Shares in some of Britain's biggest banks sold off Friday amid reports that the U.K. government will hike taxes on London-listed lenders' profits later this month. Lloyds Banking Group led losses, sliding 1.8%, while NatWest was 1.51% lower by 11:30 a.m. in London (6:30 a.m. ET). Barclays moved 0.13% higher, reversing earlier losses. London-listed shares of HSBC and Standard Chartered — which both derive much of their profits overseas — added 1.2% and 0.71%, respectively. Finance Minister John Healey is expected to raise the sector-specific surcharge on banks' profits to 8%, up from 3%, when he delivers his first budget as Chancellor, scheduled for Oct. 28.
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