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UK stock market recovers after earlier fall

While the UK stock market is still down over 1% there was a partial recovery after the budget were initial fears of a banking levy proved to be too pessimistic. Analysts had been expecting the introduction of a banking levy to raise between £1 billion and £5 billion a year although the figure came in at around £2 billion. The levy will also take in overseas operators in the UK market as well as those quoted on the stock market, thereby spreading the pain amongst more institutions. When you consider that the banking industry in the UK generated tax revenue in the region £90 billion at the height of the market then perhaps £2 billion is not such a bitter pill to swallow?

While there has been a partial recovery in the UK stock market after the budget, as ever, the devil will be in the detail (despite George Osborne's comments to the contrary) and we will see the "real" reaction tomorrow morning after analysts have had time to digest the information. Historically we have always seen a knee-jerk reaction to the headline figures from past budgets and then a further period of reflection and comment.

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