BUSINESS LIVE: Pubs shares rise as Sunak cuts beer tax

BUSINESS CLOSE: Pubs shares rise as Sunak cuts beer tax; UK economy to return to pre-pandemic size by end of the year

The FTSE 100 closed down 24.35 points at 7253.27 and the pound dropped to $1.37 on Budget day.

Shares in pub groups like Wetherspoon and Marston’s jumped this afternoon after Rishi Sunak announced a lower rate of tax on draft beer and cider. 

It comes as the Chancellor unveiled a major overhaul of the UK’s alcohol taxes as part of his Autumn announcement.  

Official forecasts showed that the economy is rebounding faster than predicted, with growth for this year being revised up to 6.5 per cent, from 4 per cent predicted in March by the Office for Budget Responsibility.  

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Much of Rishi Sunak’s budget has already been revealed to the press, with the Treasury set to unleash more than £30bn of spending