British Chancellor of the Exchequer John Healy said on Wednesday that the British government will raise the current additional tax rate on bank profits from 3% to 6%. When announcing its first budget, Healy said that this tax increase will begin in January next year and will only be implemented for 15 months. The banking industry was somewhat relieved by this arrangement. Previously, some people in the banking industry anticipated that Healy might raise the additional tax rate to 8%, that is, before the tax rate is lowered to the current level in 2023. Bank of England stocks, including National Westminster Bank Group, Barclays, and Lloyds Bank, extended gains after Healy confirmed the new tax rate.

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