UK stocks gain on consumer staples, defence; budget borrowing report lifts sentiment - The Mighty 790 KFGO

Oct 14 (Reuters) – UK stocks rose on Wednesday, lifted by consumer staples and defence stocks, as investors weighed a report that Finance Minister John Healey would avoid more borrowing ​in the budget later this month. The blue-chip FTSE 100 ‌index rose 0.47% to 10,700.08 points by 10:06 AM GMT, while the midcap FTSE 250 climbed 0.8%. • UK’s Finance Minister John Healey is expected to fund new initiatives through higher taxes or spending cuts rather than more borrowing, ‌the ​FT reported on Wednesday • Separately, the IMF backed Britain’s ⁠fiscal strategy, urging it to “stay ⁠the course” on deficit reduction, in contrast with other big economies that have little plan to reduce borrowing at a time of rising interest rates • Meanwhile, the Bank of...