Spreadex Market Update
FTSE dragged lower
The levy, which has yet to be approved by the Cypriot parliament, is the first of its kind in the euro zone, although market fears of contagion remained in check as investors were of the view the tax was unlikely to be applied in larger countries.
Despite increasing calls for a review on policy, chancellor George Osborne is set to announce that his Conservative party intends to stick to austerity. Monetary policy may garner most of the attention amid signs that he plans tweak the Bank of England's inflation-fighting remit to spur an economy once again threatened with recession. Osborne said on Sunday there was no alternative to austerity, and that slowing deficit reduction would put Britain at risk of the same fate as Cyprus
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