UK Banks Fall on Political Pressure; JPM Flags Higher Taxes Risk

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UK bank shares are sharply lower as Keir Starmer faces growing pressure to step down as Britain’s prime minister. JPMorgan analysts say UK lenders could face higher taxes if a change in UK leadership goes ahead.

• Lloyds, NatWest and Barclays shares fall as much as 4.3%, 4.7% and 4.6% respectively
  • Read more: Starmer Losing Fight to Stay in Power as Rebellion Spreads
• JP Morgan analyst Sheel Shah notes surcharge risks based on previously reported leaked memo from Rayner
  • Base case assumes bank surcharge rises to 5% from 3%
• While ...