Pound rises amid private sector growth, pulling FTSE 100 down from record highs The FTSE 100 lost ground on Friday to end the week in the red despite having posted several record highs in recent days.
The poll also found that business costs were rising, optimism was falling and the jobs market was weakening – but the unexpected growth pushed sterling higher against the dollar.
Private sector growth edged up in the opening weeks of January, according to a survey of businesses released on Friday, beating many economists’ expectations.
The FTSE 100 slumped partly because of a rise in the value of the pound following stronger-than-expected UK economic news.
In company news, Burberry reported a dip in sales over the festive period as it said it was moving with “urgency” to turn the business around and return to profit.
