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The FTSE 100 outperformed European and US peers on Tuesday, but sterling fell further, as Chancellor Rachel Reeves laid the groundwork for further tax rises in this month’s Budget .

The FTSE 100 Index closed up 13.59 points, 0.1%, at 9,714.96. It had earlier traded as low as 9,574.15.

The FTSE 250 ended 113.41 points lower, 0.5%, at 21,995.48, and the AIM All-Share declined 12.47 points, 1.6%, at 759.55.

In London, Ms Reeves put the country on notice that tax rises are coming in her Budget, saying “each of us must do our bit”.

Ms Reeves declined to recommit to L

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