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FTSE 100 down 0.12%, FTSE 250 down 0.63%
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Most major brokerages see no more BoE cuts this year
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IG Group ( IGGRF ) buys Australian crypto exchange, shares drop
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Spire Healthcare jump, company mulls sale
(Updates after markets close)
Sept 19 (Reuters) - London stocks ended an eventful week
lower on Friday after a report showed Britain's borrowing had
exceeded official forecasts, dampening consumer sentiment amid
fiscal uncertainty.
The blue-chip FTSE 100 closed down 0.12%,
registering a marginal weekly decline on looming worries around
inflation. The mid-cap FTSE 250 fell 0.63% and also
recorded a weekly loss.
Britain's borrowing has shot past the official forecasts
that underpin the government's tax and spending plans,
compounding the already big challenge facing finance minister
Rachel Reeves in her November budget.
A survey showed on Friday that Britons turned more downbeat
this month, with the looming prospect of tax hikes threatening
to further dent consumer confidence.
Sterling fell and was the worst performer among G10
currencies, mirroring investors' concerns that Reeves may not be
able to keep her budget under control.
UK retail sales for August showed a modest improvement, but
broader economic concerns kept traders cautious.
The Bank of England's widely expected pause on Thursday
followed a quarter-point cut in August, as it navigates sticky
inflation, an uncertain growth and jobs outlook.
Major brokerages including Goldman Sachs, Citigroup and
JPMorgan expect no more interest rate cuts by the BoE this year
after the British central bank kept its key rate on hold.
Earlier this week, central banks in the U.S., Canada and
Norway cut interest rates, boosting hopes of more easing to
come. The Fed's 25 basis-point rate cut lifted riskier assets in
the previous session.
Media stocks fell the most among sectors,
down 2.2%, with WPP Plc ( WPP ) declining 5.2%.
However, gains in precious metal miners
helped stem losses in the FTSE 100, up 5%, as gold prices moved
higher.
Fresnillo, Hochschild and Endeavour Mining ( EDVMF )
gained between 5.2% and 4.5%.
Among individual stocks, IG Group ( IGGRF ) said it had
acquired Australian cryptocurrency exchange Independent Reserve
for A$178 million ($117.4 million). Shares of the online trading
platform declined 2.9%.
Spire Healthcare jumped 14.1% after the private
hospital group said it was exploring strategic options,
including a potential sale of the company.