1421 GMT - Banking stocks drop after the U.K. budget statement, which didn't offer many surprises over and above details leaked beforehand, GAM Investments says. Finance minister Rishi Sunak announced plans to cut an 8% surcharge on bank profits over GBP25 million to 3% from April 2023. "It was hoped that the banking surcharge was going to be cut, but Sunak has retained the 3% levy, so banking stocks are the biggest loser from today's budget," GAM Investment Director Charles Hepworth says. Barclays, HSBC and NatWest Group drop and other financial stocks also lose ground. "U.K. equities still remain a pretty unloved regional play for global investors. The scarring of Brexit is still a haunting concern for many," Hepworth says. (philip.waller@wsj.com)