The FTSE 100 closed up 1 per cent at 7,535.8 and the FTSE 250 finished 1.1 per cent higher at 22,167.94.
Supermarket giant Tesco warned that a further 1,600 jobs are at risk across the business, as a result of changes to overnight roles.
Tesco announced separate expected job cuts just yesterday as the group outlined ‘efforts to serve customers in the best way possible in a competitive market’.
British house prices jumped by 0.8 per cent in January, marking the strongest start to any year since 2005, Nationwide figures reveal.
The rise beat economist forecasts of 0.6 per cent growth and follows a 1.1 per cent uptick in December, with house prices now 11.2 per cent higher than their level in January 2021.
Challenger bank Virgin Money UK has boosted expectations for its annual net interest margin outlook – a key measure of a bank’s underlying profitability – as it benefits from higher-yielding lending on the back of rising interest rates.
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Robert Garnder, Nationwide chief economist: ‘Reduced affordability is likely to exert a dampening impact on market activity and house price growth’
