--Chancellor of the Exchequer Rishi Sunak, the U.K. Treasury chief, will reduce a tax surcharge on bank profits by more than 60% in his Autumn Budget and Spending Review, to be presented to parliament on Oct. 27, the Financial Times says.

--Mr. Sunak is reducing the surcharge to help keep the City of London as a competitive global financial center after Brexit, the FT reports.

--The chancellor will cut the surcharge to 3% from 8% beginning April 2023, the FT reports, citing people briefed on the budget.


Full story: https://on.ft.com/2XrUAWg


Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix


(END) Dow Jones Newswires

October 20, 2021 03:12 ET (07:12 GMT)

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