Sterling knocked by GDP downgrade

The FTSE 100 Index enjoyed more festive cheer in the last full trading day before Christmas today though the pound took a knock after it emerged UK growth was not as strong as first thought.

London’s top-flight was up 21.4 points to 6598.2 but the currency was lower as figures showed gross domestic product (GDP) increased by 2.6% between the third quarter of 2013 and the same period this year, down from a previous estimate of 3%.