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The FTSE 100 closed lower on Wednesday, despite a boost from Burberry, as investors mulled the outlook for the UK economy given the prospect of tax rises and spending cuts.
The FTSE 100 index closed down 28.02 points, 0.3%, at 9,424.75. The FTSE 250 ended just 7.22 points lower at 22,020.96, and the AIM All-Share dropped 2.14 points, 0.3%, to 787.42.
Joshua Mahony, chief market analyst at Scope Markets, said the FTSE 100 was “weighed down” by renewed fiscal concerns after the Chancellor warned of significant tax rises and spending cuts that could go further than required to plug the public finance gap.
“While such measures may reduce the risk of repeated tax hikes later in her tenure, they also raise fears of fresh pressure on UK growth,” he said.
Rachel Reeves told Sky News she is lo
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