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Shares rise on Osborne’s Budget benefits

London Stock ExchangeStocks rallied as they digested the Budget and jobs data. The FTSE 100 closed higher on broadly positive measures to help business.

Housebuilding stocks rose after the Chancellor announced plans to lower stamp duty, and revealed savings held in the new lifetime ISA could be used towards a deposit on a mortgage.

Oil stocks were also higher on cuts to taxes and news of a meeting next month of producers, while pub operators responded positively to the freeze on duties on beer, cider and whisky.

Brent crude increased 3.6% to $40.20 per barrel and West Texas Intermediate jumped 4.1% to $37.91.

George Osborne’s prediction of a surplus in the public finances of £10.4 billion by 2019-20 helped offset lower growth expectations.

He also had good news on jobs with continuing high employment levels.

The FTSE 100 rose 0.61% to 6,177.44.

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