The Autumn Budget next Wednesday (28 October) could have major implications for several FTSE 100 stocks, with potential changes to bank taxation, business rates, and fiscal policy all on the table.

While nothing is confirmed yet, there are three Footsie stocks in particular that I think could experience some turbulence. However, I have quite a different outlook on all three.

Banking stocks under pressure

Lloyds (LSE: LLOY) is perhaps the most obvious company facing potential Budget headwinds.

Reports suggest Chancellor John Healey is considering increasing the bank corporation tax surcharge from 3% to as much as 8%.

Analysts have estimated that even a smaller increase to 6% could reduce the company’s profits by around 3% to 4%.

That’s certainly not insignificant and banking shares gains have been tempered this year by the rumours. Reduced profitability could translate into less cash available for dividends and share buybacks, potentially dampening shareholder returns.

However, as an existing shareholder in the bank, I’m not overly concerned.

The company continues to benefit from its established UK banking franchise, while higher interest rates have supported lending margins.

In the first half of 2026, we delivered sustained strength in financial performance, with continued income growth, improving operating leverage, strong credit performance, growing capital generation and increasing shareholder returns.

Charlie Nunn, Group CEO

Of course, weaker economic growth and rising loan defaults remain risks. But I think the company’s long-term earnings potential and shareholder distributions still make it worth considering.

Will the Budget impact consumers?

For Greggs (LSE: GRG), the Budget’s impact could be less direct.

Depending on the measures announced, changes to household disposable income and inflation expectations could affect consumer spending.

And while the company has historically positioned itself as a value-for-money food retailer, customers feeling the pinch could still cut back on non-essential purchases.

Meanwhile, sustained wage and ingredient inflation could squeeze already pressured operating margins.

There are reasons for optimism though, with some of the big positives including:

• Continued investment in its distribution network.
• Expanding its store footprint.
• Adapting its menu to changing consumer preferences.

These initiatives could eventually unlock meaningful earnings growth. However, the stock has rocketed 37.2% year-to-date as I write ahead of the market open on Wednesday (21 October).

Ultimately, I think I want to see continued sales momentum and profitability next year before buying.

Will property taxes be a factor?

Finally, British Land (LSE: BLND) could come under pressure from potential changes to commercial property taxation.

Reports suggest higher business rates on properties valued above certain thresholds are being considered.

While tenants often bear these costs directly, additional financial pressure could eventually affect occupancy, rental growth, and commercial property valuations for many real estate investment trusts (REITs).

And that’s where my concerns lie.

Despite recent improvements in leasing activity, the company remains exposed to uncertain property valuations, elevated financing costs, and the profitability of its development pipeline.

While its office and retail offers solid rental income potential, I worry that persistent interest rate uncertainty could undermine asset values and future returns.

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Key takeaway

Ultimately, the Budget could create both winners and losers. Of these three, Lloyds remains my preferred long-term opportunity, while Greggs is firmly on my watchlist.

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Ken Hall owns shares in Lloyds.