Banking tax raid fears hit London lenders' shares ahead of crucial budget

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IMF suggests UK should cut spending rather than raise taxes on banks, as Healey prepares budget raid – business live

Rolling coverage of the latest economic and financial news John Healey poised to raise taxes on banks in budget Elsewhere in the markets today, South Korea’s Kospi share index has recorded its biggest weekly loss since October 2008, down 14.5% this week. Although the Kospi did rise today (+2%), it was still a bad week for technology stocks – as investors worried about the borrowing, spending commitments and future profitability of AI companies. The reality is that while companies embraced AI aggressively as it first emerged, now they are figuring out how to use it effectively while keeping AI costs under control. A slowing, more careful, path towards corporate adoption has been missed by the market which remained wildly frothy about valuations. “A UK bank tax risk is now a base case. If it is confirmed on 28 October, it’ll be the size and timing that will be key. If Healey does go ahead,

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British food and drink exports to EU collapse by more than a third since Brexit

NFU analysis of official data shows falls in exports to UK’s largest trading partner since 2019 include 70% for sugar and 74% for egg products Exports of British food and drink to the EU have collapsed by more than a third since Brexit with eggs, chicken and potato producers badly hit, new figures show. Analysis by the National Farmers’ Union (NFU) of HMRC data shows a sharp fall in exports in the year to July compared with the same period in 2019, with sugar dropping the most, down 70%. Continue reading...

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