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The FTSE 100 held on to late gains from Thursday this morning, following rises seen in New York.

At 9:05 GMT the index was up 0.34 per cent to 4,243.46 – a gain of 14.53 points.

Leading the pack were the banks, following the Bank of England rate cut yesterday..

Royal Bank of Scotland gained 8.18 per cent to 23.80p, Lloyds Banking rose 7.95 per cent to 108.60p and Barclays was up 6.70 per cent to 106.70p.

British Airways rose 5.49 per cent – despite recording £70 million, but investors were warmed by hopes falling oil prices would boost future results.

TUI Travel, meanwhile, was down 3.51 per cent over fears holiday demand for the high street travel agent were softening.

Imperial Tobacco dropped 2.91 per cent, while Smith & Nephew fell 2.40 per cent and Shire fell 1.90 per cent.

Last night in New York, the Dow Jones rose 1.34 per cent - while in Asia the Hang Seng gained 3.61 per cent and the Nikkei was up 1.60 per cent.

Despite the interest rate cut, on the currency markets sterling was up against the dollar and euro to £1.465 and €1.145.