- Markets gave Healey an easy ride as the bank surcharge and gaming taxes both came in well below expectations, the 10-year gilt yield eased from 5.35% to 5.32% and Saxo strategist Neil Wilson described it as a "do-nothing Budget", though the OBR cut its growth forecasts to 1.2% this year and 1.0% in 2027 and fiscal headroom came in at a slim £15 billion.
- Bank shares jumped 4% after the surcharge on banking profits rose from 3% to 6% for 15 months rather than the 8% level that had knocked Lloyds, Barclays and NatWest down by as much as 11% this month, with the proceeds earmarked for energy bill support.
- The FTSE 100 closed up 8 points at 10,710, led by banks, gambling stocks and housebuilders, with Entain jumping 6% and Rank gaining 11% on the gentler-than-expected gaming duty changes, while the FTSE 250 fell 69 points as domestic concerns lingered.
- GSK held its full-year guidance as specialty medicines lifted sales, but the shares fell 4% as vaccine revenue missed forecasts and a restructuring charge clouded what was otherwise a solid set of numbers.
- Unilever lifted its volume forecast after emerging markets and its Home Care division drove a strong third quarter, though Jefferies noted the World Cup and pre-tariff stockpiling had flattered the headline figures and investors marked the shares down for want of a bigger guidance upgrade.
That's your lot for Wednesday
