U.K. stocks rebounded from their lowest level since January before Chancellor of the Exchequer George Osborne delivers the nation’s budget.
The FTSE 100 Index rose 0.3 percent to 6,452.75 at 8:27 a.m. in London. The gauge lost 9.5 percent from its record in April through Tuesday, following European equities lower amid the Greece impasse.
Barclays Plc led the advance, rising 3.2 percent as Chairman John McFarlane ousted Chief Executive Officer Antony Jenkins to speed up an overhaul. Tesco Plc gained 2.2 percent after falling from seven straight days, the longest streak since October. HSBC Holdings Plc, Aberdeen Asset Management Plc, Prudential Plc and Standard Chartered Plc all dropped more than 1.5 percent.
The FTSE All-Share Index added 0.3 percent on Wednesday, and Ireland’s ISEQ Index slipped 0.1 percent.
This will be the first budget by a Tory-majority government in almost two decades. Osborne, whose election campaign played heavily on Tory values of economic prudence and the need for more austerity to eliminate the budget deficit, will draw on his newly granted authority to press ahead with plans to slash a further 12 billion pounds ($19 billion) from welfare costs.