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Santander sees profits leap 70%

Spanish banking giant Santander racked up a 70% rise in half-year profits in the UK, but warned over a "material" hit to earnings from the Chancellor's new bank surcharge.

The lender's comments come after rivals Virgin Money and TSB both said earlier this month that George Osborne's plans for the new 8% surcharge announced in the summer budget would dent profits. Santander UK bank saw pre-tax profits jump to £928m in the first six months to the end of June.

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