FTSE closes in red as Brexit drags pound

Sterling was on the slide as Prime Minister Theresa May requested a three-month delay to Brexit, plunging Britain deeper into crisis.

The pound shed 0.5 per cent versus the US dollar to $1.319 at the London market close.

Against the euro, sterling was also down 0.5 per cent at $1.162.

It came after another day of high political drama, which saw the Prime Minister pen a letter to European Council president Donald Tusk, asking to postpone the UK’S departure from the European Union from 29 March to 30 June.

Spreadex analyst Connor Campbell said: “That the EU would then have to unanimously approve the request, something that isn’t a guarantee, especially with France demanding Theresa May prove she can pass her twicerejected deal, further complicates matters.”

The FTSE 100 also ended the day in the red, falling 32.99 points, or 0.45 per cent, to 7,291.01.

In stocks, B&Q owner Kingfisher sank to the bottom of the FTSE 100 after the retailer reported a plunge in pre-tax profits and kicked off the search for a new chief executive. Shares ended the day down 15.6p at 229.7p.

Kier Group closed down 54.6p at 429.4p after the embattled construction firm reported a first-half loss as it prepares for the arrival of a new boss to lead a turnaround.

The biggest risers on the FTSE 100 included DCC up 110p at 6,675p, Glaxosmithkline up 21.4p at 1,524.6p, and Just Eat up 9p at 754.2p.

The biggest fallers included Persimmon down 93p at 2,212p, Taylor Wimpey down 6.4p at 178.6p, and Berkeley Group down 127p at 3,838p.