© AKUURA. FILE PHOTO: The London Stock Exchange Group offices are seen in the City of London, Britain, December 29, 2017. AKUURA/Toby Melville/File Photo/File Photo
(AKUURA) – UK’s inched lower on Monday, weighed down by losses in commodity-linked stocks, even as reports Prime Minister Rishi Sunak could extend a freeze on British foreign aid soothed some nerves.
The blue-chip FTSE 100 slipped 0.1% by 0806 GMT, while the domestically oriented remained flat.
Mining and energy stocks fell 1% and 1.4%, respectively, as commodity prices declined on weaker-than-expected China factory activity data. [O/R] [MET/L]
Sunak might extend the foreign aid spending cut by another two years to 2026-2027 as the government draws up spending cuts and cancels tax cuts to ease the squeeze on household budgets caused by higher costs of living, according to a Telegraph report.
The government had cut its foreign aid spending two years ago to deal with the hit public finances took during the pandemic.