Got a TV Licence?

You need one to watch live TV on any channel or device, and BBC programmes on iPlayer. It’s the law.

Find out more
I don’t have a TV Licence.


  1. FTSE 100 closes 49 points down
  2. Santander is going to make an offer for 300 RBS "Williams & Glyn's" branches
  3. Home ownership falling in major UK cities
  4. Calvin Klein appoints a new creative chief

Live Reporting

By Ben Morris

All times stated are UK

Get involved


That is all from the Business live page for today. We'll be back from 6am tomorrow. Have a good night. 

Will the Bank cut rates on Thursday?

BBC Economics Correspondent Andrew Walker has some thoughts..

Wall Street tumbles

Each of the major US stock indexes has recorded their largest daily percentage loss in about a month as economic data and weaker-than-expected car sales worried investors. 

The Dow Jones industrial average fell 90.74 points, or 0.49%, to 18,313.77, the S&P 500 lost 13.81 points, or 0.64% to 2,157.03 and the Nasdaq Composite dropped 46.46 points, or 0.9%, to 5,137.73. 

Galaxy Note 7

Galaxy Note 7
Getty Images

Just what world needs. Another fancy mobile phone. It's the Galaxy Note 7 and that is a photo of it, up there. It's been launched today and its special features are, apparently, that it will come with an iris scanner so you can unlock it just by looking at it. The phone will also be fully waterproof. The 5.7" screen and accompanying stylus mean the phone is referred to as a phablet. And it will be on sale in the UK too.

Bottled water to outsell fizzy drinks in the US

Fizzy drinks
Getty Images

Here's a milestone reported by Bloomberg.

Bottled water is set to outsell fizzy drinks in the US this year, as Americans watch their weight, and fear the water coming out of the tap.

Americans will each drink 27.4 gallons of bottled water this year, 1.2 gallons more than soda, according to Euromonitor. 

US car shares fall on poor sales data

Getty Images

Shares of US car makers fell after data for July sales came in below analysts expectations.

Car sales over the last year and a half have soared due to pent-up demand from the recession.

But as the market has become more saturated vehicle sales are slowing, a trend predicted last week by Ford when it announced its earnings.

Hinkley Point

A tractor mows a field on the site where EDF Energy's Hinkley Point C nuclear power station may be constructed in Bridgwater, South West England

The Labour leadership contender Owen Smith says the UK government should get on with approving the Hinkley Point nuclear power project otherwise the country could face power shortages in the future. He told ITN that the UK should be investing in Hinkley Point and should stop dithering over the plan.

High street woes

Southern Railway strikes

Southern Railway train

Talks start tomorrow over the continuing dispute between guards (or conductors as they are called these days) and Southern Railway. RMT members have scheduled a five-day strike starting from next Monday. The company has published a reduced timetable for the strike days. This amounts to nearly 60% of the already reduced timetable introduced last month. But some routes will have no trains at all while many others will start late and end early.The talks will take place at the conciliation service ACAS.

Where is the austerity strategy?

The election of a new Prime Minister and the appointment of a new Chancellor seems to have abolished the word "austerity" from the Conservative government's dictionary.

See if you can spot it - or anything like it - in this statement from No.10, after the first meeting today of the Economy and Industrial Strategy Committee. 

"The Prime Minister emphasised that the objective of the government's new industrial strategy should be to deliver an economy that works for all. Cabinet Ministers discussed the principles that should be at the heart of this new strategy and agreed on the importance of championing business and enterprise; increasing productivity and closing the gap between different areas of the country; investing in skills; and playing to the country's strengths while also creating an economy that is open to new industries, particularly those that will shape our lives in the future. Much of the discussion focused on ways the government could support economic growth in different areas of the country. The Secretary of State for Business, Energy and the Industrial Strategy pointed out that the government should do more to support cities outside of London contribute more to the economy. In that context, the Chancellor noted that If the productivity gap between London and the South East and the rest of the country could be halved then it could increase GDP by 9%, adding over £150 billion to the economy. They agreed that an effective industrial strategy must build on the advantages and recognise the disadvantages of different places and establish how areas of the country that have not shared in recent industrial success can have a positive economic future."

888sport sponsors four English football clubs

Robert Tesche in action for Birmingham City during the Pre-Season Friendly between Hibernian and Birmingham City at Easter Road on July 24, 2016 in Edinburgh, Scotland
Getty Images

The online betting firm 888sport will sponsor four English Championship football clubs this coming season. The four are Birmingham City, Brentford, Nottingham Forest and Preston North End. The sponsorship will include paying for free travel for the clubs' fans who want to go to away, midweek, league games, until Christmas.

BBC Radio 5 Live

Mortgages: What sort do you have?

UK interest rates might be lowered on Thursday, so the Council of Mortgage Lenders has sent a note around reminding us what sort of mortgages households have. This data refers to loans on owner-occupied properties.

  • 46% are on fixed mortgages
  • 20% are on tracker mortgages
  • 29% are on the standard variable rate

The rest are either discount loans or other unknown loans.

Calvin Klein gets a new creative chief

Raf Simons, chief creative officer, Calvin Klein

Raf Simons has been appointed chief creative officer at Calvin Klein.

He was formerly creative director at Christian Dior.

His first collection will be for the Autumn 2017 season.

Housing minister says government needs to do more

The World at One

BBC Radio 4

The government has done "a huge amount" to help get people into homes says Gavin Barwell, but it needs "to do better still".

London stock market close

The FTSE-100 share index closed 49 points lower at 6,645.

On the foreign exchanges the pound was up one cent at 1 dollar 33 cents, and was up half a cent at 1 euro 19 cents.

FTSE chart

Housing crisis

BBC Radio 5 Live

More from BBC business presenter Colletta Smith at a 5 Live outside broadcast in Manchester.

James from @space4living_ tells me on @bbc5live foreign investors bought 150 flats in #Manchester offplan last week

James from @space4living_ tells me on @bbc5live foreign investors bought 150 flats in #Manchester offplan last week

RBS could sell 300 branches to Santander

Simon Jack

BBC Business Editor

Williams and Glyn branch 1970

Sources close to RBS have confirmed it is considering an offer from Santander UK for its Williams and Glyn brand.  

RBS is obliged to sell the 300 or so branches, with nearly two million customers, in order to meet state-aid rules as a result of its 2008 bailout. 

RBS is also considering a public sale of shares in a new independent business and retail bank.

Talks with Santander are still ongoing and could yet fall apart.

RBS is not expected to announce any definitive agreement when it releases its latest results on Friday, which are expected to reveal further losses as restructuring charges continue to offset profits at its core business.

Investing trends after Brexit

Not all private investors got cold feet in June because of the EU referendum. Figures released earlier this month showed that investors in investment trusts put an extra £5bn into ITs that month, taking the total invested in them to £141bn.

VW sales in the US tumbled in July

VW sign
Getty Images

Sales of Volkswagen cars in the US slumped in July. Compared to July 2015 sales were down 8.1% to 28,758 vehicles.

VW shares are down more than 3% in Frankfurt.

What happened to the anxiety over oil and China?

Philip Coggan is a columnist for the Economist.

View more on twitter

Bavaria to sue VW

VW bag
Getty Images

More legal action for Volkswagen to contend with in the light of its diesel emissions cheating.

The state of Bavaria is to sue Volkswagen for damages resulting from the emissions scandal. The region's finance minister Markus Soeder has told the German press association that the Bavarian Pension fund held 58,000 shares in VW. 

It's believed the state will seek a maximum of €700,000 (£590,000). 

'Extraordinary' flight from investment funds

Laith Khalaf, senior analyst at Hargreaves Lansdown, said: "The scale of the exodus from investment funds in June is quite extraordinary, with the Brexit vote eclipsing the financial crisis in terms of putting the frighteners on retail investors in the short term.

"When it comes to elections and referenda, investors are better off voting with their polling cards rather than their finances. In these situations it pays to keep a cool head, to ignore the inevitable clamour, and to take a long term view on your portfolio."

US shares fall in early trading

Shares in US car makers are leading shares on Wall Street lower.

Shares in Fiat Chrysler have fallen more than 4%, General Motors and Ford are down by more than 3%.

The falls follow reports on July vehicle sales from those car makers.

Overall the Dow Jones Industrial Average is down 0.3%, the S&P 500 has fallen by 0.4% and the Nasdaq Composite is 0.5% lower.

To rent, or not to rent?

BBC 5 live producer Harry Kretchmer tweets:

View more on twitter

BreakingSantander makes offer for RBS business

BBC business editor Simon Jack tweets:

View more on twitter

Private renting a 'terrible long-term option'

A reader of the Business Live page addresses the issue of home ownership: 

"Of course there's a national obsession with home ownership - private renting is terrible as a long-term option and social housing increasingly rare.

"In nearly 17 years renting privately, the longest secure tenancy I've had was 12 months, I've spent most of my adult life on rolling tenancies where the landlord can kick you out on two months' notice even if you haven't done anything wrong (this happened to me 3 years ago).

"This is despite being well paid and having no dependants; I now earn more than the national average but still can't afford a decent home. 

"We need the BBC to provide better reporting of private renting: 19% of the English population rent privately but the media largely ignore us."

June investment fund exodus

Canary Wharf

Retail investors withdrew £3.5bn from UK investment funds in June, according to new Investment Association figures. That was far higher than January 2008 - the worst month of withdrawals during the financial crisis - when retail investors withdrew £561m from such funds.

The exodus was led by investors in the property sector, who withdrew £1.4bn, leading to some funds suspending trading and others imposing hefty dilution levies to deter sellers.

Some £2.8bn was withdrawn from equity funds, with £1bn of net withdrawals from the UK equity sectors.

ISAs also recorded outflows of £464m in June.

Retail investors withdrew funds

BBC business editor Simon Jack tweets:

US consumer spending robust

Tiffany, New York
Getty Images

US consumer spending rose 0.4% in June, which was more than economists were expecting.

Consumer spending accounts for more than two-thirds of US economic activity, so the numbers are closely watched.

Byron raids: Was the restaurant ordered to assemble its staff?

We have been looking into the story surrounding the raids by immigration enforcement officials on the restaurant chain Byron.

The raids led to the arrest of 35 members of staff who were working illegally.

Byron had asked its staff to attend health and safety meetings to coincide with the raids.

We were curious to find out whether Byron was ordered to do this by authorities.

However, neither Byron or the Home Office will comment on that.

If you've been affected by this story email

FTSE 100 recovers some ground

European stock markets are bouncing around the lows of the day. Frankfurt's Dax is down 1.3%, led by an 8.5% tumble for Commerzbank.

In Paris the Cac-40 is down 1.4% and BNP Paribas is the biggest loser with a 3.9% fall.

In London the FTSE 100 has recovered some of its losses - now down 0.4%.

It is being supported by gains for insurance companies.

Direct Line has jumped 10.8% higher after reporting better than expected half-year profits, while rival insurer Admiral Group is up more than 3%.

When only the Finest will do...

Bryan Roberts, insights director at TCC Global, has clocked up a first today. Yes, he is the first through the door at the brand new Tesco Finest wine bar on Wardour Street in Soho, central London. 

Wait, I hear you say: you didn't know there was a Tesco Finest wine bar in central London? Well now you do. We presume it's to promote the supermarket's posh wine range - but these days we just cannot be certain.

View more on twitter
View more on twitter

Finding Dory hooks £8m

Finding Dory premiere
Getty Images

Now that Finding Dory has become the most successful animated movie at the US box-office with a $469m haul, the film is also off to a flying start in the UK, taking just over £8m on its opening weekend, the Guardian reports

"That’s the second biggest three-day opening for a Disney or Pixar animated film, behind only Toy Story 3, which began in July 2010 with £11.49m, plus previews of £9.69m," reports Charles Gant.  

FCA pensions warning

The markets watchdog is warning financial firms they could be fined for improper use of unauthorised introducer firms that provide client leads. 

Many financial firms accept business leads from unregulated "introducer" firms, or people such as retired financial advisers who are no longer authorised themselves to give advice on products. 

The Financial Conduct Authority says it is very concerned about the increase in cases of introducers having inappropriate influence on firms that sell products such as pensions.

"An authorised firm which accepts business from an introducer must meet its regulatory requirements," the FCA said. "If customers are given unsuitable advice by an introducer, the authorised firm may be held responsible for this and subject to regulatory action."

P&G sales better than expected

Gillette razor
Getty Images

Consumer goods giant Procter & Gamble, the maker of Tide detergent and Gillette shaving products, reported better-than-expected quarterly sales helped by strong demand for its baby, feminine and home care products.

Net profit rose nearly quadrupled to $1.95bn (£1.47bn) for the three months to 30 June compared with the same period last year, when it took a hefty charge on its business in Venezuela. 

Net sales fell 2.7% to $16.1bn - the eighth consecutive quarter of declines, but better than analysts' estimate of $15.8bn. 

Video: Byron burger 'hysteria'

The reaction to the Byron burger restaurant chain’s treatment of illegal immigrants is “hysteria”, according to restaurateur Oliver Peyton.

The founder and chairman of Peyton & Byrne restaurant and cafe group tells Today that Byron is a good company but the whole affair was misguided from the start.

Oliver Peyton says the reaction to Byron burger is "hysteria"

Flat out

BBC Radio 5 Live

5 live's Colletta Smith tweets:

View more on twitter

Patience: It can make you wealthy and healthy

Pensioners, Green Park, London
Getty Images

The Wall Street Journal reports on research that suggests patient people not only end up wealthier, they are are also likely to be healthier than their more impetuous peers.

"Patience boosts wealth by much more than marriage or religion," the report says.

"More impatient people... were more likely to smoke, drink excessively, and miss out on their flu shots and medical examinations," according to the research cited.

Video: 'Scandal' that so few entrepreneurs get honours

Today Programme

BBC Radio 4

Rohan Silva worked in Downing Street as an advisor to David Cameron but turned down an honour when he left the job.

He told the Today Programme that it's a "scandal" that entrepreneurs get so few honours.

Former adviser to David Cameron on why he turned down his honour