Burnham cuts VAT on household electricity bills; UK borrows less than expected in June – business live
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The UK’s blue chip FTSE 100 index has opened slightly lower this morning, down 0.3% – but some of its biggest defence stocks are rallying amid excitement that a former defence secretary now occupies No 11.
Babcock International is up 4%, while BAE Systems is up 2.4%. Over in the FTSE 250, Qinetiq is up 3.5%.
As chancellor, he will have many competing demands, and won’t just be the MoD’s man in No 11. His experience made him an obvious candidate for the role, and he represents a middle way between Miliband and Mahmood, but it will not be easy to find lots more cash for defence, especially when the new PM is so busy making broad spending commitments in other areas.
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