Standard Chartered jumps nearly 4% on reports of UK bank levy change

10th Jun 2015 10:03

Standard Chartered jumped nearly 4% on Wednesday, with traders pointing to a press report that Chancellor George Osborne may signal an end to the £3.5bn a year bank levy.According to the Times, the Chancellor is expected to use his annual Mansion House speech this evening to say that the levy will be phased out in its present form, amid fears that it could push HSBC to relocate to Hong Kong.The levy may be replaced by a corporation tax surcharge levied only on UK assets, rather than global balance sheets.Traders pointed out that StanChart would be the biggest beneficiary of such a move, as much of its business is done outside the UK.The surge higher for StanChart also coincides with new chief executive officer Bill Winters' first day in his new role at the bank.