Budget 2013: Sterling stays afloat as Chancellor lowers GDP forecast

The FTSE 100 and sterling have both held on to gains from this morning following Chancellor George Osborne's 2013 Budget speech.

The UK's blue chip index - which was marginally ahead earlier - was up 0.27% to 6,460 points after the Chancellor finished speaking, while the pound remains 0.35% higher versus the dollar at $1.5152. Markets held on to gains despite a depressing growth outlook, with the 2013 GDP forecast slashed in half to just 0.6%. Sterling had already risen this morning after the latest minutes from the Bank of England revealed the MPC was concerned about the recent slide in the pound. The Bank warned that further quantitative easing may lead to "an unwarranted depreciation of sterling". Inve...