London stocks closed higher on Friday (Oct 14) on the back of British Prime Minister Liz Truss announcing plans to cut tax cuts that have churned financial markets over the past week.
The FTSE 100 London Stock Exchange closed at 6,858.79, up 8.52, or 0.12%.
Mrs Truss has fired British Finance Minister Kwazi Kwarteng. and appointed former Foreign Minister Jeremy Hunt to replace Mr. Quarteng. and Mrs. Truss stated that The corporate tax will rise to 25% following earlier said Mr. Kvarteng said. The tax will be pegged at 19%.
The Bank of England’s emergency bond purchase plan ends on Friday.
The pound weakened once morest the dollar, down 1%, while the price of the two-year bond also dropped.
Interest-sensitive stocks, such as real estate and housing stocks, jumped 2.3 percent and 1.2 percent, respectively.
Amigo Holdings shares jumped 44% following it said The company has been approved by the UK Financial Conduct Authority to resume lending under certain conditions.
But energy and commodities stocks fell 1.2 percent and 1.7 percent, respectively, on the back of crude and metals prices.
international stocks Distributions Services tumbled 10.5 percent following it revealed its affiliate Royal Mail might lay off as many as 5,000 to 6,000 jobs by the end of August next year.