On October 27th, 2022, the FTSE 100 fell by 10.5%.
The British stock market experienced a significant drop today, as shares in major companies plummeted across the board. The FTSE 100, which is made up of the largest 100 companies on the London Stock Exchange and acts as a barometer for Britain’s economy, fell by 10.5% today, wiping more than £100 billion off the value of Britain’s biggest companies. The fall comes amid growing fears that a no-deal Brexit could be on the horizon after Prime Minister Boris Johnson announced that he would be proroguing Parliament to prevent MPs from blocking a no-deal Brexit.
In response to this news, shares in British Airways owner International Airlines Group dropped by 11%, while housebuilder Barratt Developments dropped by 16%. Shares in supermarket giant Tesco fell by 7%, while shares in financial services company Legal & General dropped by 12%. As well as stocks falling dramatically across multiple industries, sterling also fell against both the dollar and euro. It is currently trading at 1.15 against the dollar and 1.13 against the euro.
