UK bank stocks fall before autumn budget as yields rise
Business
Big day for UK banks: stocks dropped sharply after British 30-year borrowing costs hit their highest since 1998.
High oil prices and inflation worries, just before the Autumn Budget, have investors on edge about the country's financial stability.
The ripple effect has also pulled down banking shares across Europe.
UK banks to meet finance minister
Natwest, HSBC, Barclays and Lloyds all saw their shares fall by 5.2%, 4.3%, nearly 4%, and 4.4%.
With market jitters growing, top bank leaders are set to meet the finance minister soon, fueling talk about possible taxes on banks.
Plus, high oil prices, inflation worries, and rising borrowing costs could get tougher for banks and borrowers alike.