随着预算临近以及随之而来的谣言传播进入高潮，政府似乎正在向英国银行业发出一些混杂的信号。约翰·希利曾称英国的银行是“经济的皇冠上的明珠”，但简报显示他们将面临对其利润征收的新一轮增加。
“With the runup to the Budget and the rumour mongering that comes with it now in full flow, the government seems to be giving the UK’s banking sector some mixed messages. John Healey has called the UK’s banks a ‘jewel in the crown of the economy’, yet briefings suggest they are going to get hit by a fresh increase in the levy on its profits.
银行去年设法逃脱了此类措施，但随着利率预期将维持在较高水平更长时间，政府可能认为现在是他们可以动手的时候，尤其是如果他们希望在预算中限制对个人税收的追征幅度。由于中东冲击，政府面临着增加的财政压力，虽然目前经济增长仍然稳健，但这似乎是更容易得手的途径，以帮助加强公共财政。
“The banks did manage to escape such measures last year, but with higher interest rates now expected for longer, the government may be thinking now is the time they can strike, especially if they want to limit the number of personal taxes they go after at the budget. The government is facing increased fiscal pressure as a result of the Middle East shock, and while economic growth is solid just now, this would appear easier pickings to help bolster the public finances.
不过，很多情况已经体现在估值中，英国国内银行目前的交易价格已低于欧洲同业。这或许能解释今早股价反应相对平淡的原因。更侧重国内业务的银行，如劳埃德和西门子银行（NatWest），其股价今日下跌了约2%，虽然这远小于如果附加税率上调5个百分点回到之前的8%时可能出现的约6%跌幅。由于目前银行正因利率上升而获得可观利润，因此在此时能够吸收这样的冲击，而很多不利因素已经被市场提前消化。
“That said, much of this is reflected in valuations, with UK domestic banks already trading at a discount to European peers. That may explain the relatively muted reaction to share prices this morning. More domestically focused banks, like Lloyds and NatWest have seen drops in their share prices of around 2%, although this is far smaller than the approximately 6% hit you would see if the surcharge were raised by 5 percentage points back to the 8% where it stood previously. Much of the bad news is already priced in at a time where the banks are also able to absorb such a hit thanks to the profits they are making at the moment as a result of higher interest rates.