Scant progress for London market

The London market made scant progress today as an IMF endorsement of the UK government’s deficit-busting plans was overshadowed by wider fears over the global recovery.

The FTSE 100 Index closed 8.2 points higher at 5863.2 after the IMF said setbacks to the UK’s economic recovery were temporary and Chancellor George Osborne’s moves to cut the deficit were “essential”.