U.K. stocks fell on Friday, dragged down by losses in major banking shares, while broader European indices also traded in negative territory.
At 11:33 GMT, the FTSE 100 was down 0.2%, and the British pound weakened 0.4% versus the dollar to 1.34. Germany’s DAX slipped 0.2% and France’s CAC 40 fell 0.4%.
U.K. banks under pressure after think tank proposes levy
Shares of leading U.K. banks came under pressure following a call from a think tank for a new tax on commercial lenders, highlighting billions in interest payments received from the Bank of England that could be redirected to public services.
The FTSE 350 Banks index dropped 2.3%, with Lloyds Banking Group PLC (LSE:LLOY) retreating 3.8% and Barclays PLC (LSE:BARC) sliding 3.6%. Metro Bank PLC (LSE:MTRO) lost 2.6%, NatWest Group PLC (LSE:NWG) fell 1.5%, Standard Chartered PLC (LSE:STAN) declined 1.4%, and HSBC Holdings PLC (LSE:HSBA) dropped 1.2%.
JTC shares spike amid £2 billion takeover approach
JTC PLC (LSE:JTC), the wealth management group, saw its shares jump after reports that private equity firm Permira Advisors is considering an acquisition. Permira has made a proposal valuing JTC at approximately £2 billion and confirmed it has approached the company about a potential cash offer. The deadline for submitting a firm bid is September 26.
Frasers Group leadership change
In corporate news, Frasers Group PLC (LSE:FRAS) announced that chairman David Daly will step down after eight years on the board. Sir Jon Thompson will take over as chair on September 1, with Daly formally leaving the board at the company’s annual general meeting on September 24, 2025.
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