A plot to blow up planes in flight from the UK to the US and commit "mass murder on an unimaginable scale" has been disrupted, Scotland Yard has said. It is thought the plan was to detonate explosive devices smuggled in hand luggage on to as many as 10 aircraft.

Police are searching premises after 21 people were arrested. Home Secretary John Reid said they believed the "main players" were accounted for.

The Financial Impact of the terror plot : Airline and travel shares have taken a hit across the globe. The FTSE 100 closed down 37.1 down at 5,823.4, led lower by a 5.06% drop in British Airways. High security is likely to cause further delays at all UK airports for many weeks.

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