There will be no UK equities report on Monday on account of the UK Spring Bank holiday. Reuters will resume coverage on Tuesday, May 28.

Updated at 1608 GMT

By Pranav Kashyap and Purvi Agarwal

May 24 (Reuters) - London's FTSE 100 slipped on Friday, falling for the fourth straight session, as receding expectations of interest rate cuts across major economies and political uncertainty ahead of the general elections at home weighed on investor sentiment.

The blue-chip FTSE 100 index .FTSE dipped 0.3%, in its longest losing streak since February.

However, the domestically-focused FTSE 250 .FTMC mid-cap indexended 0.7% higher, snapping three sessions of declines.

The utilities sector .FTUB6510 fell for a second consecutivesession and closed down 3.3%, dragged by infrastructure firm National Grid NG.L whichlost 3.7%.

The benchmark index logged a weekly decline of 1.2% as a hotter than expected inflation report pushed back bets on the Bank of England's first interest rate cut to September from June.

Investors also digested a surprise call on Wednesday for a July election by Prime Minister Rishi Sunak.

"A hotter than expected inflation report and the announcement of the general election increases the uncertainty for the UK, and it's completely abated the expectation that the Bank of England could cut interest rates sometime in June," said Ipek Ozkardeskaya, a senior market analyst at Swissquote Bank.

Robust economic data from the U.S. on Thursday showedan acceleration inbusiness activity in May, andhawkish U.S. Federal Reserve minutes released earlier this week led traders to dial back their bets on rate cuts this year.

British retail sales slid by far more than expected in April as rainy weather kept shoppers quiet, adding to a mixed picture of economic data in recent days.

Investors also indulged in profit-booking following a near 8% climb in London stocks over the past five weeks, market analysts said.

Meanwhile, declines were limited by gains in the non-life insurance sector .FTNMX303020 which rose 1.4%.

Rate-sensitive sectors like REITs .FTNMX351020 and construction and materials .FTNMX501010 rebounded,rising 0.9% and 1.1% respectively.

Among stocks, AJ Bell AJBA.L fell 4.6% after the investment platform's founder sold 7.5 million shares in the company.

Redcentric RCN.Lshares jumped 12.8% after news the IT services group was working with financial advisor Lazad on an attempt to sell the company.

Reporting by Pranav Kashyap and Purvi Agarwal in Bengaluru; Editing by Mrigank Dhaniwala, Eileen Soreng and Chris Reese

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