The UK on Friday became the last of the worldâ??s leading stock markets to enter bear market territory.

Fresh concerns that the credit crisis was entering a new phase and a record high for oil prices lead to falls across the board

. The FTSE 100 dropped 145.2 points, or 2.7 per cent, to 5,261.6, leaving it almost 22 per cent below Octoberâ??s peak and at a two-and-a-half year low. The fall came as oil prices briefly hit a fresh peak above $147 a barrel .

The FTSE 250, which better reflects the make up of the UK economy, has been a bear market for several months. It has fallen 22 per cent this year and is 32 per cent below last summerâ??s record high.