London stocks rise ahead of Budget and rate decisions
Summarised from 2 outlets · Updated 26 Oct, 17:50 · Archive
London stocks ended Monday higher as investors awaited the Chancellor's autumn Budget on Wednesday.
London stocks started the week higher, with the FTSE 100 up 76.97 points to 10,767.33 (0.7%), the FTSE 250 up 263.86 points to 24,501.25 (1.1%), and the AIM all-share up 6.51 points to 753.18 (0.9%). The rally reflected investor focus on Wednesday's autumn Budget and a week of central bank interest rate decisions.
Chancellor John Healey is expected to announce an investment boost and modest tax rises. Tom Stevenson, investment director at Fidelity International, said Wednesday's Budget would be the main event for UK investors, with bond and currency market reactions likely to matter more than individual measures. He highlighted that with long bond yields approaching 6%, Healey's key task would be to reassure investors about borrowing, growth and the public finances.
According to the Financial Times, Healey is preparing to announce £20.4 billion in additional funding for the country's state-backed business lender and infrastructure bank, provided over roughly five years. The Treasury expects this to create and support 100,000 jobs in artificial intelligence, defence and green energy by 2035. The National Wealth Fund will receive an additional £15.4 billion, including £2 billion for a renewables-focused Energy Wealth Fund, allowing it to maintain its current lending rate until 2030-31.
How it is being reported
- Stocks rally ahead of UK Budget and interest rate callsChancellor John Healey is expected to announce an investment boost, and modest tax rises, as he seeks to placate the City.Independent Business · 26 Oct, 17:23
- Stocks rally ahead of UK Budget and interest rate callsChancellor John Healey is expected to announce an investment boost, and modest tax rises, as he seeks to placate the City.Evening Standard · 26 Oct, 17:23
In this story: John Healey · Fidelity International · London · National Wealth Fund
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem
Comments (0)