LONDON (BBC) - Britain’s stock market has lost its position as Europe’s most-valued, as the economic downturn weighs on UK companies, data shows.
France has taken the top spot as the combined value of its companies’ shares have been 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.
The combined value of British shares is now around $2.821 trillion (£2.3 trillion), while France’s are worth around $2.823 trillion, Bloomberg calculates.
Shares in the UK’s medium sized companies have been doing particularly badly, as consumers rein in their spending and businesses struggle with higher costs.
London’s FTSE 250 share index - which lists medium sized companies - has slumped by almost 17% in the last 12 months.