<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/image-14.webp?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/image-14.webp"/></p>
<p>英国银行股在周一小幅回升，此前上周遭遇大幅下跌，分析师认为对该行业新税收的担忧可能被夸大了。</p>
<p>在周一市场开盘时，周五下跌 4.9% 的 NatWest (NWG) 和下跌 3.4% 的 Lloyds (LLOY) 的股价均有所上涨。</p>
<p>这些下跌是由于智库呼吁对银行征收额外税收，以及《金融时报》报道暗示行业领导者担心政府可能通过针对贷款机构来增加收入。</p>
<p>然而，几位分析师认为，考虑到任何潜在税收措施的不确定性，抛售的规模过大。</p>
<h2>分析师驳斥抛售规模</h2>
<p>Jefferies 的分析师 Jonathan Pierce 在路透社的报道中表示，近期市场反应与提案被实施的可能性不符。</p>
<p>“如果这是英国财政部的真实信号，人们可能会预期会有小幅抛售。但在另一个智库强调潜在的储备补偿相关利益的情况下，国内银行遭遇 5% 的打击在我们看来是不合理的，” Pierce 指出。</p>
<p>他补充说，尽管可能会引入额外的银行税，但不太可能采取目前所建议的形式。</p>
<p>智库提案针对的是银行在英格兰银行持有的数千亿英镑储备上所赚取的利息，这是中央银行量化宽松计划的遗留问题。</p>
<p>这些余额现在正在逐步减少。</p>
<h2>储备税的可能替代方案</h2>
<p>美国银行 (BofA) 的分析师也淡化了所建议的基于储备的税收的可能性。</p>
<p>相反，他们认为，如果政府确实寻求从该行业获得额外收入，最可能的途径将是通过银行附加税。</p>
<p>该附加税在 2023 年从 8% 降至 3%，与英国公司税从 19% 提高至 25% 同时发生。</p>
<p>BofA 建议，提高这一附加税将为增加贷款机构的税收贡献提供更直接的机制。</p>
<p>这样的举措将在行业内产生不均匀的影响。根据 BofA 的说法，由于其国内业务的集中，Lloyds 和 NatWest 将面临更大的风险，预计到 2026 年利润将减少约 3%。</p>
<p>相比之下，巴克莱由于其更广泛的国际业务，影响将较小，约为 1.5%。</p>
<h2>经济增长的考虑</h2>
<p>除了对银行收益的直接影响外，一些市场观察者强调了增加金融机构税负可能带来的经济后果。</p>
<p>Wren Sterling 的首席投资官 Rory McPherson 表示，政府在引入新措施之前，考虑更广泛的商业环境是很重要的。</p>
<p>“我们希望政府已经考虑了隐性税收对商业的影响，比如利率上升和国民保险缴款的增加，以及这些对英国经济增长的影响，” McPherson 说。</p>
<p>随着英国银行仍在适应更高的利率环境和较弱的经济前景，额外的税收可能进一步压制盈利能力和贷款能力。</p>
<p>NatWest、Lloyds 反弹，分析师淡化税收担忧的文章首次出现在 Invezz 上。</p>

劳埃德银行

<p>英国银行股，包括 NatWest 和劳埃德银行，周一在经历重大损失后反弹，分析师表示对该行业新税收的担忧可能被夸大。上周，NatWest 股价下跌了 4.9%，劳埃德银行下跌了 3.4%，但两者在市场开盘时均表现积极。Jefferies 和美国银行的分析师淡化了提议的准备金税的可能性，认为任何额外的收入措施可能会来自提高银行附加税。关于增加银行税收对更广泛经济影响的担忧也被提出</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2025/09/image-14.webp" alt="" original-src="https://invezz.com/wp-content/uploads/2025/09/image-14.webp"/></p>
<p>British bank stocks recovered modestly on Monday after sharp losses last week, with analysts arguing that fears of new taxes on the sector may be overstated.</p>
<div class="lb-trans"><p>英国银行股在周一小幅回升，此前上周遭遇大幅下跌，分析师认为对该行业新税收的担忧可能被夸大了。</p>
</div><p>NatWest (NWG) shares, which fell 4.9% on Friday, and Lloyds (LLOY), which dropped 3.4%, were both trading in the green at market open on Monday.</p>
<div class="lb-trans"><p>在周一市场开盘时，周五下跌 4.9% 的 NatWest (NWG) 和下跌 3.4% 的 Lloyds (LLOY) 的股价均有所上涨。</p>
</div><p>The declines followed calls from a think-tank for an additional levy on banks and a Financial Times report suggesting industry leaders were concerned the government could raise revenue by targeting lenders.</p>
<div class="lb-trans"><p>这些下跌是由于智库呼吁对银行征收额外税收，以及《金融时报》报道暗示行业领导者担心政府可能通过针对贷款机构来增加收入。</p>
</div><p>However, several analysts believe the scale of the selloff was excessive given the uncertainty surrounding any potential tax measures.</p>
<div class="lb-trans"><p>然而，几位分析师认为，考虑到任何潜在税收措施的不确定性，抛售的规模过大。</p>
</div><h2>Analysts dismiss scale of selloff</h2>
<div class="lb-trans"><h2>分析师驳斥抛售规模</h2>
</div><p>Jonathan Pierce, analyst at Jefferies, said in a Reuters report that the recent market reaction did not match the likelihood of the proposal being enacted.</p>
<div class="lb-trans"><p>Jefferies 的分析师 Jonathan Pierce 在路透社的报道中表示，近期市场反应与提案被实施的可能性不符。</p>
</div><p>“If it were genuine flag-flying by HMT (the British Treasury), one might expect a modest selloff. But a 5% hit to domestic banks on the back of yet another think tank highlighting potential reserve-remuneration-related benefits is not justified in our view,” Pierce noted.</p>
<div class="lb-trans"><p>“如果这是英国财政部的真实信号，人们可能会预期会有小幅抛售。但在另一个智库强调潜在的储备补偿相关利益的情况下，国内银行遭遇 5% 的打击在我们看来是不合理的，” Pierce 指出。</p>
</div><p>He added that while an extra bank tax might be introduced, it was unlikely to take the form currently suggested.</p>
<div class="lb-trans"><p>他补充说，尽管可能会引入额外的银行税，但不太可能采取目前所建议的形式。</p>
</div><p>The think-tank proposal targeted the interest banks earn on the hundreds of billions of pounds they hold in reserves at the Bank of England, a legacy of the central bank’s quantitative easing programme.</p>
<div class="lb-trans"><p>智库提案针对的是银行在英格兰银行持有的数千亿英镑储备上所赚取的利息，这是中央银行量化宽松计划的遗留问题。</p>
</div><p>These balances are now being gradually reduced.</p>
<div class="lb-trans"><p>这些余额现在正在逐步减少。</p>
</div><h2>Likely alternatives to a reserve tax</h2>
<div class="lb-trans"><h2>储备税的可能替代方案</h2>
</div><p>Bank of America (BofA) analysts also downplayed the likelihood of the suggested reserve-based tax.</p>
<div class="lb-trans"><p>美国银行 (BofA) 的分析师也淡化了所建议的基于储备的税收的可能性。</p>
</div><p>Instead, they argued that if the government did seek additional revenue from the sector, the most probable route would be through the Banking Surcharge.</p>
<div class="lb-trans"><p>相反，他们认为，如果政府确实寻求从该行业获得额外收入，最可能的途径将是通过银行附加税。</p>
</div><p>The surcharge was cut from 8% to 3% in 2023, coinciding with the increase in UK Corporation Tax from 19% to 25%.</p>
<div class="lb-trans"><p>该附加税在 2023 年从 8% 降至 3%，与英国公司税从 19% 提高至 25% 同时发生。</p>
</div><p>Raising this surcharge, BofA suggested, would provide a more straightforward mechanism for boosting tax contributions from lenders.</p>
<div class="lb-trans"><p>BofA 建议，提高这一附加税将为增加贷款机构的税收贡献提供更直接的机制。</p>
</div><p>Such a move would have uneven effects across the sector. According to BofA, Lloyds and NatWest would be more exposed due to their domestic focus, facing an estimated 3% reduction in profits by 2026.</p>
<div class="lb-trans"><p>这样的举措将在行业内产生不均匀的影响。根据 BofA 的说法，由于其国内业务的集中，Lloyds 和 NatWest 将面临更大的风险，预计到 2026 年利润将减少约 3%。</p>
</div><p>By contrast, Barclays, with its broader international operations, would see a smaller impact of around 1.5%.</p>
<div class="lb-trans"><p>相比之下，巴克莱由于其更广泛的国际业务，影响将较小，约为 1.5%。</p>
</div><h2>Economic growth considerations</h2>
<div class="lb-trans"><h2>经济增长的考虑</h2>
</div><p>Beyond the immediate effect on bank earnings, some market observers highlighted the potential economic consequences of increasing the tax burden on financial institutions.</p>
<div class="lb-trans"><p>除了对银行收益的直接影响外，一些市场观察者强调了增加金融机构税负可能带来的经济后果。</p>
</div><p>Rory McPherson, Chief Investment Officer at Wren Sterling, said it was important for the government to take account of the wider business environment before introducing new measures.</p>
<div class="lb-trans"><p>Wren Sterling 的首席投资官 Rory McPherson 表示，政府在引入新措施之前，考虑更广泛的商业环境是很重要的。</p>
</div><p>“We would hope the government has looked at the impact of implicit taxes on business, like the rise in interest rates and national insurance contributions and the impact of those on UK economic growth,” McPherson said.</p>
<div class="lb-trans"><p>“我们希望政府已经考虑了隐性税收对商业的影响，比如利率上升和国民保险缴款的增加，以及这些对英国经济增长的影响，” McPherson 说。</p>
</div><p>With UK banks still adjusting to a higher interest rate environment and a weaker economic outlook, additional taxes could weigh further on profitability and lending capacity.</p>
<div class="lb-trans"><p>随着英国银行仍在适应更高的利率环境和较弱的经济前景，额外的税收可能进一步压制盈利能力和贷款能力。</p>
</div><p>The post NatWest, Lloyds rebound as analysts downplay tax concerns appeared first on Invezz</p>
<div class="lb-trans"><p>NatWest、Lloyds 反弹，分析师淡化税收担忧的文章首次出现在 Invezz 上。</p>
</div>

NatWest 和劳埃德银行股价反弹，分析师对税收问题的担忧有所缓解