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Shares in U.K. Domestic Banks Slip After Reports on Potential Tax -- Market Talk

Dow Jones
Aug 29

0735 GMT - U.K. banking stocks trade lower shortly after market open on Friday. "Overnight weakness in sterling would normally support the FTSE 100 given its proliferation of overseas earnings, but reports of a potential windfall tax on the banks more than offset any hopes of a bright open," Interactive Investor analyst Richard Hunter writes in a market comment. Lloyds Banking Group, NatWest and Barclays sank to the bottom of London's blue-chip FTSE 100 index and lost 3.4%, 4.0% and 2.8%, respectively. "Unfortunately, any such rumors are likely to have an exaggerated impact given the government's obvious need to raise more income in an attempt to mitigate its financial difficulties," Hunter adds. (elena.vardon@wsj.com)

(END) Dow Jones Newswires

August 29, 2025 03:35 ET (07:35 GMT)

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