BUSINESS LIVE: Inflation jumps to 6.2%; UK awaits Spring Statement

BUSINESS CLOSE: Chancellor softens NI blow to voters; inflation jumps to 6.2% in February; Petrofac profits halve; pound at $1.32

The FTSE 100 closed down 16.09 points at 7460.63 after Chancellor Rishi Sunak delivered his Spring Statement earlier.

He said his aim was to tackle the cost of living crisis and the biggest news was the raising of the National Insurance threshold to £12,570, which comes into play in July. 

Read our round-up of what he said in the House of Commons today here. 

The Inflation rate rose to a new 30-year high of 6.2 per cent last month, and the  higher-than-expected figure piled extra pressure on the Chancellor.

Office for National Statistics data highlighted household energy bills and petrol as the biggest drivers of inflation in February. 

Oilfield services provider Petrofac has warned of fewer contracts in the near term, and reported a halving in its annual profit on lower order intake and costs related to its settlement with Britain’s fraud office.

Core profit fell to $104million in the year to 31 December from $211million in the previous year, the London-listed company said.

>If you are using our app or a third-party site click here to read Business Live