Lloyds and NatWest Shares Fall Ahead of U.K. Budget

Lloyds Banking Group and NatWest shares fell in London on Friday as investors weighed a possible increase in the U.K.'s extra tax on bank profits ahead of the government's Oct. 28 budget. By 6:30 a.m. ET (10:30 UTC), Lloyds was down 1.8% and NatWest had lost 1.51%. Barclays was 0.13% higher after earlier losses. HSBC rose 1.2% and Standard Chartered gained 0.71%; both earn much of their profits overseas. The U.K. charges banks a surcharge on profits in addition to corporation tax. A possible budget change would lift the surcharge to 8% from 3%. The rate was reduced from 8% to 3% in 2023 under then-Prime Minister Rishi Sunak's Conservative government. Finance Minister John Healey is scheduled to deliver his first budget on Oct. 28.

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