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A number of prominent FTSE 100 stocks fell sharply Wednesday afternoon (2 July) following a rapid rise in UK borrowing costs.
Investors appeared to be spooked at the sight of a tearful Rachel Reeves sitting next to the Prime Minister in the House of Commons. It’s unclear why the Chancellor was so upset. A Downing Street official described it as a “personal matter”. But in the absence of a definitive explanation, there was inevitably plenty of speculation.
Some commentators blame it on an argument with the Speaker. Less charitable observers claimed it was because she was about to be sacked. Others reckon it was caused by the fallout from the government’s u-turn on its social welfare bill.
Whatever the reason, it’s affected my portfolio, which comprises mainly FTSE 100 shares. Among them is Persimmon (LSE:PSN), which was the second-biggest faller on the day.
The…
