Barr loses further ground on sugar tax fears

Irn-Bru commonwealthAG Barr and Britvic  were big losers after Chancellor George Osborne announced a tax on sugary drinks in Wednesday’s Budget.

Barr, maker of Irn-Bru, fell 29.5p or 5.46% to 512p as investors fretted about reports of the impact a tax will have on sales.

The FTSE 100 finished 25.6 points higher as the Bank of England decided to keep interest rates unchanged, though the decision hardly came as a surprise.

The decision followed a similar move by the Federal Reserve and the Bank of Japan. The Fed now expects two rate rises this year compared to December’s prediction for four rate hikes.

Oil prices rallied with Brent crude rising 2.5% to $41.38 per barrel and West Texas Intermediate increasing 3.5% to $39.87.

Leave a Reply

Your email address will not be published. Required fields are marked as *

This site uses Akismet to reduce spam. Learn how your comment data is processed.