Losses fot FTSE

The London market took a pounding today as banks and other consumer-facing stocks suffered amid fading hopes for a quick cut in interest rates.

Losses fot FTSE
Wed, 13 Aug, 2008 - 19:40

The London market took a pounding today as banks and other consumer-facing stocks suffered amid fading hopes for a quick cut in interest rates.

Retailers, pub groups and housebuilders were nursing heavy losses after the Bank of England indicated rate cuts were off the agenda while it tries to steer inflation back down towards its 2% target.

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