Energy stocks fall 1
UK borrows lessthanexpected
Cranswick rises on upbeat FY profit outlook
Sterling strengthens vs. dollar
FTSE 100 wilts 0.4, FTSE 250 slips 0.1

Nov 21 Reuters UK39;s FTSE 100 receded on Tuesday as lower oil prices pressured energy stocks, while Britain39;s borrowing picture opened a likely door for tax cuts ahead of a crucial budget update this week.

The largecap FTSE 100 dropped 0.4 by 0926 GMT, while the midcap index slipped 0.1.

Oil futures fell on Tuesday, reversing steep gains made in the past two sessions, as investors turned cautious ahead of an OPEC meeting this Sunday when the producer group may discuss deepening supply cuts.

Leading sectoral declines, heavyweight energy stocks lost 1.1 tracking oil prices.

The sterling rose 0.2 against the dollar adding further pressure to the exporterheavy benchmark index.

Britain borrowed less than predicted by its budget forecasters in the first seven months of the financial year, data showed a day before finance minister Jeremy Hunt is expected to announce some preelection tax cuts.

This borrowing figure potentially provides some wiggle room for Chancellor Jeremy Hunt when he makes his announcements tomorrow, said Victoria Scholar, head of investment at Interactive Investor.

Prime Minister Rishi Sunak  who is expected to call an election next year said on Monday that his attention was turning to tax cuts to help the stagnant economy after a slowing in Britain39;s high inflation rate….