Property firms and challenger bank shares tumble on back of FPC speech
Investors are pulling out of Britain’s building, property firms and challenger banks as the market continues to be rocked by the fallout of the EU referendum.
Earlier today the Financial Policy Committee moved to calm fears that the market its stalling following the Brexit. However it did Bank of England governor Mark Carney conceded that difficult economic times could lay ahead.
Housebuilders Taylor Wimpey, Barratt and Berkeley Group, who are listed on the FTSE 100 index, are all down around 6% each.
The smaller FTSE 250 index instead, which is claimed to show what the City really thinks about the UK economy, has fallen by 2.5%.
Challenger banks Shawbrook and Virgin Money have both seen a decline of 12% each as consumer confidence wavers.