British banks are bracing for a potential raid on their profits as the government seeks out new sources of cash to shore up its finances, according to a report in the Financial Times.
fell as much as 4% and 5% respectively, while challenger Virgin Money tumbled 6%. The stocks later pared some of their losses but were still down on the wider FTSE index.Britain's Treasury was not immediately available for comment.
Lenders are expected to post bumper profits in the short term on the back of higher interest rates, boosting revenues while many of their customers grapple with rising costs of mortgages, credit cards and loans. Britain already imposes a levy on bank balance sheets and an 8% surcharge on profits, although this surcharge was set to reduce to 3% next year.
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