The FTSE 100 slumped further into the red this morning as investors reacted to the prospect of the UK’s first hung parliament since 1974 and the continuing debt crisis in Greece. Shortly after opening, the index fell 95 points and was down 97.31 points at 5163.68 by mid-morning. The pound also slumped to its lowest level against the dollar for more than a year, falling more than 2 per cent to below $1.4639.

Barclays has confirmed reports that it has halted new external investments at its in-house private equity arm Barclays Ventures. The firm, which invests in UK companies worth between £5m and £50m, owns stakes in 55 companies, including Manchester-based decommissioning, demolition and remediation business KDC Contractors. Daniel Hunter, spokesman for Barclays, told Insider: “Barclays Ventures will not be taking on any new investments, but it will concentrate on adding real, long-term value to its existing portfolio.” He added that there would not be a fire-sale of assets. It is understood that there will be some redundancies although it is unclear how many jobs will go at the firm’s Manchester office.

In this week’s Ask the Expert, Dermot Power, partner and head of regional restructuring at BDO in Manchester, has been answering your questions on corporate restructuring. He addresses such issues as when company voluntary arrangements can be used, how administrators calculate their fees and what qualities interim managers can bring to a business in distress. He also looks at the falling trend for the number of businesses in distress and delivers this grim prediction: “I don't think we will have a double dip because I don't think we have had the first recession yet.” To read more, click here.

Only joking. In our pre-election issue in April Insider editor Michael Taylor predicted a hung parliament and pointed to four local candidates from different parties who would all serve the region well. Rory Stewart (Penrith, Conservatives), Simon Danzcuk (Rochdale, Labour) and Mark Hunter (Cheadle, Liberal Deomcrat). Danzcuk and Hunter won and Penrith is yet to declare, but Stewart should win. The other "endorsement" was Susan Williams (Bolton West, Conservatives), who pulled out of Insider's election special debate on the day. She lost.