WPP’s Martin Sorrell, head of the world’s largest advertising company, has raked in more £120 million (€155m) in the past six years in annual pay — but his biggest windfall is yet to come.

Housebuilder Persimmon is expected to announce it is cutting up to 1,000 jobs when it updates the City this week, it was reported today.

Investors remained on the sidelines of the London market today as thin volumes and an absence of significant corporate news led to a subdued session trading.