UK Lenders Slump as Reeves Faces Renewed Calls for Bank Tax

Shares of UK lenders slumped after Chancellor of the Exchequer Rachel Reeves faced renewed calls to raise billions of pounds of much-needed revenue by imposing a windfall tax on banks.

High street banks have enjoyed a “staggering” state subsidy on the Bank of England’s quantitative-easing program in recent years that has both inflated their profits and boosted their share prices, according to the left-leaning Institute for Public Policy Research. Reeves should consider recovering the profits banks are making from taxpayers on deposits held at the BOE, the IPPR argued.