UK plans to raise bank surcharge but by less than expected; bank stocks such as NatWest (NWG.US) and Barclays (BCS.US) rise

Zhitong Finance APP has learned that the increase in the UK bank tax will be smaller than previously feared, as Chancellor of the Exchequer John Healey seeks in his first budget to balance the competitiveness of the City of London with raising funds for voter benefits. People familiar with the matter said Healey will raise the bank surcharge in the budget, currently an additional 3% on top of the 25% corporation tax, but will not restore it to the pre-2023 level of 8%. The measure will be temporary rather than permanent.