LONDON: Britain’s blue-chip FTSE 100 index slipped for a second day on Tuesday after climbing for 14 straight sessions to a record high, with some investors selling riskier assets before a speech by Prime Minister Theresa May on Brexit. May’s much-awaited speech is likely to set out her 12 priorities for upcoming talks with the European Union on the terms of Britain’s departure. She is expected to say later on Tuesday that Britain will not seek a deal that leaves it “half in, half out” of the bloc. Several newspapers reported that May would stress leaving the EU’s single market and regaining full control of Britain’s borders, reinforcing worries that Britain will undergo a “hard” Brexit – concern that has pushed sterling lower. “The leak was clearly designed to offer some clarity, making up for recent criticism of government muddling and designed to counter recent volatility in the UK currency,” said Henry Croft, an analyst at Accendo Markets. The weaker pound has helped the FTSE 100, which is dominated by internationally focused companies, to surge more than 25 percent since a post-Brexit slump in late June and reach a record high this week. However, British inflation rose more than expected in December to hit its highest level since mid-2014, propelled by the drop in the value of sterling. Although many investors were playing safe, some said that the likely impact of the speech was mostly priced in. “Whilst traders are eagerly awaiting her speech due to multiple leaks over the past few days, it might very well be that most of what the speech will contain is already well known in advance and therefore its impact on stocks and the pound should be limited,” said Markus Huber, a trader at City of London Markets. The FTSE 100 index was down 0.3 percent by 0957 GMT. The mid-cap FTSE 250 index, which comprises mostly domestic companies, was down 0.4 percent, with investors fearing that a “hard” Brexit would hurt economic growth and lower margins of local firms. Mining companies also put pressure on the FTSE 100. The sector index fell 1.5 percent following a drop in industrial metals prices caused by a stronger dollar, which generally makes metals costlier for other currency holders. Anglo American, Rio Tinto, BHP Billiton and Antofagasta fell 1.1 to 2.0 percent. Elsewhere, Standard Chartered climbed nearly 7 percent to a 16-month high after Bank of America ML upgraded its rating on the stock to “buy” from “hold”. The broker raised its 2018 earnings estimate by 18 pct to reflect higher returns on bank’s excess deposits.