Reeves Decides Against Hiking UK Bank Taxes to Spur Growth

Chancellor of the Exchequer Rachel Reeves has decided not to increase taxes on banks at the budget, betting that shielding the sector will spur more lending and boost growth.

Reeves won’t make changes to the bank levy or the banking surcharge, according to people familiar with the matter. She also won’t introduce a new tax on banks’ income from reserves related to quantitative easing, the people said.