Bank share prices tumble after calls for tax on profits

The share prices of leading UK banks plummeted after calls for a new tax on banking profits to raise up to £8bn a year by the IPPR. NatWest, Lloyds, and Barclays were among the biggest losers. The proposal aims to claw back taxpayers' money supporting the banking sector, with concerns raised about the Bank of England's quantitative easing drive costing taxpayers £22bn annually. The potential tax hike has sparked debate around its impact on bank profitability and competitiveness in the financial sector.