Bankers Groan at UK Tax Rise Even as Lenders Rally After Budget

While some bank stocks rallied to their highest levels in 17 years, financiers were stewing over how they’ll be personally affected by Chancellor of the Exchequer Rachel Reeves’ moves to shore up the UK’s finances.

A variety of measures will impact City of London workers more than most, including a move to cap tax-efficient pension contributions and a plan to impose a levy on homes valued at more than £2 million. New tax rates for dividends, property and savings income and a decision to tinker with the treatment of cash savings accounts added to the gloom.