Market Update: FTSE largely unmoved by emergency Budget

The index registered a 1.5% daily loss when Osborne began, narrowing slightly to 1.3% by the time he ended. By 1.30pm it was at 5228.41 points. By 2.15pm it had closed to a 1% loss on the day, at 5244.25 points. The pound weakened slightly against the US dollar, with a 0.25% fall before Osborne spoke today, widening to 0.31% by the time he finished. Sterling gained ground soon thereafter. It was up 0.2% against the euro. Prices of all bar two of 36 gilts rose as he presented the Budget. Many managers feared the pound, shares and gilts could all fall sharply if Osborne's...