QuidMetrics

UK bank shares slide on tax rise expectations

Bank stocks have fallen ahead of an expected tax increase on lenders in the upcoming budget.

Major UK bank share prices have declined following expectations that the chancellor will raise taxes on lenders in the forthcoming budget. The anticipated tax increase has prompted the selloff among investors holding banking stocks.

Any rise in lender taxation could reduce the returns available to shareholders in banking groups, potentially affecting investor portfolios weighted towards the sector.