Provident falls after CSR plans

Provident Financial, the country’s biggest subprime lender, fell to its lowest level in three months after the coalition government spelled out plans for the biggest spending cuts on record in this week’s Comprehensive Spending Review. It closed down 3.3 per cent to 773p, its biggest decline since 27 July. That values the lender at about £1.1bn. Half of the firm’s customers receive social security benefits, according to the business. Chancellor George Osborne said the government would reduce welfare payments by £11bn, an overall cut of around eight per cent in the budget for unemployment aid, housing assistance, disability payments and pensions. The firm will publish its third- quarter interim management statement today.