The FTSE 100 jumped as much as 1pc to 6898.62, the highest level since the dotcom bubble burst at the start of 2000. It has since eased to 6887.33, but is none the less on track for its highest close since the record set in December 1999 of 6930.2.
The stock market rally followed news that the UK's dominant services sector smashed expectations in August to grow at its fastest pace in 10 months.
The closely-watched purchasing managers' index compiled by CIPS and Markit came in at 60.5 last month, up from 59.1 in July. Economists had expected it to fall to 58. Any figure above 50 denotes growth.
Hopes of a ceasefire in Ukraine have also buoyed up markets across Europe after Moscow's Micex index advanced 2.7pc.
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