FTSE 100 closes in the red after interest rates hiked again

London’s top index moved 0.89%, or 68.24 points, lower to finish at 7,499.6.

The FTSE closed in the red after the Bank of England put up interest rates (Yui Mok/PA) (PA Wire)

The FTSE 100 dropped after the Bank of England and Federal Reserve both announced interest rate increases.

The central banks increased rates by 0.25 percentage points despite concerns over pressure on the banking sector.

Sentiment was weak across Europe at the start of trading, driven by the Federal Reserve’s continued aggression to stave off inflation and held firm after the Bank followed suit, although trading became more settled later in the day.