Afternoon Markets: FTSE 100 falls on CML prediction

The FTSE 100 lost nearly 1% this afternoon having wavered around the opening level of 4,323.57 for th...

The FTSE 100 lost nearly 1% this afternoon having wavered around the opening level of 4,323.57 for the majority of the day's trading. The falls come after the CML announced it predicts the recession will lead to a huge rise in mortgage arrears, with the number of households more than three months behind with their repayments reaching 500,000 this year. Not surprisingly, or for the first time in recent months, the banks have led the decent with RBS, Standard Life and HSBC losing 10.30%, 9.04% and 7.25% respectively. On the upside, defensives have continued to take gains with British Amer...