Shares in NatWest, Lloyds Bank and Barclays rose after reports the UK's bank surcharge will be temporary.

The Office for Budget Responsibility raised its forecast for UK public sector net borrowing in 2026/27 to 4.2% of GDP from 3.6%.

Fed official Wash said the Federal Reserve will adjust its meeting schedule over the next few years and that the committee need not vote at every meeting. He said this will reduce the amount of rate-decision information released to the public at each meeting. Wash said the aim is to create time and space for strategic deliberation on longer-term issues and to refocus on the 'left of the decimal point.'