FTSE 100 opens 5% down with drop of 266 to 4,923 points as coronavirus crisis continues to terrify investors – while pound trades at $1.16 amid chaos
- UK share index was down 4.82 per cent when it opened in London on Monday
- Currently stands at 4,923 with the pound worth $1.16 and euro worth £0.91
- It comes after Bank of England cut interest rates to lowest ever 0.1 per cent
- Coronavirus symptoms: what are they and should you see a doctor?
The FTSE 100 has opened nearly five per cent down as the coronavirus outbreak continues to cripple the UK economy.
The share index in London was down 4.82 per cent when it opened on Monday morning at 4,923 points.
As the markets opened in London this morning the pound was worth $1.1651, compared to $1.1713 at the previous close and the euro was £0.9177 pounds compared to £0.9103 at the previous close.
Last week The Bank of England was forced to slash interest rates for the second time in a week, from 0.25 per cent to 0.1 per cent, in a desperate bid to support Britain’s struggling economy.
The FTSE 100 has opened nearly five per cent down as the coronavirus outbreak continues to cripple the UK economy
Interest rates are now the lowest they have been in the bank’s 325-year history.
Elsewhere in Europe, where the spread of COVID-19 is now worse than in China, stock index figures fell to near eight-year lows.
In Germany, FAX futures fell 3.9 per cent and in France, figures were down 4.1 per cent.
It comes as the UK’s coronavirus death toll reached 281, with 5,683 cases nationwide.
Yesterday, the virus claimed its youngest victim, an 18-year-old from the West Midlands who had underline health conditions.
A graph shows how the coronavirus outbreak has taken its toll on the UK in March