Bank shares rose by around 3% to 4% on Budget day, despite the Chancellor, John Healey, doubling the bank surcharge, according to Barry Jones, chief investment officer at Isio, in a round-up of investment managers' reaction by Trustnet.
Trustnet suggests the rise may reflect relief that the higher rate is temporary. The share price figure has not been independently checked.
The surcharge goes from 3% to 6%. It is expected to raise an extra £1.5bn, according to City AM. Al Jazeera reports that the higher rate will run for 15 months and end on 31 March 2028.
Earlier, Will Howlett, financials analyst at Quilter Cheviot, told City AM that the time limit "should be taken with a pinch of salt". JP Morgan has said the rise "lacks principle".