FTSE 100 Live: Asos and Close Brothers lead City stocks’ fall as economic growth slows

Good morning from the City PM liveblog team.

When Rachel Reeves prepared her inaugural budget last year, she had little in the way of good news to impart to the people of Britain.

The chancellor said she’d been left a bad inheritance, and had to raise tens of billions of pounds in extra taxes to plug spending black holes. But don’t worry – this is a “one and done” tax-rising budget and things will soon get better, Reeves reassured.

Yesterday at her speech to Labour conference in Liverpool, it felt like Groundhog Day. The chancellor said she’d been left a bad inheritance, and had to raise tens of billions of pounds in extra taxes to plug spending black holes. But don’t worry: things will soon get better.

Somehow, this speech didn’t sound any better the second time Britain had heard it. Neither did it put minds at ease over the future of the UK’s economic growth prospects.

With all that being said, few would wish becoming chancellor upon their worst enemies right now. Growth is sluggish across the globe, and Trump’s erratic tariffs have even pushed the US’s nearest neighbour, Canada, into recession.

Bond markets were rattled earlier this year when there was chatter that Reeves might be ousted from Number 11. Markets could be forgiven for taking a “better the devil you know” approach.

Here’s a summary of our top headlines from yesterday:

• GSK shares rally as chief Emma Walmsley to exit after eight years
• Astrazeneca to ‘upgrade’ US listing in latest blow to London Stock Exchange
• Rolls-Royce: FTSE 100 giant now worth £100bn
• Natwest chair: Rachel Reeves’ Budget must include radical tax reform
• Jaguar Land Rover to restart some production ‘in coming days’