FTSE 100 falls after Cyprus bank accounts tax plans

Cyprus's shock plans to impose a tax on bank accounts as part of its bailout package has seen the FTSE 100 fall by one per cent this morning with banks suffering the sharpest falls.

By 0829 GMT, the FTSE 100 was down 62.31 points, or one per cent, at 6,427.34.

News of the planned bank accounts levy in Cyprus has hit the FTSE 100.

Read: Cyprus bank account levy vote 'too close to call'.

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UK customers escape bank levy

Around 15,000 savers in the UK arm of stricken Cypriot bank Laiki will see their deposits protected under British rules and will escape the Cyprus banking levy.