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Story summary
- Finance Minister John Healey announced the profit surcharge will rise to 8%.
- Analysts estimate the levy could generate £2 billion annually and cut banks’ earnings by 6%.
- Lloyds shares dropped 1.8% after the tax proposal.
- NatWest shares fell 1.51% after the tax proposal.
- Citi called the budget a ‘clearing event’ and warned gilt yields may raise costs, prompting possible de-rating.
