City economists expect the Bank of England to downgrade its growth outlook today as unemployment rises, while policymakers are widely forecast to keep interest rates on hold at 3.75% as they continue to balance stubborn inflation pressures against a weakening economy.
Markets are also being rattled by continued turmoil in cryptocurrencies. Bitcoin extended its slump, falling as low as $70,052 early on Thursday — its weakest level since 6 November 2024, the day after the US election. The world’s largest cryptocurrency has now lost more than 40% since its record high of $126,223 last October, wiping out all gains made since Donald Trump’s election victory.
In corporate news, shares in oil major Shell slipped at the open after the company reported a sharp fall in earnings. Shell posted adjusted earnings of $3.25 billion for the final quarter of 2025, down from $5.43 billion in the previous quarter, citing unfavourable tax movements, weaker energy prices and higher operating costs. Its shares were down around 1% at £28.37.
UK equities were weaker ahead of the BoE decision. The FTSE 100 fell 0.4% to 10,359.07, while the mid-cap FTSE 250 slipped 0.3% to 23,232.41.
