Updated 12.30pm: The FTSE plunged in midday trade after Chancellor George Osborne unveiled details of the coalition government's £6.2bn spending cuts.
London's leading index is down over 21 points, or 0.43%, to 5,041.2 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 370.8p while Fresnillo is trading 32p lower at 818p. BP continues to suffer as the oil spill in the Gulf of Mexico sp...
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