At the start of the trading day, the FTSE 100 slipped slightly while it's mid cap counterpart, the FTSE 250, enjoyed a brief surge, however later in the trading day even that index had started a retreat. International markets were also struggling, thanks to continued pessimism over the economic outlook in China and ongoing worries about the standoff between the Ukraine and Russia.
Banks suffered after Carney appeared in front of the treasury select committee to discuss the Bank of England's guidance policy on interest rates. Carney feels that the bank's policy has contributed to strength in the labour market, and that the bank is doing the right thing by not directly linking interest rate hikes to the UK unemployment rate. He plans to focus on a wide range of indicators when setting policies. Among the biggest fallers of the day were Barclays and the Royal Bank of Scotland. Other banks that suffered included the Lloyds Banking Group and Standard Life.
Supermarkets also suffered, with Morrisons losing 1.45%, and Marks and Spencer losing 1.06%. Sainsbury and Tesco also saw their share prices slip slightly during the trading day, after the British Retail Consortium published data showing that online sales were growing while traditional sales continued to weaken through the month of February.