support the economy.
Today Rishi Sunak said the “surcharge” is under review, though details were not immediately available.
Some in the City think smaller banks in particular should be given relief on the surcharge.
Barclays shares rose 6p to 168p. Lloyds shares are up 1p to 40p.
NatWest, still 60% owned by the government, saw its shares rise 3p to 189p.
