The FTSE 100 index at the close was up 4.22 at 7038.01.
FTSE 250 index down 1.69% to 18,591.17 this afternoon
FTSE 100 dips ahead of May’s 5pm press conference
The FTSE 100 is down 0.018 per cent or 1.30 points to 7,032.49.
BoE asks City to examine market turbulence in light of Brexit deal
The Bank of England has asked banking giants and City regulators to examine market turbulence in the wake of the Brexit deal crisis, a report claimed today.
The pound plunged 1.5 per cent against the dollar to below $1.28 after the shock resignations of of Brexit Secretary Dominic Raab and Work and Pensions Secretary Esther McVey left Theresa May’s Government walking a tightrope.
If sterling dips much below $1.27 it will be at levels not seen since October 2016. It also fell 1.5 per cent against the euro to €1.13 as senior Brexiteer Tories looked set to spark a leadership contest. May is holding a press conference at 5pm.
Camelot UK Lotteries cautious of what lies ahead after Brexit
Camelot UK Lotteries has warned of economic uncertainty and competition as it posted a 5.4 per cent increase in first-half national lottery ticket sales.
Chief executive Nigel Railton said Camelot faced ‘challenges that are beyond our control, such as economic uncertainty and unrelenting competition from both the gambling sector and industrial-scale society lotteries that operate on a national basis’
Michael Gove reported to be on brink of becoming next Brexit secretary
Speculation over May’s press conference reaches new levsls
Prime Minister Theresa May holding a press conference at 5pm
Freshly listed Aston Martin posts a strong update
Aston Martin’s third-quarter profit before tax rose to £3.1 million as the newly listed high-end carmaker saw its sales volumes double to 1,776 vehicles.
The company became the first British carmaker in decades to float on the London Stock Exchange last month
It said it expects full-year sales to come in at the top end of expectations at up to 6,400 vehicles.
Against the euro, the pound is currently down 1.46% to €1.1323
Asda sales growth continues as Sainsbury’s merger probe rumbles on
Sales at Asda increased in the three months to the end of September as more than 100,000 new customers shopped at the supermarket.
Comparable sales were up 2 per cent in the period, marking a sixth consecutive quarter of growth.
Net sales were 3.7 per cent higher, as online grocery shopping grew by 13.8 per cent.
Former chancellor George Osborne seems to be enjoying today
Net injection of new homes in UK reaches highest level for a decade
The net injection of new homes into England’s housing supply is at its highest levels in a decade, official figures show.
There were 222,190 net additions in 2017-18 – up by 2 per cent on 2016-17, figures from the Ministry of Housing, Communities and Local Government show.
It is the highest annual total recorded since 2007-08 – although the overall rate at which supply has been increasing year-on-year has slowed down.
Patisserie Valerie brings in turnaround specialist to replace boss
The boss of beleaguered cake chain Patisserie Valerie has stepped down as the company installs a new chief executive to spearhead its recovery.
Paul May’s departure comes just over a month after the company found a black hole in its accounts and was forced to raise emergency funds to stay afloat.
His role will be taken up by Stephen Francis, who was recently the boss of pork producer Tulip, where he led a rapid return from significant losses.
Jacob Rees-Mogg hands in letter of no confidence
Jacob Rees-Mogg has handed in his letter of no-confidence to Sir Graham Brady, chairman of the 1922 Committee, saying Mrs May’s Brexit deal ‘has turned out to be worse than anticipated and fails to meet the promises given to the nation by the prime minister.’
Retail sales fell to lowest level for six months in October
Turbulence in the retail sector continued last month, with sales across the UK falling to a six-month low.
After a hot summer, consumers eased back on their spending in October, with sales slipping 0.5 per cent since September, the Office for National Statistics said.
Year-on-year retail sales growth slowed to 2.2 per cent last month, down from 3.3 per cent a month earlier.
Nearly half of under-35s think they can retire by 60
Nearly half of under-35s believe they will retire by the age of 60 and only a tiny minority think they will work past 70, new research reveals.
Middle-aged people are almost as optimistic, with around two out of five of those aged 36 to 54 expecting to give up work by the time they are 60 and just nine per cent to stop after 70.
Younger people could struggle to save enough for old age due to a lack of wage growth, a rising inflation rate and low interest rates, according to the report by Rathbones Investment Management.
Rogue trader behind £1.4bn UBS loss is deported to Ghana
The rogue trader behind a £1.4 billion banking fraud has been deported to Ghana, despite a campaign to keep Kweku Adoboli in the UK.
Adoboli has lived in the UK since the age of 12 and left Ghana as a four-year-old, but has been forced out of the country under rules that automatically deport foreign nationals sentenced to more than four years in jail.
Friend Nick Hopewell-Smith said the 38-year-old was detained in Scotland on Monday and placed on a Kenyan Airways flight leaving Heathrow last night.
Pound now flat against the euro at around €1.1323
FTSE 100 index up 0.052% or 3.69 points to 7,037.48
Rees-Mogg threatens vote of no confidence letter
Theresa May’s day summed up by one voter
US growth helps Cineworld amid sluggish UK figures
Cineworld’s US business helped to offset sluggish growth in the UK in the year so far as the cinema giant posted a rise in revenue.
Total group revenue was 11.6 per cent higher between January 1 and November 11, with a string of popular film releases bringing customers to the cinema.
The group completed its acquisition of American chain Regal in March. Shares are down nearly 4 per cent to 285.00p.
Bored of Brexit? Quorn Foods opens mega meat-free production site
This morning, Quorn Foods opened the world’s biggest meat alternative production facility at its Belasis site in Billingham, in the North East of England.
The factory expansion will double production capacity of Quorn’s core products and is part of a £150million investment reflecting an increase in flexitarian and vegan diets.
‘I firmly believe that this country’s best days are ahead of us’, May says
Bovis says Brexit uncertainty has had a knock-on effect on buyers
Shares in Bovis Homes have fallen after the housebuilder warned that uncertainty surrounding the UK’s departure from the European Union has put off discretionary homebuyers.
Bovis share price is down 7.4 per cent to 964p a share.
The group is the latest housebuilder to warn over the impact of Brexit worries after Taylor Wimpey earlier this week said it was seeing signs of customer caution, particularly in the south-east of England.
Bovis said while its sales rate had remained stable, ‘the uncertainty surrounding Brexit has impacted discretionary buyers.’
Housebuilders are among the biggest fallers on the FTSE 100 index today.
Prime Minister praised for remaining ‘calm’ in the face of adversity
FTSE 100 up as parliament speeches continue
The FTSE 100 index is up 0.058 per cent to 7,037.85.
Pound creeping back up as May defends her plan
Sterling now down 1.37% to $1.2814
Hunt and Javid going nowhere apparently
Where is Michael Gove?
Voting picture summed up by Cicero Group analysis
Labour leader Jeremy Corbyn speaking against draft agreement now
‘Uncertainty continues for business and all those who work in those businesses.’
Theresa May says she wants to deliver a deal for the British people
‘We can choose to leave with no deal, we can risk no Brexit at all or we can choose to unite and support the best deal that has been negotiated.’
‘I choose to deliver for the British people…and I commend this statement to the house.’
Theresa May calls on MPs to vote in favour of the final deal
‘I know it’s been a frustrating process. But a good Brexit is possible’.
‘Voting against the deal would take us all back to square one.’
PPS to education ministers resigns now
Junior Brexit minister resigns: full letter here
‘I do not pretend that this has been a comfortable process’: Theresa May
Theresa May delivering a statement on Brexit
‘It is the draft treaty that means that we will leave the EU in a smooth and orderly way’.
Pound now down 1.8% to $1.2756
Guardian typo causes something of a Twitter meltdown
EU’s chief negotiator speaks out over draft Brexit agreement
Conservative MP says she will push for vote of no confidence against PM
Conservative MP Anne Marie Morris says she hopes to trigger a vote of no confidence in Theresa May as leader of the Conservative Party.
Nicola Sturgeon reacts to Esther McVey’s resignation
Read full resignation letter from Esther McVey
BREAKING NEWS: Work & Pensions Secretary Esther McVey resigns
Times are hard – how can you ensure your savings beat inflation?
There are now 29 savings accounts that match or beat inflation.
Savers failed to lose more ground between savings rates and the rising cost of living when CPI inflation unexpectedly remained steady at 2.4 per cent in October, according to the ONS yesterday.
This means they can still pick from the same number of deals that in theory keep pace with inflation, according to data from Savings Champion.
Read about the reaction of the pound since Raab’s resignation
The pound tumbled today after Brexit Secretary Dominic Raab’s resignation sparked fears the UK could leave the EU without a deal.
Sterling fell heavily against most major currencies, dropping 1.1 per cent to 1.28 US dollars and was 1.2 per cent lower against the euro at 1.13.
FTSE 100 and the pound have gone in opposite directions
Russ Mould, investment director at AJ Bell-
“Dominic Raab’s resignation as Brexit Secretary didn’t go down well with currency markets, sending the pound down more than 1% against the euro and the US dollar. In contrast, the FTSE 100 was given a lift by global firms including miners which benefited from renewed strength in copper, aluminium and other metal prices.
“Notable gains on the blue-chip index included some of the banks (HSBC), utilities (Centrica), consumer goods (Unilever) and tobacco companies (British American Tobacco). The FTSE 100 was up 0.5% to 7,071 in the first 90 minutes of trading, compared with a 0.6% decline in the FTSE 250 to 18,806.”
UK retail sales fell once again in October, ONS figures show
Retail sales fell by 0.5 per cent last month, missing economists’ expectations of a 0.2 per cent rise by a wide margin.
Sales at household goods stores slipped 3 per cent following a particularly strong August and September, the Office for National Statistics said.
Markets react to Raab’s resignation this morning
Chart showing how the pound has performed against the euro since 2016
‘There’s been a sharp move lower in the pound’
David Cheetham, analyst at XTB –
‘There’s been a sharp move lower in the pound in the last half an hour after Brexit minister Raab has announced his resignation. Sterling fell by almost 1% in a matter of minutes on the news and the announcement is reminiscent of the chequers deal in the summer where initial support from the cabinet has proved short lived for Theresa May.’
‘The announcement is a major blow for May and others will likely follow suit in offering their resignations with her position now growing increasingly tenuous. It now seems probable that a vote of no confidence will be tabled, with some reports stating that the requisite 48 letters will be sent by lunchtime.’
‘Unsurprisingly there’s been a swoon in sterling with the currency lower by more than 1% against all of its major peers. So far there’s been minimal reaction seen in the stock market with the FTSE rising a little in recent trade to move up to its highest level of the day.’
Update from House of Commons about what to expect today
Zac Goldsmith tweets his support for Dominic Raab
Pound now down over 1% against the dollar and euro
Sterling is down 1.15 per cent against the dollar to $1.2843 and 1.01 per cent versus the euro to €1.1373
Nigel Farage praises Raab and is keen to see May ousted
Labour MP hits back at Raab resignation
Another one bites the dust…Dominic Raab quits
Retail sales results will add to this morning’s mixed picture later
Connor Campbell, an analyst at SpreadEx, said: ‘Thursday’s October UK retail sales reading has the potential to either ease or exacerbate sterling’s losses.
‘Analysts are expecting a jump from -0.8% to 0.2% month-on-month, though it is incredibly rare for those estimates to be accurate.’
Miners dominate this morning’s top 10 FTSE 100 risers
Northern Ireland minister tweets resignation letter
May suffers first resignation over draft Brexit agreement
Northern Ireland minister Shailesh Vara quit at 7.30am claiming she is trying to ‘shackle’ Britain to the EU ‘indefinitely’ with Work and Pensions Secretary Esther McVey and other cabinet members also said to be on ‘resignation watch’.
Royal Mail half-year profits fall by more than half
In the last six months, Royal Mail’s pre-tax profits fell from £77million to £33million. On an underlying basis, revenues increased by 1 per cent.
Shares in Royal Mail are up 0.98 per cent to 351.40p.
Pound down against the euro this morning
In currency markets, sterling is down 0.39 per cent to €1.1444. Against the US dollar, the pound is flat at $1.2983.
Staunch Brexit supporter Jacob Rees-Mogg rejects draft Brexit agreement
Analyst sums up last night’s drama and the draft Brexit agreement
Michael Hewson, chief market analyst at CMC Markets UK, said: ‘The Prime Minister went to great pains to state that whatever people’s feelings about the shortcomings of the deal, of which there are many, and how unsavoury some of the elements in it are to both sides, it was this deal, no deal at all, and no Brexit, though for the latter to happen the Article 50 notification would have to be revoked, something that is likely to be just as contentious as the current Brexit deal.’
‘For some people “no deal” remains the preferred option, and while Labour have said they will vote the deal down, collective responsibility amongst some Labour MP’s hasn’t always been their number one priority.’
FTSE 100 up after May’s Brexit showdown meetings
The FTSE 100 index is up 0.51 per cent or 35.56 points to 7,069.35.