The blue-chip FTSE 100 index <.FTSE> fell further on Tuesday in light trading volumes after the Chancellor George Osborne sharply revised down the country's economic growth forecasts.

At 1:51 p.m., the FTSE 100 was down 0.3 percent at 5299.24 points, putting some pressure on the FTSEurofirst 300 index <.FTEU3> of top European shares, which pared gains to turn flat.

It's hard for the market to make progress with a gloomy statement from the Chancellor, Angus Campbell head of sales, Capital Spreads, said.

(Reporting by Atul Prakash)