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* Bloomsbury jumps on dividend raise
* Sunak upgrades UK growth forecast
* Pub operators gain as alcohol duty scrapped
* FTSE 100 down 0.3%, FTSE 250 up 0.1%
(Adds details about the budget)
By Bansari Mayur Kamdar
Oct 27 (Reuters) - The UK's blue-chip share index slipped on
Wednesday and midcap stocks gained ground after British finance
minister Rishi Sunak forecast faster growth and lower borrowing
as the country's economy bounces back from the coronavirus
pandemic.
A recovery in the pound following a budget update put
pressure on the internationally focused FTSE 100,
leaving it 0.3% lower by 1336 GMT. The domestically orientated
FTSE 250 index inched up 0.1%, led by pub operators.
J D Wetherspoon, Mitchells & Butlers and
City Pub Group rose between 1.5% and 5.6% after Sunak
scrapped a planned increase in duty on alcohol worth about 3
billion pounds ($4 billion) and simplified taxes.
Overall market moves were limited as Sunak used his
half-yearly budget statement to announce multi-billion-pound
investments, but forecasters said the government's tax take was
on course to be its biggest since the 1950s.
"There have been several winners in today's budget – retail,
leisure and hospitality companies in particular as they benefit
from 50% discount on business rates for the next year, and
simplified alcohol taxes," said Emma Wall, head of investment
analysis at Hargreaves Lansdown.
"However, with the minimum wage up it's not all good news
for restaurants, bars and shops, coming off the back of a torrid
couple of years."
Sunak also vowed to protect households from rising
inflation. Investors are expecting the Bank of England to raise
interest rates next week for the first time since the start of
the pandemic amid soaring fuel costs and labour
shortages.
Offering support to the FTSE 100, GlaxoSmithKline
rose 1.1% after the pharmaceutical company lifted its annual
profit forecast following strong third-quarter results.
Harry Potter publisher Bloomsbury Publishing
increased its dividend after reporting a strong rise in
half-year revenue and profit, pushing its stock up 4.8%.
Miners Glencore, Rio Tinto and Anglo
American fell between 1.5% and 2.3%, while weaker crude
prices hit oil majors BP and Royal Dutch Shell.
Precious metals miner Fresnillo Plc slipped 2.2%
after reporting a fall in gold and silver production for the
quarter.
(Reporting by Bansari Mayur Kamdar and Sruthi Shankar in
Bengaluru; Editing by Subhranshu Sahu and Vinay Dwivedi and
Kirsten Donovan)
