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FTSE 100 Extends Losses Amid Criticism Over Tax Cuts
(RTTNews) - U.K. stocks fell on Wednesday to extend losses from the previous session amid concerns that interest rates may soon rise sharply.
The International Monetary Fund has urged the U.K. government to "re-evaluate" a package of unfunded tax cuts, saying it may fuel inflation and would likely increase economic inequality.
New British Chancellor of the Exchequer Kwasi Kwarteng will meet investment banks today following days of turmoil caused by the government's mini budget.
The benchmark FTSE 100 was down 111 points, or 1.6 percent, at 6,873 after declining half a percent the previous day.
Online fashion retailer Boohoo plunged 13 percent after cutting its full-year forecasts.
Burberry Group, a luxury fashion company, rallied 3.6 percent as it announced the appointment of Daniel Lee as new Chief Creative Officer, effective October 3.
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