Published by Global Banking & Finance Review®
Posted on November 6, 2025
1 min readLast updated: January 21, 2026
Add as preferred source on GoogleUK bank stocks increased after reports suggested they may avoid a budget tax raid, with major banks seeing share gains.
(Reuters) -A gauge of British bank stocks rose in steady markets on Thursday after the Financial Times reported Chancellor Rachel Reeves was set to spare them from a punitive budget tax raid.
The FTSE 350 Banks Index gained 1.3%, outperforming the flat FTSE 100 and FTSE 250.
By 0811 GMT, NatWest, Lloyds, Close Brothers, Standard Chartered and Barclays shares were up between 1% and 2.7%.
According to the FT, Reeves and others involved in budget preparations say banks in Britain already pay high levels of tax by international standards.
(Reporting by Danilo Masoni; editing by Dhara Ranasinghe)
The FTSE 350 Banks Index is a stock market index that includes the largest banks listed on the London Stock Exchange. It reflects the performance of the banking sector in the UK.
A tax exemption is a monetary exemption that reduces taxable income. It allows certain entities or individuals to avoid paying taxes on specific income or transactions.
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