Economics

Markets have rallied today following the Federal Reserve's move to scale back its quantitative easing programme as the US economy recovers.

The FTSE 100 climbed in early trading in line with other major equity markets as the US Federal Reserve moved to taper its bond buying programme.

Scottish taxpayers will have to pay out £1.6bn a year to fund initiatives set out in the white paper on the country's independence which have not yet been allocated cash, according to Treasury figures.

US markets soared to new all-time highs on Wednesday as the Federal Reserve made a surprise early move to gradually scale back quantitative easing.

Rathbone Brothers has filed an appeal against the latest ruling in its ongoing Jersey trust legal battle.

Bank of England governor Mark Carney has warned on the complications of withdrawing monetary stimulus - just hours before the US Federal Reserve may announce a tapering of its own asset purchase programme.

All bets are off on when the Federal Reserve may begin tapering, and investors should therefore prepare themselves for a taper as early as this week, said M&G's Anthony Doyle.

The UK's headline inflation rate has fallen to its lowest level in four years after edging down to 2.1% in November.

Aggreko's share price shot up more than 8% yesterday, after the firm won contracts to supply power at next year's World Cup in Brazil and Commonwealth Games in Glasgow.

Shares in insurer RSA fell by as much as a fifth this morning after its chief executive quit amid a burgeoning crisis within its Irish division.