Rolling coverage of the latest economic and financial news

• John Healey poised to raise taxes on banks in budget

Shares in UK banks are dropping at the start of trading, as investors react to the Guardian’s scoop that John Healey is poised to increase taxes on Britain’s banks in his 28 October budget.

Lloyds Banking Group are the top faller on the FTSE 100, down around 1.9%, with NatWest dropping by 1.6%.

“I think ‌it’s too early, but to the extent we’ve seen evidence, so far it’s been ‌quite subdued.”