European Stocks Firm After Upbeat British Budget

LONDON, March 8, (UrduPoint / Pakistan Point News - 08th Mar, 2017 ) - European stock markets were slightly firmer Wednesday after an upbeat growth forecast for Britain and solid German data. Britain's economy will grow far stronger than expected this year, finance minister Philip Hammond said as the country readies to trigger its exit from the European Union.

With UK activity performing better than feared following its June referendum in favour of Brexit, Hammond predicted the economy would grow by 2.0 percent this year -- much higher than the government's previous 1.4-percent GDP forecast.

He also said that Britain would borrow far less this year than predicted in November. The pound spiked in response, and the London stock market also firmed as the economic outlook looked rosier. But while positive, the markets' reaction was muted.