According to CNBC, shares in several major U.K. banks fell Friday amid reports that the government may raise the sector-specific tax surcharge on bank profits in its budget scheduled for Oct. 28. Lloyds Banking Group slid 1.8% and NatWest fell 1.51% by 11:30 a.m. in London (6:30 a.m. ET), while Barclays rose 0.13%. London-listed shares of HSBC and Standard Chartered gained 1.2% and 0.71%, respectively. The surcharge is expected to rise to 8% from 3%. KBW analysts said the increase could raise £2 billion ($2.67 billion) annually for the Treasury and reduce lenders’ earnings by 6%.