FTSE 100 falls as UK chancellor hits large employers

The UK budget is still being announced by the Chancellor and already we have had some important news. The rate on employer national insurance payments, but with an exemption for small businesses. The rate at which this comes into force has been cut in half and that is a surprisingly large change. The rate of capital gains taxes have been increased too, but perhaps not by as much as had been feared. There are other changes still to be announced this afternoon and if they are more impactful, then another update will follow. Meantime, the immediate take-away from this is not exactly positive it seems for the UK equity market. The FTSE 100 is currently trading at 8,155