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FTSE 100 up despite expectations of tax hike

After lunchtime on Thursday the FTSE 100 was up by 0.35% despite news emerging of an oncoming tax rise. The index stands at 6,821.21 points as investors’ faith in the vaccine holds steady.

In an effort to restore the country’s finances, UK Chancellor, Rishi Sunak has hinted at an oncoming tax hike akin to the policies of Joe Biden. “It’s right that once our economy begins to recover, we should look to return the public finances to a more sustainable footing and I’ll always be honest with the British people about how we will do this,” the Chancellor said.

FTSE 100 Top Movers

DS Smith (6.68%), Evraz (5.33%) and Anglo American (4.43%) all made significant gains as the top three risers on the FTSE 100. 

At the bottom end, Standard Chartered (-5.96%), Hikma Pharmaceuticals (-5.25%) and Polymetal International (-2.21%) are the day’s biggest fallers on early afternoon trading.

Standard Chartered

Standard Chartered will reinstate its dividend this year despite seeing a significant fall in its pre-tax profit. The bank also unveiled plans to significantly reduce its office space over 2021.

BAE Systems

BAE Systems, the FTSE 100 aerospace company, posted “strong” results on Thursday morning, announcing a 4% increase in sales over 2020, up to £21bn.

The company’s revenue rose to £19.3bn from £18.3bn, while operating profit climbed to £1.9bn. The underlying earnings per share is now at 46.8p.

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