MARKET TALK: Banks Rise After Bank Levy Not As Bad As Feared

22nd Jun 2010 13:43

1243 GMT [Dow Jones] The FTSE 350 banks index comes off lows and Lloyds Banking Group storms higher, as the UK Chancellor brings his budget speech to a close. A trader says the bank levy announced in the budget will raise just GBP2bn a year, not upwards of GBP3B as had been speculated in some publications. Also notes that it is not a unilateral decision either, as Osborne confirms that France and Germany will join in with the UK's bank tax plans. Lloyds Banking Group is the second-biggest riser on the blue-chip index in London, +3.4%. Royal Bank of Scotland is +1.1%. The FTSE 350 banks index is -0.6%. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 22, 2010 08:43 ET (12:43 GMT)