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Persimmon follows closely dropping 40pc, with RBS, IAG, Barclays, Lloyds dropping 34, 33 and 29pc.

The FTSE 100 is not the only market that has suffered this morning, its more populous counterpart, the FTSE 250 index which contains more average companies with direct relations to the UK domestic market, has plunged 11.7pc too.

Things are expected to get a lot worse for Britain before it gets better. Stocks are expected to fall very fast in the coming hours.