Summary

  • Royal Mail first half profits fall 6%

  • Seven Australian and New Zealand Bank traders suspended for interest rate rigging

  • Bank of England's Monetary Policy Committee voted 7 to 2 to hold interest rates at 0.5%

  1. Postpublished at 13:00 Greenwich Mean Time 19 November 2014

    Howard Mustoe
    Business reporter

    That's all from today. Many thanks to everyone for your avalanche of emails on pay. If we didn't publish yours, we are sorry. But there's always tomorrow. Join us from 06:00.

  2. Via Twitterpublished at 12:42 Greenwich Mean Time 19 November 2014

    World Service

    tweets, external: Areva shares plunge on profit warning. Bob Marley brand used for cannabis. Zambia economy special report. Listen: http://bit.ly/1Hk6IX6, external

  3. Via Emailpublished at 12:38 Greenwich Mean Time 19 November 2014

    An Office for National Statistics civil servant

    writes in: "I 'm a civil servant and so far this year haven't had a rise--my dept. is still ''negotiating''. We should have got it in August. We're not expecting more than the 1% we got last year following on from the freeze. Which for me was £13.28 a month. Maybe though I'll get a nice surprise since George is so happy--perhaps he's planning on giving me 4.1%. I believe in Father Christmas as well.................." We've redacted this person's name for what we expect are rather obvious reasons.

  4. Royal Mail profitspublished at 12:30 Greenwich Mean Time 19 November 2014

    Ofcom don't seem keen to bring forward any review. They say in a statement: "Protecting the universal service is at the heart of Ofcom's work, and our own evidence clearly shows that the service is not currently under threat. We are listening to the views of Royal Mail and other parties regarding competition in the market. We would assess any emerging threat to the service quickly, in the interests of postal users."

  5. Via Emailpublished at 12:21 Greenwich Mean Time 19 November 2014

    Mike Holden, an IT consultant

    writes: "I'm in a pretty well paid job but have not had a pay rise for 3 years. It's obvious that those in the top 5% of earners getting 10%+ pay rises year on year skew the statistics towards a higher median. So the government can actually use the massive increases for the City (and MPs, coincidentally), combined with ONS help in massaging figures to suit its case, to shout from the rooftops that average pay increased by 4.1%."

  6. Pay gappublished at 12:15 Greenwich Mean Time 19 November 2014

    payImage source, PA

    In April, the bottom 10% of full-time employees earned less than £288 per week. At the other end of the scale, the top 10% of full-time employees earned more than £1,024, says the Office of National Statistics. The ratio - the top 10% earning 3.5x what the bottom group earn, has remained about the same since 1997, says the stats agency.

  7. Via Emailpublished at 12:11 Greenwich Mean Time 19 November 2014

    Sue from London says: "I am a marketing director in the entertainment industry. I received a 2% pay rise in 2013 and 1% in 2014." Meanwhile, Dan in Chorley says: "In 2013 I changed jobs (promotion) and took a 21% pay rise. In 2014 in the same role I received a 1.5% pay rise." Stephen in London writes in to say he got 0% in 2009 "and every year since."

  8. Tending the weedspublished at 12:02 Greenwich Mean Time 19 November 2014

    World Service

    Over on the BBC World Service, reporter Tony Bonsignore has interviewed the boss of Privateer, the venture capital firm that has teamed up with the estate of Bob Mark to launch "Marley Natural" - the "world's first" global range of marijuana and marijuana-based products. Benjamin Kennedy told Newsday the tie-up with the Marley family is a natural fit, but that he doesn't use cannabis himself.

  9. Via Emailpublished at 11:55 Greenwich Mean Time 19 November 2014

    Stuart from Shropshire

    writes in: "Is Mr Osborne having a laugh? What rubbish figures have the ONS dreamt up this time? I have been working for the same crummy company for nearly 9 years and despite record turnover and profits and the group breaking into the FTSE 100 for the 1st time, we have just last week been insulted with a miserly 2% rise. What nonsense."

  10. Eyes on the prizepublished at 11:43 Greenwich Mean Time 19 November 2014

    tdkImage source, luke jones

    Piccadilly Circus and Times Square are poised for a billboard overhaul. But where are the world's "best" billboard locations? TDK, the Japanese electricity company whose advertising has loomed over the London tourist hotspot for 24 years, is not renewing its contract. Read more from BBC News Magazine.

  11. Via Emailpublished at 11:34 Greenwich Mean Time 19 November 2014

    Warren Carmody, a civil servant from Cambridge

    writes in: "In April 2011 and April 2012, as an NHS employee, I received no (zero) pay increase as part of the public sector austerity measures. In March 2013, I received the 1% increase awarded to NHS employees. In April 2014 I received no pay increase... But who cares about civil servants? 4.1% is a dream or a fantasy. I'm not sure which."

  12. Gender pay gappublished at 11:27 Greenwich Mean Time 19 November 2014

    The gender pay gap has shrunk to 9.4% compared with 10% in 2013, the ONS adds. "This is the lowest since records began in 1997, and despite a relatively large increase between 2012 and 2013, there is an overall downward trend, from 17.4% in 1997".

  13. Via Emailpublished at 11:20 Greenwich Mean Time 19 November 2014

    David Cook,

    writes in to to say: " I work in the NHS as a doctor. We got 0% this year on top of 1% last year and the year before!"

  14. Pay surveypublished at 11:10 Greenwich Mean Time 19 November 2014

    Graph showing pay growth over the last ten yearsImage source, ONS

    Despite the Treasury fanfare on the annual pay growth of those in full time work for more than a year, the above chart shows that pay growth for this particular group of individuals has essentially returned to the same level as in 2010. It also shows that pay rises were quite a bit higher before the financial crisis as well as showing the impact of the crisis on wages as well.

  15. Via Emailpublished at 10:59 Greenwich Mean Time 19 November 2014

    Mark Fielder, a software engineer from Heathrow

    writes in first of all to say simply: "0% in 2014, 0% in 2013". Do keep your emails coming in and we'll publish as many as we are able.

  16. Pay surveypublished at 10:54 Greenwich Mean Time 19 November 2014

    So this is what the ONS actually has to say on full time pay. Basically, the labour market changes from year to year. When new lower paying jobs are created or when highly-paid jobs are lost, this lowers the median - or middle - wage figure. Looking only at people who have been in their job for more than a year removes these fluctuations, says the ONS. Based on that approach earnings for this group grew by 4.1% in the year April 2014.

  17. Royal Mail profitspublished at 10:29 Greenwich Mean Time 19 November 2014

    Royal Mail share graph

    Royal Mail shares have dropped quite a bit this morning, following the publication of its half year results, which warned of increased competition from rivals like Whistl (formerly TNT UK). Shares are currently trading down 5% at 444p. That's still well above the price they were at its stock market debut last year.

  18. Pay surveypublished at 10:23 Greenwich Mean Time 19 November 2014

    Have you been one of the lucky people that has received a 4.1% pay rise in the last year? If so we want to hear from you. We understand you might want to talk about real numbers, but we're not asking for that. Just tell us what percentage pay rise you got this year, assuming you got one at all. Don't forget to give us your name and where you're writing in from to bizlivepage@bbc.co.uk or get in touch on twitter @bbcbusiness, external

  19. Pay surveypublished at 10:09 Greenwich Mean Time 19 November 2014

    Chancellor of the Exchequer, George Osborne has said in a statement that the latest figures from the ONS , externalon pay "shows that people who have been in a job for more than a year saw their pay rise this year by 4.1% on average, more than twice the rate of inflation." You'll note 4.1% is more than three times the current rate of Consumer Price Index inflation. We've asked the ONS whether the Treasury is correct in this rather bold assertion.

  20. Interest ratespublished at 09:58 Greenwich Mean Time 19 November 2014

    The Bank of EnglandImage source, PA

    Yet again Ian McCafferty and Martin Weale were the two members of the MPC who voted for an interest rate hike this month, although Mr McCafferty told LBC radio this morning the weakness in the eurozone economy was a worry. Some economists had expected Messrs McCafferty and Weale to vote to hold interest rates in light of the current economic climate.