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FTSE cautious at open

The FTSE opened higher at 4,238 today but lacked conviction from investors ahead of this afternoon’s meeting with members of the UK monetary policy committee who are due to testify on the inflation report.

By 9am, the blue-chip index was down 0.2 per cent to 4,224 despite marginal gains in the banking sector.

Barclays was up 2.5 per cent to 265.50p , Lloyds Banking Group gained 0.6 per cent to 65.38p and Royal Bank of Scotland gained 0.2 per cent to 35.26p.



L&G offers pension tax alternative

Scrapping Budget proposals on higher-rate pension tax relief in favour of limiting the annual contribution allowance to £50,000 would generate the same amount of revenue, says Legal & General.


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