FTSE boot for Northern Rock

Stricken bank Northern Rock was today named as one of seven blue chip firms set for relegation from the FTSE 100 Index in its biggest shake-up since the September 11 terrorist attacks.

The crisis hit lender is poised to drop into the FTSE 250 after its recent woes saw it fall to 331st place, narrowly avoiding the humiliation of a fall straight into small cap territory.