Morning Markets: Global growth hopes boost FTSE

The FTSE started the day positively buoyed by a strong start for bank stocks and increased hopes of a global recovery.

By 08.30, the blue chip index was up 0.6%, or 31.2 points, at 5249.02. Banks rose in early trade as Chancellor George Osborne prepares to confirm his levy on the sector will not be as harsh as previously thought. It is widely expected to raise about £1bn, well below what some of his coalition Cabinet colleagues argued for. Against this news, Barclays rose 1% to 310.1p while Royal Bank of Scotland gained 1.1% to 44.72p. Elsewhere, BP clawed back 1.6% to sit at 347.5p although discussions are still ongoing about the price it will pay for the the clean-up operation in the Gulf of Mexi...