Skandia Investment Group (SIG) has been given the green light from shareholders to revamp the group's equity income fund of funds and hand the portfolio to O'Shaughnessy Asset Management.

The OECD today cut its second-quarter growth forecast for the UK to 1% from 1.3%, but said growth prospects for the G7 nations were rosier.

Oil has hit its highest level since August 2008 and has broken a new record in sterling terms, hitting £74.60 a barrel.

The index of 100 leading shares bounced 1.57% this afternoon as better than expected economic data sent financial stocks soaring to the top the leaderboard.

The FTSE 100 is treading water this morning as investors await the final UK GDP reading for the fourth quarter of 2010.

Renewed fears over efforts to cool Japan's nuclear reactors have lead to a sluggish start to the week for European markets.

GDP figures for Q4 2010 have been revised up to 3.1% from the 2.8% forecast last month, helped by a rise in consumer spending and businesses restocking their inventories.

The relaxation of VCT investment criteria announced in yesterday's Budget will spark a number of new AIM VCT launches, says Oliver Bedford, manager of the Hargreave Hale AIM VCTs.

Venture Capital Trust providers warn solar VCTs may cease to exist following George Osborne's latest proposals.

Chancellor George Osborne has announced "sweeping changes" will be made to Enterprise Investment Schemes (EIS) to boost small businesses.