The pound floundered at seven-week lows while the FTSE 100 dipped into the red as the Spring Budget failed to excite investors hoping for more Brexit details.

Sterling fell nearly 0.4 per cent against the US dollar to trade near 1.214, its lowest level since mid-January.

It was also hovering at seven-week lows against the euro, down around 0.2 per cent at 1.151.

The FTSE 100, meanwhile, ended the day down 4.38 points at 7334.61.

It comes after Chancellor Philip Hammond unveiled outlined plans to raise taxes for the self-employed and lowered the tax-free dividend allowance by 60 per cent.

But what surprised investors most was how little was said about the Government's Brexit plans.

Connor Campbell, financial analyst at SpreadEx, said: "The biggest challenge to the UK economy for the next half a decade (at the very least) barely got a mention this Wednesday,

"Hammond choosing not to expand upon his previously announced aim for a £60 billion rainy day fund by 2020.

"The lack of Brexity news is likely why the reaction from the market has been so muted."

Across Europe, the French Cac 40 rose 0.1 per cent while the German Dax was flat.

In oil markets, Brent crude prices dropped 1.3 per cent to around 54.89 US dollars per barrel (£45.16) after data from the International Energy Agency showed that US inventories rose last week, raising fears over the global supply glut.

In UK stocks, Foxtons shares dropped 2.25p to 96p after the London-focused estate agent reported a 54 per cent drop in annual profits from £41 million to £18.8 million, following a "marked step down" in sales activity in the second half following the EU referendum.

The group was also hit by a Government stamp duty hike which came into force in April last year, helping to drive revenue down 11.4 per cent to £132.7 million.

Barclays rose 5.25p to 232.3p. The bank said it had begun redundancy talks with 180 staff after announcing its mortgage centre in Cardiff will close next year.

Legal & General shares fell 5.4p to 248.8p despite the insurer saying annual pre-tax profits jumped 17 per cent to £1.6 billion in 2016, helped by surging annuity sales and a raft of new business for its retirement arm.

G4S shares surged 21.4p to 288.8p after the security and outsourcing giant reported a 13.9 per cent hike in underlying pre-tax profits to £352 million for 2016 on revenues 6.3 per cent higher.

Car insurer Admiral has warned over price hikes as annual profits tumbled by a quarter after the Government's "eccentric" decision to change the way personal injury claims are calculated.

The Cardiff-based group said it had already taken "pre-emptive" action to increase prices last December with "more to follow" as it looks to recoup a £150 million hit following a cut to the so-called Ogden discount rate calculation.

It became the latest car insurer to reveal the impact of changes to the Ogden rate, with underlying pre-tax profits dropping by 25% to £284.3 million in 2016.

Admiral took most of the £150 million estimated impact in the results, but said there would be around another £65 million to be reflected in the coming years.

Shares in Admiral rose 30p to 1,829p despite the car insurer reporting that annual profits tumbled by a quarter, blaming the Government's "eccentric" decision to change the way personal injury claims are calculated.

Around 80 jobs are set to be axed after the struggling owner of Frankie & Benny's swung to a full-year loss.

The Restaurant Group posted a pre-tax loss of £40 million in the year to January 1 after being stung with a £117 million exceptional charge linked to restructuring efforts.

In August, the firm, which is also behind Garfunkel's, said it would shut 33 under-performing sites as part of a strategic review in a move that affected around 1,000 staff.

Revenue was up 3.7 per cent to £710.7 million and, stripping out the exceptional charge, pre-tax profits came in at £77.1 million. Like-for-like sales fell 3.9 per cent over the period and chief executive Andy McCue, who was drafted in to the role last year, said the turnaround will take time.

The biggest risers on the FTSE 100 were Worldpay up 13.2p to 285.7p, 3I Group up 18p to 723.5p, Barclays up 5.25p to 232.3p, and Paddy Power Betfair up 150p to 8,420p.

The biggest fallers on the FTSE 100 were Randgold Resources down 165p to 7,000p, Legal & General Group down 5.4p to 248.8p, Anglo American down 22.5p to 1,204.5p, and Hikma Pharmaceuticals down 37p to 2,078p.