FTSE 100 Edges Higher Before Budget

U.K. stocks edged up slightly on Wednesday ahead of finance minister’s budget update.
Chancellor of the Exchequer Jeremy Hunt will deliver the 2023 Autumn Statement later today, outlining the government’s fiscal plan for the year ahead.

Hunt suggested that he will cut taxes on business to support economic growth. His options to cut taxes are limited as public debt now remains close to 100 percent of gross domestic product, which is the highest since 1960s. The announcement is due at around 7.30 am ET.

The benchmark FTSE 100 was up 12 points, or 0.2 percent, at 7,493 after losing 0.2 percent on Tuesday.

In corporate news, software firm Sage jumped 10 percent after reporting strong revenue growth in its full-year results and launching a share buyback.

Home improvement retailer Kingfisher slumped 7 percent after cutting its profit outlook for the second time in three months.

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