British Land to drop out of FTSE 100 in reshuffle but Ocado survives

Developer hit by higher interest rates and 2022’s mini-budget but online retailer buoyed by stronger sales at M&S

The property developer British Land is being relegated from the UK’s blue-chip share index, ending a 21-year run in the FTSE 100 after its value was hit by rising interest rates and the disruption caused by last autumn’s mini-budget.

The online supermarket and retail technology group Ocado has clung on to its prized spot in the ranking, however, despite a sharp fall in its value since the heights of the pandemic.