The FTSE 100 was down ahead of BoE meeting

The FTSE 100 was down ahead of BoE meeting

The FTSE 100 dropped 23 points towards the end of the morning session as Moody’s warn a hard Brexit could drag Britain into a recession.

The company’s chief credit officer, Colin Ellis, said: “The precise impact of a ‘no deal’ outcome is impossible to define because both the UK and the EU would likely take swift steps to limit short-term disruption. But it would clearly pose more significant credit challenges than a negotiated exit.”

Brent crude dropped from four-month highs, down 0.58pc at $79.16, as investors focused on the emerging market crises and the damage trade disputes could have, despite tightening demand.

Sterling was trading at $1.3045 against the dollar prior to the Bank of England’s meeting the will likely keep interest rates unchanged following the hike last month.

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