"Marks and Spencer for so long has been a candidate for going down only to just escape at the last minute," says Mr Miah.

"The last time around it was saved by its well-timed rights issue, but alas, it can only hold out for so long and this time there seems little that can save it from going down bar a spectacular recovery in the share price.

"M&S for many generations has been a stalwart of the UK retail market and a founding member of the FTSE 100, its relegation will be highly symbolic of the troubles on the UK high street and the challenges the UK retail sector faces as the internet plays an increasingly important role."

Is Marks and Spencer going to be relegated from the FTSE 100?