FTSE dives on recession news

The FTSE 100 Index dived below the 4,000 barrier today after grim economic figures heightened fears of a deep and prolonged recession.

With the UK economy contracting by 1.5% in the fourth quarter of the year, the Footsie slid 62.2 points to 3990 at mid-morning. It had been higher than 4,000 prior to the latest statistics, which confirmed the UK is in recession.