FTSE 100 still headed for weekly gains
LSE rises, says Refinitiv costs and savings on track
FTSE 100 down 0.1, FTSE 250 adds 0.1

Aug 5 Reuters UK shares fell on Friday, with energy stocks leading the declines, a day after the Bank of England raised interest rates by the most in 27 years.

The FTSE 100 index dipped 0.1, while the midcaps index edged 0.1 higher.

The FTSE 100 index ended flat on Thursday after the British central bank39;s Monetary Policy Committee raised its Bank Rate by a half percentage point to 1.75 the highest level since late2008.

UK stocks initially reacted positively to the move, which was seen as BoE39;s effort to rein in inflation in the British economy and as the sterling weakened, but fears crept in after the central bank warned of a long recession looming.

Central banks generally tend to soft soap when it comes to bad news, however the frankness behind the BoE39;s economic assessment was as dark as it could be, said Michael Hewson, chief market analyst at CMC Markets UK.

Still, London stocks have performed better than their global peers so far this year, with the FTSE 100 index now on track for its third straight week of gains.

Oil majors Shell Plc and BP Plc fell more than 1 each, weighing the most on the bluechip UK index.

WPP, the world39;s largest advertising group, increased its annual net sales outlook, but its shares fell 7.6 in early trading.

The London Stock Exchange Group rose 3.5 after it said its costs and savings…