Britain's Brexit vote has dealt a hammer blow to heavyweight financial stocks, with some shares being temporarily suspended as the losses stack up.

The Court of Appeal has dismissed an appeal brought by the trustees of a non-denominational church — the Victory Christian Fellowship against a High Court ruling that Bank of Scotland was entitled to appoint a joint receiver over three of its properties.

It will take another five years or more to make real inroads into the dominance of Britain’s five biggest banks, a senior Bank of England official said yesterday.