London loses position as top European stock market

Britain's stock market has lost its position as Europe's most-valued, as the economic slowdown weighs on UK companies, data shows.

France has now taken top spot as the combined value of its companies' shares are boosted by currency movements and demand for French luxury goods.

It is the first time Paris has overtaken London since records began in 2003, according to data from Bloomberg.

The UK is expected to fall into recession this year as inflation rises.

London's FTSE 250 share index - which lists medium sized companies - has slumped by more than 17% over the last year as consumers and businesses struggle with rising inflation and higher interest rates.