AGP Executive Report
Last update: 4 hours agoBank Tax: Chancellor John Healey will double the bank surcharge from 3% to 6% for 15 months from January, raising an estimated £1.5bn to help fund energy bill support. Banks say the levy could weigh on lending and UK competitiveness. Lloyds Results: Lloyds reported third-quarter pre-tax profit of £2.3bn, up from £1.2bn a year earlier, and remains on track to meet its 2026 guidance. The comparison benefited from lower motor-finance compensation charges. Savers and Markets: From April 2027, tax rates on savings income will rise to 24%, 44% and 49%; the cash ISA allowance stays at £20,000. Markets took the Budget calmly, with gilt yields easing. Banking and Fintech: Healey has urged Bank of England governor Andrew Bailey to speed up capital-rule changes and loosen borrowing limits to support lending. Revolut has also launched personal loans in the UK, challenging high-street lenders.
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