London’s black cabs, built to the same design for 54 years, are following iconic red phone boxes and Routemaster buses towards extinction as their manufacturer fights bankruptcy.

The maker of the distinctive London taxi is to appoint administrators after it failed to secure a funding boost from one of its largest shareholders.

London's FTSE 100 Index slumped more than 1% today after US figures showed weaker-than-expected growth in the second quarter.