Business

Shares up and pound falls on Bank move

Traders in London Image copyright AFP

The pound fell and the FTSE 100 rose after the Bank of England announced it was leaving interest rates unchanged and downgrading UK growth forecasts.

The Bank also warned Brexit uncertainty was beginning to drag on UK investment.

Sterling ended down dropped 0.6% against the dollar to $1.3146 and shed 0.78% against the euro to 1.1068 euros.

The 100-share index gained ground. It build gains as the pound slipped further throughout the afternoon to end 63 points higher at 7,7475.

Clothing retailer Next saw its shares surge 9.2% after it increased its dividend to shareholders.

The firm was the biggest riser on the FTSE 100 in Thursday morning trading amid positive reaction to its quarterly trading statement.

Medical technology company Convatec was the worst performer, down 5.6% after reporting a 7.4% fall in operating profit for the first half of the year.