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British stock market today, Wednesday September 7  – what you need to know
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British stock market today, Wednesday September 7 – what you need to know

The London FTSE 100 was up 0.18% at 7,300.4 and the FTSE 250 up 1.03% at 18,820, buoyed by rumours that incoming Prime Minister Liz Truss is to freeze energy bills in Britain for both consumers and businesses. The package, rumoured to be £100 billion, would see bills frozen at current levels for at 18 months, and allayed fears of a coming round of bankruptcies driven by soaring winter energy bills

Joshua Mahony, senior market analyst at IG, said: “The pound has outperformed many of its peers today, with Liz Truss delivering a much-anticipated shock and awe announcement aimed at bringing energy prices under control.

But Deutsche Bank warned that Truss would need to announce new policies rapidly to boost the pound. 

Deutsche Bank said, “With the current account deficit already at record levels, sterling requires large capital inflows supported by improving investor confidence and falling inflation expectations. However, the opposite is happening.”

Bond markets greeted the news of Truss’s arrival with the sharpest sell-off of British Government debt since March 2020, as markets focused on new borrowing under Truss’s energy plan.

Fallers in the markets yesterday included construction equipment rental company Ashtead (GB:AHT), which dropped 2.6% despite a rise in revenue and profits. 

Housebuilder Berkeley Group Holdings (GB:BKG) rose 3.6% on sales numbers which improved from 2021, and news that the company is on track to meet full-year profit guidance. 

British business news today

Hopes for energy price freeze delight investors (The Times

Wealthy taxpayers urged not to meet HMRC before filing tax returns (FT)
Will a blast of Trussonomics put cash in your pocket? (Daily Mail)

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