Uncertainty about US bailout plan hits UK shares

The leading shares on the London Stock Exchange sank into the red today as investors took scant comfort from President Bush’s pledge to “rise to the occasion” with a banking rescue.

Uncertainty over prospects for a 700bn (€479.2bn) plan to take toxic bad debts away from banks weighed on the FTSE 100 Index throughout the day as traders awaited firm news of a deal.