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FTSE 100 falls as China's COVID-19 curbs hit commodity stocks

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UK's blue-chip shares fell on Friday, dragged down by commodity-linked stocks on worries over widening COVID-19 curbs in China, and on reports that the UK's new government was looking to raise windfall tax on oil and gas producers.

Prime Minister Rishi Sunak and Chancellor Jeremy Hunt were exploring additional tax increases and public spending cuts, including an increase in windfall taxes on oil and gas producers, to fill a hole in public finances, the Financial Times reported.

 

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