Sterling was wallowing at eight month lows against the euro, as investors continued to trade on news that the European Central Bank may start weighing plans to cut its stimulus programme.

Chancellor George Osborne’s efforts to calm the markets over Brexit proved fruitless as more than £40bn (€48bn) was wiped off the value of Britain’s biggest companies.

London shares notched up their sixth consecutive day of progress today despite spending most of the session in the red.

Progress by drugs giant AstraZeneca helped the FTSE 100 Index end one of the busiest weeks in the corporate calendar in upbeat form today.