Blue chips kicked off the week with a sharp drop in line with European counterparts as investors fled on jitters around US tariffs.
The FTSE 100 dropped 97 points, or 1.1%, to 8,576, as markets across the continent tumbled after Trump signalled the European Union was next in line for tariffs.
Just five of the FTSE 100’s constituents gained early on Monday, as Scottish Mortgage Investment Trust dropped 4.1% to head up declines.
Meanwhile, Britain's economy is expected to bounce back slower than previously thought this year after a stagnant end to 2024.
EY Item Club has become the latest to axe projections for the economy over 2025 as the likes of muted consumer confidence and looming tax hikes for businesses weigh. According to the group, gross domestic product is set to grow by 1.0% this year, against 1.5% as previously forecast.
And in company news, Speedy Hire said profit would be below expectations this year as the equipment rental firm grappled with the UK’s wider economic downturn. Though hire revenue climbed 5% year on year in December, momentum had been hit by wider woes over the final quarter.
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