Borrowing levels in the UK soared to record levels in December, official figures revealed today.

The FTSE 100 Index is forecast to have a better time following this year’s gloomy performance - and end 2002 around the 5,800 mark, City experts said today.

The cost of borrowing in the US is expected to come down sharply tonight, in a move that could boost hopes of an April interest rate cut in the UK.