The FTSE 100 closed up 0.3 per cent at 7,303.96, the highest close since February last year. The FTSE 250 also soared, ending the day 0.5 per cent higher at 23,596.79.
Meanwhile, the pound tumbled further as Bank of England governor Andrew Bailey came under fire for his handling of the latest interest rate decision.
Sterling hit $1.344 earlier today, its lowest level since the start of October and close to December 2020 lows, after the central bank failed to hike rates as traders had expected.
The pound has recovered since then and was trading flat at $1.35 just after London market close.
British Airways parent company IAG posted a loss of €485million for its summer quarter as pandemic restrictions and the partial closure of the transatlantic market continued to hold back a travel recovery.
IAG’s operating loss before exceptional items of €485million for the July to end September period was ahead of a consensus forecast for a loss of €513million.
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Traders are calling Andrew Bailey the ‘Grand Old Duke of Threadneedle Street’ for marching their expectations up and then letting them down.
