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FX.co ★ FTSE 100 Drifts Lower As Chancellor Jeremy Hunt Promises Tax Cuts

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typeContent_19130:::2024-05-17T10:15:00

FTSE 100 Drifts Lower As Chancellor Jeremy Hunt Promises Tax Cuts

On Friday, UK stocks experienced a decline as Chancellor Jeremy Hunt addressed the state of the economy in a speech ahead of the upcoming general election.

Hunt pledged further tax cuts contingent on a Conservative victory, while he criticized Labour's Rachel Reeves for allegedly planning tax increases to fund the opposition's spending commitments.

The FTSE 100, the leading benchmark, decreased by 26 points, or 0.3%, settling at 8,412 after a slight drop the previous day.

In corporate developments, Land Securities, a property development firm, saw a 2.3% fall in its stock as annual rental income earnings dropped to £371 million from £393 million in 2023.

Conversely, consumer goods giant Unilever saw a minor rise of 0.5% following the launch of its €1.5 billion share buyback initiative.

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