FTSE 100 still weighed down by oil

The FTSE 100 opened slightly higher at 5,503.20 but by 08:53 BST had slipped back 2.8 points ahead of the Bank of England's interest rate decision later.

Unilever was top of the risers, with shares up 6.38 per cent to £15.85 after naming consumer goods veteran Paul Polman as chief executive.

Whitbread followed closely, with shares up 4.02 per cent to £11.65 on a strong sales performance for the last 24 weeks.

The restaurant and hotel group was upbeat in its trading statement, confident that its value-for-money message has struck a chord with consumers.

Mining and energy stocks were still weighing down the index, with no sign of a price rise in oil or metals.

Johnson Matthey was down 2.33 per cent to £15.90, while Dax Group fell 2.06 per cent to 714p.

The markets will be waiting to see which way the interest rate is headed later today when the Bank of England's monetary policy committee announces its decision at noon.