The British finance minister, John Haley, will announce a temporary increase in the bank levy to less than 8%, Reuters reports. The tax will be imposed at the basic corporate rate of 25%, but will not return to the 8% level that was customary until 2023. Following the news, the shares of British banks including Lloyds, Barclays and NatWest rose by at least 2%.

The British finance minister, John Haley, will announce a temporary increase in the bank levy to less than 8%, Reuters reports. The tax will be imposed at the basic corporate rate of 25%, but will not return to the 8% level that was customary until 2023. Following the news, the shares of British banks including Lloyds, Barclays and NatWest rose by at least 2%.