European stocks slide 2.8% after weak euro zone data, new UK economic plan

On Friday, European markets fell significantly as traders analysed a slew of central bank decisions and a fresh British economic strategy.

Early afternoon trading saw the Stoxx 600 down 2.8%, with all major bourses and industry sectors trading lower.

The greatest losers were basic resources and oil and gas equities, both of which fell by more than 4%.

The market movements on Thursday follow the U.K. government's announcement of a number of tax cuts as the nation braces for a recession. Following the news, the pound fell 1.8% versus the dollar to trade at $1.1048 about lunchtime.

In addition, the Bank of England increased interest rates by 50 basis points on Thursday, marking its seventh straight increase, and said that it thought the UK economy was already in a recession.

The Swiss National Bank increased its benchmark rate to 0.5% on Thursday, ending the period of negative interest rates in Europe.

Meanwhile, the U.S. Federal Reserve increased interest rates by another three-quarters of a percentage point on Wednesday and signalled that more rate increases are to come.

U.S. stocks declined on Thursday after they closed, marking the third straight day of declines. On Friday, futures also declined.