Autumn Statement 2014: Shares in RBS, Lloyds, HSBC and Barclays fall as chancellor outlines profit measures

 
Emma Haslett
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Shares in the UK's four major banks fell as Osborne made his statement (Source: Getty)

Shares in UK banks dropped in early afternoon trading as George Osborne outlined measures to limit the amount of profit lenders can offset by losses.

In his Autumn Statement speech, Osborne said he would limit offests to 50 per cent, and delay relief on bad debts, which he added will raise £4bn for the Treasury over the next five years.

Shares in RBS fell 8p to 390p, while HSBC shares dropped 1p to 632p and shares in Lloyds Banking Group dropped 1p from 81p as investors reacted to the news. Barclays fell from 244p to 243p.

In one of his final opportunities to woo voters before general election campaigning begins next year, Osborne also raised the higher rate of tax to £42,000, and "completely reformed" stamp duty.

The FTSE 100 was down 0.4 per cent, from 0.25 per cent lower at the beginning of Osborne's speech.

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