FTSE Up as Optimism Grows

Global shares have risen overall due to increasing optimism that a revised version of the $700bn US banking rescue plan will be approved by US lawmakers.

With the US Senate set to vote on the amended plan, hopes are growing that sufficient changes have been made to get the bill through.

The UK’s FTSE 100 share index was up 0.9% at 4,950 in morning trading. UK stock prices were boosted by news that the Bank of England is to inject a further £17bn into the money markets.