FTSE 100 live: Blue-chip index tumbles 2% to lowest close of year, City sees 6.5% rates

The FTSE 100 lost more than 2% today to close at 7280.50, the lowest end-of-day figure in eight months.

Today’s sell-off meant the FTSE had its sharpest decline since March, when markets feared a banking sector crisis.

The FTSE 250 closed down 2.3% to 17,969.35.