Replies to post #180 on PHLX Gold/Silver Sector (XAU)

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To:John Barendrecht who wrote (197)
From: John Barendrecht Friday, Jul 4, 1997 12:36 AM
Respond to of 79916

UK investment banks seen hit by budget-paper
LONDON, July 4 (Reuter) - London's City investment banks stand to lose more than one billion stg because of an obscure tax measure in the UK budget, the Independent said on Friday.

Potential losses facing some individual investment banks could reach hundreds of millions of pounds, although exact figures will not be known until full details of the measures are published with the Finance Bill next week, the paper said.

It said BZW, the investment arm of Barclays Plc (BARC.L), is one of the banks thought to be especially vulnerable to big losses from the decision to close a tax loophole.

The paper quoted a spokesman for BZW as saying that the tax measure will not have a material impact on BZW's first half, although there is potential for losses in future earnings.