Update: UK banks and housebuilders slump on Brexit turmoil

European markets reverse gains

Banks and housebuilders in the FTSE 100 have seen their share prices plummet this morning, while European markets have reversed earlier gains as news continues to emerge following last night's Cabinet meeting over the draft Brexit deal.

The Royal Bank of Scotland, Lloyds and Barclays are among the biggest fallers in the FTSE index, down 7.7%, 6.3% and 6.2% respectively. Other top fallers include Taylor Wimpey and Barratt Developments, which have declined by 7% and 7.6% respectively. The index overall has reversed its gains from earlier this morning, now trading nearly flat at 7,037 points (as of midday, 15 November). Earlier this morning, the index had reacted positively to the news that Cabinet had agreed on Prime Minister Theresa May's proposed Brexit deal after a five-hour meeting, but it has been yo-yoing as f...