City A.M. has learned that bosses from certain high street banks have been summoned to meet new Chancellor Rachel Reeves in Downing Street on Thursday.

It is not clear what will be discussed at the meeting, but executives will likely bring up the Budget amid concerns that the sector could be an easy target for a tax raid.

Lloyds, Barclays and Natwest would see their 2024 profits fall by “low single digits” if the Labour government decides to raise taxes on banks in October’s Budget, according to Bloomberg Intelligence.

Bloomberg analysts said Lloyds Banking Group and Natwest would likely offset the hit to their profits by repricing their loans, while they did not expect the potential measures to derail the lenders’ targets for return on tangible equity.

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Produced by: Lars Mucklejohn, Joe Lee, Larissa Howie

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