UK bank shares fall as City fears budget tax raid; US trade deficit surges – business live

Calls for ‘Thatcher-style tax on bank profits’ to raise billions of pounds rattle bank shares

UK bank shares tumble after call for windfall tax on lenders in budget

With bank shares sliding, investors are piling into defence stocks instead.

Babcock (+1.4%), Melrose (+0.95%) and BAE Systems (+0.7%) are all among the FTSE 100 risers, as optimism over a breakthough in the Russia-Ukraine war fades.

They are also talking again about a special extra profit tax for banks - Rayner suggested upping total take from 28% to 30%. Do you know how much this will raise? Based on OBR forecasts it would bring in an extra

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