Market Update: FTSE unmoved by emergency Budget

The FTSE is showing little reaction to Chancellor George Osborne's Emergency Budget, remaining 1.5% down from the morning.

The index registered a 1.5% daily loss when Osborne began, widening slightly to 1.53% by 1,315 before closing again. The pound weakened slightly against the US dollar, with a 0.25% fall before Osborne spoke today, widening to 0.35% by 1315. The pound remained flat against the euro. Prices of all bar two of 36 gilts rose as he presented the Budget. Many managers feared the pound and shares could fall sharply if Osborne's measures were not strict enough. However, they remained static as he announced plans to ensure UK debt falls as a percentage of GDP by the end of this parliam...