Airline stocks were under pressure in London today after warnings of losses from budget carrier Ryanair.

Alliance & Leicester provided the London market with some much-needed cheer after shares in the banking group raced ahead today.

A surprise hike in interest rates failed to derail the London market after the FTSE 100 Index powered ahead by 1% in strong afternoon trading.

The managing director of the collapsed UK Christmas savings firm Farepak apologised to his customers tonight.