The doubling of the bank surcharge from 3% to 6% is expected to raise an extra £1.5bn, City AM reports. The Guardian live blog and Al Jazeera carry the same figure. It is the first reported estimate of how much the measure will bring in. The reports do not say what period the £1.5bn covers.
Al Jazeera reports that the higher rate will run for 15 months and end on 31 March 2028. That fits the Chancellor, John Healey, telling the Commons it would start in January and end 15 months later.
JP Morgan has criticised the rise. A JP Morgan spokesperson told City AM that it "lacks principle".
Will Howlett, financials analyst at Quilter Cheviot, told City AM that the time limit "should be taken with a pinch of salt".
Mr Healey has said the money will go to immediate help with energy bills.