British pharma company one of biggest fallers on FTSE 100 despite better than expected financial results

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Shares in GSK slid on Wednesday despite the UK drugmaker reporting better than expected financial results, as investors were unnerved by weaker sales of its respiratory syncytial virus (RSV) and shingles vaccines, and recently launched medications.

Britain’s second-biggest pharmaceutical company reported a 19% decline in pre-tax profit to £1.9bn in the July to September quarter and £318m of restructuring charges, with more to come. Core operating profit and core earnings per share rose 5% and 1% respectively, however, beating analysts’ expectations.

Chancellor’s predecessor Rachel Reeves had planned to reduce allowance from £20,000 to £12,000 a year from April

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John Healey is to use his first budget to ditch plans to slash the annual cash Isa allowance, the Guardian understands, preferring a carrot rather than a stick to encourage people to invest more in shares.

City experts welcomed news that the chancellor will overturn a decision by his predecessor, Rachel Reeves, to cut the allowance from £20,000 to £12,000 a year from April to get more money flowing into UK company stocks.

On budget day chancellor says he will ask Ofgem to remove ‘unfair and outdated’ fixed daily fee in 2027 or soon after

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• What to expect from the budget: who wins, who pays?

John Healey is abolishing standing charges on gas bills for 23m homes in a move he says will end an “unfair and outdated” practice and save two-thirds of households an average of £45 a year.

Ahead of his first budget statement in the Commons later on Wednesday, the chancellor said he would ask Ofgem, the energy regulator for Great Britain, to remove these charges – which are £108 a year for the typical household – next year or as soon as possible after.