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The FTSE 100 failed to claw back the gains it has made since the beginning of the year when it closed 24 points down at 7,123.43 on Wednesday. The blue chip index of leading stocks began 2017 at 7,142.83.

Although sterling eased a little against the dollar, down 0.26% at $1.28090, its recent strength has impacted companies on the FTSE 100, many of whom are internationally-focused and report in dollars.

Burberry remained the day's biggest faller, down 7.64% at £15.71, after the fashion house reported a slowdown in growth over the last three months. 

Conversely the domestically focused FTSE 250 finished 125.18 points higher, up 0.65%, 19,423.09.

Phil McCann
Cheshire Political Reporter, BBC News

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With a majority of over 18,000, it shouldn't be too surprising that when you speak to shoppers on Knutsford's King Street, the local MP of 16 years cuts a pretty popular figure.

As I broke the news of George Osborne's departure to Anne from Knutsford, who was on her way to the chemist, her face dropped as she exclaimed: "Oh no! That's sad", adding that as her MP he "tried hard and he was full of enthusiasm".

This election may have come at a convenient time for Mr Osborne after all the criticism he's faced for his multiplying number of jobs.

Another shopper in Knutsford today surmised: "It's probably for the best."

But the decision comes just weeks after Mr Osborne stood up in Parliament, as well as at a meeting of local Conservatives, and argued that he can successfully serve the people of Tatton, London and his various other bosses all at once. He is now doing the opposite of what he argued for.

George Osborne told me late last year that he wanted to spend time as a backbench MP learning from his mistakes in the EU referendum campaign and ensuring his flagship Northern Powerhouse plans continue to get the backing they need.

But he also told me he would be staying on as an MP when and if the Tatton constituency disappears when constituency boundaries are redrawn. That would have seen him battling neighbouring Tories for a seat to stand in - another headache he has freed himself from.

As he made clear in his resignation letter to Tatton Conservative Association, he will still be campaigning for the Northern Powerhouse and his brand of Conservatism, except from the editor's chair instead of the green benches.

And the story doesn't necessarily end here. As he also made clear in his resignation letter: "I'm stepping down from the House of Commons - for now."

BBC News Channel

Ruth Davidson, the Conservative's leader in Scotland, has played down Theresa May's decision not to take part in televised debates during the General Election campaign.

She said the choice facing the country is who the people want to be facing German chancellor Angela Merkel across the table during Brexit negotiations - Mrs May or Labour leader Jeremy Corbyn.

"The only people who are getting excited about this is the media and the broadcasters," she said.

"I really don't think this is one of the big issues on the doorstep of this campaign."

BBC News Channel

Veteran Labour MP Ann Clwyd says she voted against the motion calling for a general election - because she did not think it was necessary

"The only reason the prime minister has done it now, as far as I'm concerned, is a cut and run tactic because the Brexit negotiations are going to become difficult," she said.

As a former MEP, she said members of the European Parliament are "not going to roll over with a handshake and a smile, they are going to talk tough and be tough".

She argued that MPs owed their loyalty to Jeremy Corbyn, with many people signing up to the party because of him.

"Nobody is ready for this general election - I do think this is an irrelevance considering what is happening in the world at the moment," she added.

BBC News Channel

The public should be able to hear from all the political leaders and see how they measure up against each other, the SNP's Westminster leader Angus Robertson has said.

He urged broadcasters to "empty chair" the prime minister if she continues to refuse to take part in televised debates during the General Election campaign.

Mr Robertson said Theresa May's advisers probably think "she can only lose by taking part", especially as "expectations are so low with Jeremy Corbyn".

"The public will draw their own conclusions," about Mrs May's decision, he added.

Some MPs are unhappy that the Labour Party's National Executive Committee will be choosing the candidates to replace MPs who are stepping down before the vote on 8 June - rather than the local constituency party.  

The Guardian's deputy political editor Rowena Mason says all women shortlists will also be coming into play for seats where a female politician is leaving. 

The Liberal Democrat leader Tim Farron has made clear he doesn't regard being gay as "a sin", during the Commons debate about the snap general election.

The prominent Christian had been criticised for refusing to say where he stood on the issue of homosexuality in a television interview. 

He faced questions on his stand in the Commons by the Conservative MP Nigel Evans.

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The claim: Low and middle earners are bearing the burden of the tax take.

Reality Check verdict: The government is very reliant on richer people for its funding. More than a quarter of income tax is paid by the 1% of taxpayers with the highest incomes.

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Veteran Conservative Ken Clarke will stand to be an MP in June's snap general election, according to his office, despite him previously saying this would be his last parliament. 

The Father of the House, who has represented the Nottinghamshire constituency of Rushcliffe since 1970, had suggested he would step down at the next election when he thought it was in 2020. 

But now, with the earlier than expected election, Mr Clarke's office has said: "He's putting himself forward to be the Conservative candidate for Rushcliffe in June."

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First Minister of Scotland Nicola Sturgeon is all smiles as she comes to Westminster to back her MPs ahead of the upcoming election. 

The leader of the SNP said that if her party tops the polls in Scotland, Theresa May's "attempt to block" a second independence referendum "will crumble to dust".

Image source, EPA

Image source, EPA

Both former party leaders confirm they intend to continue serving as MPs.

BBC Radio 5 live

Shadow chancellor John McDonnell has responded to a lifelong Labour voter who told BBC Radio 5 live the party was "finished" and he would not vote for them again. 

The man, from a mining family in the North East of England, said: "My grandparents and father would be absolutely turning in their graves at what's going on today."

Shadow chancellor John McDonnell responded, saying Labour aren't finished: "I'm sad he has taken that view because I was in that area when the Conservatives refused to do anything for the steel industry."

"Now we're in the debate on the general election and I'm hoping we can turn that around," he added.

The BBC has issued a statement saying it will set out its general election coverage plans "in due course".

BBC head of Newsgathering Jonathan Munro told the Daily Telegraph, external that the BBC does not "want to get in a position where a party leader stops us doing a programme in the public interest".

Nine Labour MPs: 

1.       Ronnie Campbell

2.       Ann Clwyd

3.       Paul Farrelly

4.       Jim Fitzpatrick

5.       Clive Lewis

6.       Fiona Mactaggart

7.       Liz McInnes

8.       Dennis Skinner

9.       Graham Stringer

Three Independent MPs:

1.       Lady Sylvia Hermon

2.       Natalie McGarry (suspended SNP)

3.       Michelle Thomson (suspended SNP)

One SLDP MP: 

1.       Dr Alasdair McDonnell

Image source, HoC

A UK general election will be held on 8 June after MPs backed Prime Minister Theresa May's call for a snap poll.

The House of Commons backed the PM by a margin of 522 votes to 13, above the two-thirds majority needed, as Labour and the Lib Dems supported the move.

The PM has argued a fresh mandate would strengthen her hand in Brexit talks and provide certainty for the future.

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