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LONDON (MarketWatch) -- U.K.'s benchmark stock index, the FTSE 100 traded 0.2% higher at 6,452.65 in afternoon action on Wednesday. The U.K. Chancellor of the Exchequer George Osborne delivered his 2013 budget, highlighting that the country's deficit has been cut by a third, but that the economic growth is slower than expected. The index traded around 6,442.02 ahead of the speech. The pound initially dropped to as low as $1.506, as the Chancellor gave way for expectations that the Bank of England could be handed more power to further ease monetary conditions. The pound traded at $1.5138 at the latest, up from $1.5108 late on Tuesday. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.