Autumn Budget: Markets
Pub chains, airlines and housebuilders lifted
Wetherspoon shares rose 10%
London traders were largely unmoved by the Budget after so much had been leaked in advance, though pub groups were sharply higher and housebuilders gained ground.
The FTSE 100 was off its lows for the day after the Chancellor spoke but was trading down again before the close at 7,255.30, lower by 22.49 points.
Russ Mould, investment director at AJ Bell, said: “As perhaps you would expect, when the Budget had been so comprehensively leaked in advance, financial markets largely took their statement in their stride.”
He noted that pub groups were up strongly, buoyed by the scrapping of planned alcohol duty increases and a 50% cut in business rates for retail, leisure and hospitality venues.
By the time the Chancellor had sat down, JD Wetherspoon was up 10%, Revolution Bars 6% and Mitchells & Butlers and Marston’s by 5%.