Economics / Markets

The pound dropped this morning on the news UK retail sales fell by 0.5% in August, surprising economists who had expected a 0.3% rise.

City banks are being warned by police of a "real and ever-present" threat from the Real IRA.

Mervyn King has accepted the role financial services played in leading the country into recession and admitted policymakers did not do enough to prevent it.

Inflation was unchanged at 3.1% in August, according to the Office for National Statistics (ONS).

There is now a greater likelihood the UK will experience a double dip next year, while it is "almost a certainty" countries such as Greece will slide back into recession, says Invesco Perpetual's Neil Woodford.

Vince Cable has warned banks not to use the new Basel III rules as an excuse for not lending to businesses.

The FTSE opened 0.04% up this morning at 5,565 as retailers came out with mixed messages on consumer sentiment.

Global banking shares drove markets higher today following the outcome of the Basel III Committee meeting to reform the banking sector.

The European Commission has revised GDP forecasts for the UK slightly upwards, while the EU as a whole has also seen its figure boosted.

The FTSE 100 rose 0.88% or 48.58 points to 5,550.22 boosted by new financials regulation and positive economic data from China.