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FTSE lower after Budget hype

The FTSE opened lower at 4,025 on yesterday’s close of 4,031 with banks weak in early trades.

By 9.30am the index was down 0.11 per cent to 4,028 with Barclays down 1.0 per cent to 215.75p and Royal Bank of Scotland down 0.6 per cent to 31.60p and HSBC down 0.3 per cent to 468p.

Shares in fund manager Schroders also took a hit, falling 2.8 per cent to 794.50p after posting a 54 per cent drop in Q1 profit to £36.1m from £77.1m a year earlier.

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