UK bank shares fall as City fears budget tax raid; US trade deficit surges – as it happened

Calls for Thatcher-style tax on bank profits' to raise billions of pounds rattle bank shares

• UK bank shares tumble after call for windfall tax on lenders in budget

With bank shares sliding, investors are piling into defence stocks instead.

Babcock (+1.4%), Melrose (+0.95%) and BAE Systems (+0.7%) are all among the FTSE 100 risers, as optimism over a breakthough in the Russia-Ukraine war fades.

They are also talking again about a special extra profit tax for banks - Rayner suggested upping total take from 28% to 30%. Do you know how much this will raise? Based on OBR forecasts it would bring in an extra

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