Budget means HSBC and Standard Chartered banks will pay £1bn less in tax

But changes to bank levy and launch of new surcharge will also result in other banks - including Lloyds and RBS - paying more

HSBC and Standard Chartered - two of the UK's biggest international banks - will pay more than 1bn less tax a year as a result of the summer budget, according to estimates from City analysts.

The changes to the bank levy came just weeks after HSBC announced a formal review into whether to keep its headquarters in London or relocate abroad. HSBC had blamed the cost of the bank levy for hitting returns to shareholders.

Related: Biggest banks welcome budget reduction in bank levy