Pound surges and top-flight index tumbles

The pound soared nearly 3% while £27 billion was wiped off the FTSE 100 after Prime Minister Theresa May used a major speech to detail priorities ahead of Brexit negotiations.

Sterling rose more than 2.8% against the US dollar to 1.238. Against the euro, sterling rose 1.8% to 1.156.

It shaved 106.75 points from the FTSE 100, to close lower by 1.46% at 7,220.38, its biggest one-day spill since June 27 when the index fell 2.55% in the wake of the Brexit vote.

Across Europe, the French Cac 40 fell 0.46% and the German Dax dropped 0.13%.

In oil markets, Brent crude prices rose by 0.38% to $55.87 per barrel (£45.13), with international investors taking advantage of cheaper dollardenominated commodities.

The FTSE 100 close lower by 1.46%.