FTSE 100 hits lowest closing level of 2023 as interest rate rise fears grip markets – business live

FTSE 100 index posts biggest one-day fall since March, as strong US jobs report fuels fears of even higher US interest rates

• UK banks to meet finance regulator as anger grows over savings rates

The chief executives of the UK's largest high street banks will face the City watchdog today amid accusations they are profiteering' as savings rates offered to customers lag well behind surging borrowing costs.

Bosses including NatWest's Alison Rose, HSBC UK's Ian Stuart, Barclays UK's Matt Hammerstein, and Lloyds Banking Group's Charlie Nunn, will meet the Financial Conduct Authority (FCA) as they come under pressure to justify their decision to keep easy access savings rates low, while the cost of loans and mortgages has soared.

We've had a very mixed year. Our strengthening UK&I performance shows our strategy is working well. But our long track record of success in the Nordics was brought to an abrupt halt.

Our market has been tough everywhere, with depressed demand, high inflation and unforgiving competition.

Profits are down, revenue is lower and with the dividend gone there are even fewer reasons to hold the shares. The group's outlook is even tougher now that the previously strong Nordic division is feeling the pinch too.