European stocks slide 2.8% after weak eurozone data and new UK economic plan

European stocks were down sharply on Friday as investors digested a series of central bank decisions and a new economic plan from the UK

The Stoxx 600 fell 2.8% in the early afternoon, with all sectors and major exchanges trading in the red.

Oil & Gas stocks and Basic Resources were the main losers, both down more than 4%.

Thursday’s market moves come after the UK government announced a series of tax cuts as the country braces for a recession. The pound was down 1.8% against the dollar around noon to trade at $1.1048 after the news.

The Bank of England also raised rates by 50 basis points on Thursday – its seventh consecutive increase – and said it believed Britain’s economy was already in recession.

Also on Thursday, the Swiss National Bank raised its key rate to 0.5%, a change that ends an era of negative rates in Europe.

The U.S. Federal Reserve, meanwhile, rose three-quarters of a percentage point on Wednesday and signaled the increases would continue.

US stocks closed lower on Thursday, their third consecutive daily decline, and futures were also lower on Friday.

Asian markets, meanwhile, were in the red, with Australian shares down 2%.