<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="1">
		</amp-ad>
				</div>
			</div>
		</div><p>London&#8217;s top flight index pulled back from its 7% plunge after the Bank of England pledged to intervene to help shore up the markets.</p>
<p>Bank of England governor Mark Carney said the Bank is prepared to provide £250bn to support the markets, but added that &#8220;some market and economic volatility can be expected as this process unfolds&#8221;.</p>
<p>The FTSE 100 Index was down 4% or 275.6 points to 6057.7, as his comments appeared to calm London&#8217;s premier blue-chip index.</p>
<p>It comes after the London market tanked by more than 400 points following David Cameron&#8217;s announcement that he would quit as UK prime minister by October after Britain&#8217;s decision to leave the European Union.<br />
Tap to unmute</p>
<p>European markets were also clawing back from hefty falls of more than 9%, but remained heavily in the red, with Germany&#8217;s Dax down 5.8% and the Cac 40 dropping 7.7%.</p>
<p>Sterling began to creep back from its 10% fall in the early hours of Friday morning, as it dropped 7% against the dollar at 1.392 US dollars.</p>
<p>The pound was down just under 5% against the euro at 1.250.</p>
<p>Alex Edwards, head of dealing desk at UKForex, said: &#8220;The pound has recovered off of this morning&#8217;s low. Carney offered some reassurance to a market desperate for it, and cable is back through 1.38.</p>
<p>&#8220;The next head to roll is likely to be Osborne, but it&#8217;s unlikely to give the pound any more impetus &#8211; a recovery through 1.40 seems very unlikely at this stage. The US reaction will be interesting, and we could still see fresh lows in the pound today.&#8221;</p>
<p>The London market resembled a sea of red, with heavy-weight financial stocks and travel firms falling sharply.</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-68ed1218c4854">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-68ed1218c4854',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.