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FTSE 100 falls over 1% as Bank of England holds rate at 3.75%
The FTSE 100 dropped more than 1% on Thursday as the Bank of England held its key interest rate at 3.75%. The benchmark index was down 108.98 points, or 1.04%, at 10,399.63, with energy and mining stocks leading the decline. The Monetary Policy Committee voted 7-2 to keep the bank rate unchanged, noting that inflation eased to 2.8% in May but is expected to rise later this year. Miners Fresnillo and Endeavour Mining lost 5.5% and 4% respectively, while BP and Shell fell around 1.6% and 1.7%. FirstGroup shares jumped 7% after the transport operator reported solid annual results and announced a new £100 million share buyback.