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UK now poorer than France as pound hits 30-year low and FTSE 100 drops 5pc following British vote to leave EU
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Race
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| Contributor | RP |
| Last Edited | RP Jun 24, 2016 08:04am |
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| Category | News |
| Author | Lauren Davidson and Peter Spence |
| Media | Newspaper - Daily Telegraph |
| News Date | Friday, June 24, 2016 12:00:00 PM UTC0:0 |
| Description | The FTSE 100 fell as much as 8.7pc when the London market opened after the UK voted to leave the European Union, an unexpected outcome that prompted the resignation of prime minister David Cameron this morning.
The blue chip index recovered slightly to a loss of 4.9pc, but the FTSE 250 – which is considered a closer barometer of the UK economy – fell by 12.3pc before paring losses back to 7.1pc.
France's economy overtook the UK's as the pound slumped to its weakest level in more than three decades, sending investors fleeing to the "safe haven" of gold. After jumping 8.1pc to a two-year high, the price of the yellow metal softened slightly to trade 4.5pc higher. |
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