FTSE 100: Markets react to Rachel Reeves' controversial Mansion House speech

The UK FTSE 100 markets have opened on Wednesday (July 16) following Rachel Reeves' second annual Mansion House speech to the financial sector. The chancellor said she is considering "further changes to ISAs" and encouraged regulators to put more focus on the benefits of investing in the stock market.

She told industry figures yesterday: "I will continue to consider further changes to ISAs, engaging widely over the coming months and recognising that despite the differing views on the right approach, we are united in wanting better outcomes for both savers and for the UK economy."

She added: "For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits."