U.K. Stocks Slide After Budget Statement; Foxtons SlipsInyoung Hwang
U.K. stocks declined after Chancellor of the Exchequer George Osborne outlined his tax and spending plans to lawmakers.
Foxtons Group Plc snapped a three-day losing streak after Osborne imposed changes to the stamp duty transaction tax on home buyers. Royal Dutch Shell Plc and Tullow Oil Plc led commodity producers lower. Sage Group Plc added the most in a year after saying full-year sales rose.
The FTSE 100 Index slipped 25.47 points, or 0.4 percent, to 6,716.63 at the close in London. The broader FTSE All-Share Index fell 0.4 percent today, while Ireland’s ISEQ Index gained 1.1 percent.
The budget deficit for 2014 to 2015 is expected to be 91.3 billion pounds ($143 billion), while some measures are expected to tighten public finances a little, Osborne said today in London. He appealed to U.K. voters with a revamp of the tax on buying houses and higher levies on multinational companies and banks, while conceding government borrowing will be more than forecast.