Investor jitters follow report by IPPR, with stock market value of sector cut by almost £8bn in morning trading
UK bank shares tumbled on Friday, cutting the stock market value of the sector by almost £8bn in morning trading, as fresh calls for a windfall tax on large lenders in the autumn budget spooked investors.
Calls for a tax grab, in a paper written by the Institute for Public Policy Research (IPPR) thinktank, took a toll on some of the UK’s biggest high street banks. NatWest Group suffered the biggest drop on Friday morning, registering a decline of as much as 5% in its share price, while Lloyds Banking Group and Barclays followed close behind, falling 4.5% and 3.6% respectively. HSBC dropped more than 1%.
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