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Live Reporting

By Katie Hope

All times stated are UK

  1. 'Painted himself into a corner' - IFS

    Hammond

    Mr Johnson of the IFS is still taking about the research institute's analysis of yesterday's Budget.

    He says Philip Hammond could "struggle to reimpose austerity" if the OBR changes its forecasts for borrowing next year.

    "What the OBR gives this year it can quite easily take away again next year. If it does, then the chancellor has painted himself into a bit of a corner."

    "Could he resort to sizeable tax rises? More likely he would just allow borrowing to persist at higher levels," Mr Johnson says.

  2. Is austerity over, asks IFS

    "We will only really know when we have some firmer plans," Mr Johnson says, although he believes spending control is being eased.

    He points out there was a big upward revision to overall spending plans in yesterday's Budget. Spending on the NHS will rise and total day-to-day spending on public services (RDEL) is planned to rise by about 8% by 2023/4.

    That said, £4bn of welfare cuts are still taking place.

    "Does that add up to the end of austerity? On a narrow definition perhaps it does, on a wider definition it doesn't, at least not yet," Mr Johnson says.

    "Any idea that there is a serious desire to eliminate the deficit by the mid 2020s is surely for the birds," he adds.

  3. 'Budget a bit of a gamble' - IFS

    notes and coins

    The influential Institute for Fiscal Studies has issued its analysis of the Budget, which takes a rather sceptical stance.

    Director Paul Johnson, who is giving a press conference, described Philip Hammond's spending plans as a "bit of a gamble".

    He said the Chancellor's budget was based on lower borrowing forecasts published by the Office for Budget Responsibility. However, he thinks there is a one in three chance that the public finances will deteriorate again.

    "What will he do then? It's hard to see austerity standing up again with promised spending increases not materialising," he said.

  4. Adele named richest UK celebrity aged 30 or under

    Adele

    Adele has once again been named the richest UK celebrity aged 30 or under - with an estimated fortune of £147.5m.

    The singer has boosted her wealth by around £15 million in the last year, according to Heat magazine.

    Ed Sheeran is second with around £94m while Harry Potter star Daniel Radcliffe is third with £87m.

    Other stars on the annual rich list include all of 1D's band members, actress Emma Watson and Star Wars actor John Boyega.

    Read more

  5. Price given more time

    Chris Johnston

    Business reporter, BBC News

    Katie Price

    Katie Price - once known as the glamour model Jordan - has been given time to negotiate a deal with the taxman.

    The 40-year-old was told she could try to reach an agreement with HMRC by a judge at a specialist insolvency and companies court in London.

    Lawyers for HMRC told judge Jonathan Middleton they had been informed of a proposal by Ms Price for an Individual Voluntary Agreement just hours before the short hearing, which she did not attend.

    Rachel Lam, for HMRC, said a meeting of Ms Price's creditors was due to take place on 16 November.

    The judge agreed to a request to adjourn the case until 4 December.

    It is not clear how much Ms Price owes.

    An IVA is a formal agreement that lets people with debt repay their creditors at an affordable rate, in a bid to avoid bankruptcy.

  6. 5,000 year old chocolate

    cocoa seeds

    Chocolate has been a delicacy for much longer than previously thought.

    Botanical evidence shows the plant from which chocolate is made was first grown for food more than 5,000 years ago in the Amazon rainforest.

    Chemical residues found on ancient pottery suggest cocoa was used as a food, drink or medicine by indigenous people living in what is now Ecuador.

    Until now it was thought that chocolate originated much later and in Central rather than South America.

    There's more here.

  7. What do the housing measures in the budget mean?

    house being built

    More help for first-time buyers and plans for homes on the High Street have been announced in the Budget.

    Most first-time buyers of shared ownership properties will now no longer pay stamp duty, under the measures.

    Chancellor Philip Hammond also said that the Help to Buy scheme would end in 2023 - an extension of two years.

    Mr Hammond said the housing market needed to be fixed, adding it was key to boosting UK productivity and living standards.

    Read the details here.

  8. Union marches in support of Uber drivers

    March

    Hundreds of workers are marching in support of the Independent Workers Union of Great Britain (IWGB), which faces Uber in court today in an ongoing employment rights case.

    The march brought together "precarious workers" including Uber drivers, fast food workers, Deliveroo couriers, outsourced cleaners and others.

    Uber is contesting an employment tribunal finding that drivers should be treated as workers rather than self-employed.

    March
  9. The drugs don't work

    Drugs

    US pharma giant Pfizer says sales are likely to come in at the low end of expectations this year.

    It blamed a stronger dollar and lower revenue from its sterile-injections business, where it's faced supply shortages.

    The firm now expects full-year revenue of between $53bn and $53.7bn, compared with its previous forecast of $53bn to $55bn.

    It came as the firm reported a big jump in third quarter profits, with income up 45% to $4.1bn.

  10. Pound drops to 10-week low

    Sterling

    The pound is trading at levels not seen since mid-August, as concern about Brexit overshadows Philip Hammond's "giveaway" Budget.

    The currency is trading at $1.2743 against the dollar, marking a drop of 0.4% since the start of the day.

    David Cheetham, a market analyst at XTB, says: "The declines in cable are due in part to a strengthening US dollar... but mainly it is down to sterling weakness, with the pound lower on the day against all its major peers other than the Japanese Yen."

    Jasper Lawler at London Capital Group thinks a lack of Brexit developments may be holding it back.

  11. More on Liberty Mutual

    More on the FCA fine on Liberty Mutual.

    Mobile phone insurance is something the FCA has been watching since 2013 when it said making a successful insurance claim for a lost mobile phone can be virtually impossible. It also conducted another review in 2015.

    The FCA said a voluntary redress and remediation exercise was undertaken by the company that Liberty was providing the insurance for, in relation to claims which may have been unfairly rejected.

    Redress of nearly £4m was offered which had been taken into account in calculating the financial penalty, the FCA said.

    Liberty settled at an early stage of the investigation and therefore qualified for a 30% discount, the FCA said. Without the discount, the financial penalty would have been £7.5m.

  12. General Electric cuts dividend

    ge worker

    General Electric has cut its quarterly dividend to just a cent from 12 cents after reporting a third quarter loss of $22.8bn.

    A year ago it made profits of $1.3bn.

    Earlier this month when the business named Lawrence Culp Jr as its new chief executive it warned it might have to write down the value of its power business by up to $23bn. That write-down has caused the quarterly loss.

  13. FCA fines Liberty £5.2m

    FCA logo

    Liberty Mutual Insurance has been fined £5.2m by the Financial Conduct Authority for failures in its oversight of mobile phone insurance claims and complaints handling.

    The City regulator said the failings took place between 5 July 2010 and 7 June 2015 when Liberity was providing phone insurance for the retail customers of another company.

    "Liberty retained regulatory responsibility for ensuring that claims and complaints made by customers were handled fairly, and ought to have ensured that it had in place adequate systems and controls to oversee the activities of the third party throughout. It did not," the FCA said,

  14. No election says May

    Theresa May with Philip Hammond

    It's the day after the Budget and Theresa May says in response to a question at a press conference in Oslo that there are no plans for an election.

    "No. We are not preparing for another general election. That would not be in the national interest," the prime minister says.

  15. Italy borrowing costs up

    Italy is also a focus of the bond markets after the country's cost of debt rose to its highest level in four years.

    The country held an auction of its bonds just hours after data showed its economy had stagnated in the third quarter of the year.

    The yield on 10-year bonds rose to 3.36%, the highest price at an auction since February 2014.

  16. Eurozone growth slows

    Italian flag

    Growth in the eurozone has slowed to 0.2% in the third quarter after recording 0.4% growth in the second quarter.

    A Reuters poll of economists had expected a 0.4% rise for the three month period.

    The European statistics office Eurostat said year-on-year growth in the eurozone growth was also slowing, to 1.7% from 2.2% the previous quarter.

    Individual data for the 19 countries in the euro area was not published but Italy's stagnation, mentioned earlier, may have been behind the slow down.

  17. Biggest rise in insolvencies since 2009

    graph

    There was a 19.3% rise in the number of companies registering as insolvent in the third quarter of the year.

    This is the biggest increase since the second quarter of 2009 when the financial crisis was in full swing.

    The data was released by the Insolvency Service.

    The increase was caused by use of creditors' voluntary liquidations, of which there were 3,083 - the highest quarterly level since the first quarter 2012.

    While company insolvencies are on the rise, the number of individuals registering as insolvent fell by 2.5% compared with a year ago.