FTSE watch: Stocks slide as Osborne unveils £6.2bn cuts

London's leading index is down 19.15 points, or 0.38%, to 5,043.78 after earlier climbing above 5,100. Osborne today spelled out plans to make £6.2bn cuts saying it is necessary to take "urgent action" to address the budget deficit. Among the bigger savings for this financial year were £683m at the Department for Transport, £780m at Communities and Local Government, £836m at Business, £670m at Education and £325m Department for Justice. Cairn Energy is down 15p to 370.9p, while Tullow Oil is trading 22p lower at 1029p. But the big energy story is BP, which continues to suffer as...