MARKET REPORT

THE FTSE 100 slid into the red after an austere spending update by Chancellor Rishi Sunak drove caution among traders.

The index had been higher in early trading but sank after Mr Sunak said there was set to be a £ 394billion budget deficit for the year and 11.3 per cent decline in GDP as the economy was battered by the virus. London’s top flight closed 41.08 points lower at 6,391.09 at the end of trading.

In company news, publishing giant Future tumbled in value after it agreed a £ 594million deal to buy comparison website GoCompare. Shares fell by 328p to 1,634p.

The biggest risers on the FTSE 100 were Unilever, up 220p to 4560p, Fresnillo, up 39.5p to 1,087.5p, Flutter Entertainment, up 360p to 13,300p, and Sage Group up 15p to 594.6p. The biggest fallers were Aveva Group, down 821p to 3,295p, Barclays, down 6.8p to 143.4p, and RollsRoyce, down 4.85p to 110.9p.