Brexit has triggered 'explosion' of investment says Rishi Sunak
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The blue-chip FTSE 100 index was flat at 0712 GMT, with HSBA, Prudential and Lloyds Group among the worst performers. The domestically focused mid-cap index fell 0.2%, led by declines in consumer discretionary stocks.
Britain’s fourth-largest supermarket Morrisons declined 3.7% after US private equity firm Clayton, Dubilier & Rice (CD&R) won the auction for the company with a 7 billion pound ($9.5 billion) bid.
Petrofac gained 9.2% after the oil services group said it was looking at refinancing options as it faces a possible $240 million fine from a London court.
Online trading platform Plus500 rose 5.8% after raising its forecast for the second time in less than three months.
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Rishi Sunak to give speech today
Rishi Sunak will deliver a speech at the Conservative Party Conference
City tax avoidance shamed
Chancellor Rishi Sunak denied that the City’s role in tax avoidance is a “source of shame”.
He told BBC Radio 4’s Today programme: “I don’t think it’s a source of shame because actually our track record on this is very strong.
“As you’ve seen from the papers, it’s a global problem, there’s a global dimension to it and we need other countries to co-operate with us to tackle this, but we’re determined to do that.”
Rishi Sunak refuses to rule tax cut
Chancellor Rishi Sunak declined to deny he is eyeing a tax cut before the next election.
He told BBC Radio 4’s Today programme: “I’m not going to sit here and speculate about future budgets.
“I would like to think that we’ve been responsible with the public finances and that’s something I take very seriously.”
He added that “we’ve had to do some difficult things that I would rather not have had to do” during the coronavirus pandemic.
Rishi Sunak says the government ‘can’t wave a magic wand’
Pounds dips on open
The pound at 8am was 1.3550 dollars compared to 1.3569 dollars at the previous close.
The euro at 8am was 0.8566 pounds compared to 0.8549 pounds at the previous close.
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