Housebuilders and financial services companies were the big losers on Friday as the FTSE 100 experienced a tumultuous trading session.

Taylor Wimpey, Persimmon and Barratt were the biggest fallers of the day, losing between 23pc and 27pc from the value of their shares, followed closely by Berkeley, which fell by 19pc, and commercial property company British Land, which dropped 18.3pc.

Legal & General and Standard Life fell 17.5pc and 17.2pc respectively, and ITV saw 19.1pc wiped off its share price over fears that advertising budgets will be cut in a weaker economy.