Brexit and political turmoil costing the UK billions as investors turn away

The boss of insurance giant Lloyd's of London told the BBC that the UK should not take its position as a global financial centre for granted and that the government needs to restore economic stability.

"We're at an important moment. We've really got to re-prove our value proposition, I think there's a responsibility on government and us in business to get it right.

"I think we can get it right but we have got to work hard," John Neal said.

The latest dent in the UK's reputation for economic stability happened when Liz Truss blew up her own government with a package of unfunded tax cuts and energy-price guarantees.

Markets responded to her announcement with suspicion and fear. Yields on UK gilts shot up by more than 3%, the biggest selloff since March 2020, when the news of the COVID lockdown first broke and the pound fell to its lowest level against the dollar since 1985.

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