The FTSE 100 got off to a weak start on Friday as a leading Bank of England official said it was too early to declare victory in the battle to tame inflation.
The Bank of England’s chief economist Huw Pill told the Financial Times that the bank can't afford to relent in its battle against high inflation just because it sees signs of weakening economic activity.
In company news, Legal & General Group has agreed to a £4.8 billion full buy-in with the Boots Pension Scheme, the UK’s largest single transaction of its kind by premium size.
Meanwhile, reports say Barclays is working on plans to save as much as £1 billion pounds which could involve cutting as many as 2,000 jobs, mainly in the bank's back office.
We've also had results from Mothercare which has predicted more store closures in its franchised stores as it reported a drop in half-year sales as performance in the Middle East remained challenging.
However, the retailer still reported increased profit for the period.