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Pound bolstered by Mark Carney rate comments Pound bolstered by Mark Carney rate comments
(about 2 hours later)
(Noon): The pound has remained strong against the euro after Bank of England governor Mark Carney said UK rates could rise "at the turn of this year". (Close): The pound has remained strong against the euro after Bank of England governor Mark Carney said UK rates could rise "at the turn of this year".
In a speech on Thursday, Mr Carney said rates were set to rise over the next three years.In a speech on Thursday, Mr Carney said rates were set to rise over the next three years.
The pound, which had hit its highest rate against the euro since 2007 on Thursday, rose again on Friday morning, flirting with the €1.44 level. The pound, which had hit its highest rate against the euro since 2007 on Thursday, rose again on Friday, pushing through the €1.44 level.
It then fell back to trade at €1.4352 in lunchtime trade. On the stock market, the FTSE 100 index closed down 0.3% at 6,775.08.
On the stock market, the FTSE 100 index was down 4.97 points at 6,791.48. Shares in Marks and Spencer fell 1.2% after it said the head of its clothing business was quitting.
Shares in Marks and Spencer fell 0.6% after it said the head of its clothing business was quitting.
John Dixon is leaving after 26 years at the retailer having been given a chance to become a chief executive elsewhere.John Dixon is leaving after 26 years at the retailer having been given a chance to become a chief executive elsewhere.
Mr Dixon led the general merchandise division, covering clothing and homewares, which M&S has been struggling to turn around.Mr Dixon led the general merchandise division, covering clothing and homewares, which M&S has been struggling to turn around.
The biggest faller on the FTSE 100 was Royal Mail, which dropped 2.7% after regulator Ofcom issued a discussion document regarding the company's efficiency. The biggest faller on the FTSE 100 was Royal Mail, which dropped 3.5% after regulator Ofcom issued a discussion document regarding the company's efficiency.
Shares in gambling firm 888 Holdings rose 7.7% after it announced it had agreed to buy rival Bwin.party in a deal valued at £898m. Shares in gambling firm 888 Holdings rose 8.6% after it announced it had agreed to buy rival Bwin.party in a deal valued at £898m.
Restaurant Group, the company which owns brands such as Frankie & Benny's, Chiquito and Garfunkel's, saw its shares drop 2.3% after Nomura cut its rating on the company to "neutral" from "buy". Restaurant Group, the company which owns brands such as Frankie & Benny's, Chiquito and Garfunkel's, saw its shares drop 3.3% after Nomura cut its rating on the company to "neutral" from "buy".
Nomura cited the impact of the new living wage announced last week in the Budget, saying it would affect margins for the next five years.Nomura cited the impact of the new living wage announced last week in the Budget, saying it would affect margins for the next five years.