Economics

Mervyn King, the outgoing governor of the Bank of England, has been tipped to give the Chancellor a helpful boost this week by upgrading growth prospects for the embattled UK economy.

London blue-chip index has crossed the threshold level of 6,600 for the first time since 2007 after a seven-day climb.

BT shares have rocketed this morning after the group reported forecasting-beating results which have left it ready to take on rival Sky with its broadcasting plans.

Japan's Nikkei 225 index has closed above 14,600, a fresh-five year high, as the yen dropped to a four-year low against the dollar.

The Bank of England has held interest rates for the 50th month in a row and opted not to increase the size of its QE programme at its May meeting.

Shares in Manchester United have fallen at the start of US trading after it was announced manager Sir Alex Ferguson is to bring an end to his 26-year reign at the club at the end of this season.

Miton's Gervais Williams has been named as the new manager on the £12m Investment Company plc, prompting a near 30% rise in the trust's shares.

The UK is experiencing a slower economic recovery than 23 of the 33 advanced economies monitored by the International Monetary Fund (IMF), according to analysis.

The Dow Jones index broke through the 15,000 point threshold for the first time ever on Tuesday.

Japan's main equity market surged to a five-year high on the first day of trading after the country's Golden Week public holiday.