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via uk.finance.yahoo.comPolitics

JP Morgan lashes out at bank tax; extra cost up to £150m

FROM THE WIRE · UK.FINANCE.YAHOO.COM

JP Morgan faces paying up to £150m because of the new surcharge - Getty/Mike Kemp JP Morgan has criticised John Healey's tax raid on banks, saying it "lacks principle". The Wall Street bank said it was unfair for the Chancellor to "single out" banks after Mr Healey announced an…

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MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishThe temporary doubling of the UK bank surcharge reduces expected profits for the sector.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01The bank profit surcharge will rise from 3% to 6% for 15 months.
  2. 02JP Morgan estimates an extra cost of £100m to £150m.
  3. 03The total rate on the sector will reach 31%.
NEWS IMPACT AND MARKET REACTIONChange from the reference price
BARCBARCStock—n/aNegative LLOYLLOYStock—n/aNegative NatWest Group plcNWGStock17.18 USD+0.20%today +1.84%Negative STANSTANStock—n/aNegative HSBC Holdings plcHSBCStock86.19 USD+0.41%today +0.20%Negative
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets

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