Dow opens lower and FTSE 100 falls 1%

Summary

London closes 83 points lower and Dow falls too
Bank of England chief economist suggests UK rates may need to be cut, not increased
2,000 Teesside steel jobs under threat
Lidl to pay higher wages to UK workers

Live Reporting

Ian Pollock

Has Andy Haldane got it right?published at 19:45 British Summer Time 18 September 2015
Jeremy Corbyn's economic advisor, Professor Richard Murphy, tweets his approval of the ideas coming today from the Bank of England's chief economist.
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
How should we take Andy Haldane's comments on a possible UK rate cut?published at 18:17 British Summer Time 18 September 2015
A former Bank of England economist (now at Birmingham University) writes....
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post 2
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post 2
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post 3
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post 3
London house sells for £85m?published at 17:34 British Summer Time 18 September 2015
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
Dream cars: What to buy with a big lottery winpublished at 16:22 British Summer Time 18 September 2015
From the Frankfurt Motor Show, Theo Leggett looks at what you could be driving away after that big lottery win.
Media caption,
Frankfurt Motor Show: What to buy with that big lottery win
Top economists in twitter-spatpublished at 16:03 British Summer Time 18 September 2015
Bank of England chief economist Andy Haldane is spouting rubbish says former MPC man Andrew Sentance
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
NME going free is a "no brainer"published at 15:35 British Summer Time 18 September 2015
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
BHS revamp: Will it work?published at 15:08 British Summer Time 18 September 2015
BHS chief executive Darren Topp says the turnaround plan for the ailing store group is "very clear", and includes re-branding the business and introducing food. Earlier this year the department store chain was sold for £1 by Sir Philip Green, the chairman of Arcadia Group. BBC business reporter Emma Simpson has taken a tour of a revamped BHS store and asks if the effort can tempt back shoppers.
Media caption,
BHS revamp: Will it work?
BBC man offers to eat his shoes if UK rates are cutpublished at 14:44 British Summer Time 18 September 2015
Live on Newsnight as well?
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
The new New Street station in Birmingham is revealedpublished at 14:16 British Summer Time 18 September 2015
Our man Peter Plisner is there....
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post 2
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post 2
Don't get hung up on productivitypublished at 13:54 British Summer Time 18 September 2015
James Sproule, chief economist at the Institute of Directors, tells us we shouldn't get hung up about this morning's productivity figures from the ONS.
Quote Message
It is not surprising to see that the UK continues to lag our G7 competitors in terms of productivity. There is, however, a significant silver lining to the structure of our economy. Britain has struck a balance between an open, competitive economy and a sensible level of employment regulation which should be the envy of Europe. We have high employment, strong wage growth and a level of flexibility which encourages entrepreneurship and innovation.
James Sproule, chief economist at the Institute of Directors
London is world's fifth most expensive citypublished at 13:31
Image source, AFP
London is the fifth most expensive city in the world to live in but wage levels have failed to keep up compared to other major centres, a report by Swiss Bank UBS has found. The capital ranks behind Zurich, Geneva, New York and Oslo when it comes to the relative cost of goods, including rent, but is in 13th place on a comparison of gross salaries.The study also finds that while it is cheaper to live in Sydney, Copenhagen and Chicago, residents there earn more relative to Londoners.
Force Friday (we know we're late but... )published at 13:11 British Summer Time 18 September 2015
OK so does anyone know where we can buy one of these please, at least one of us can think of a three year old who would love it.
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
Spotify takes to the stagepublished at 12:48
Music and technology journalist Stuart Dredge says Spotify has introduced a new feature, external for its desktop app.
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
Inflation target goalpostspublished at 12:39
BBC economics correspondent Andrew Verity tweets:
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
More on Haldanepublished at 12:32
Newsnight's economics correspondent tweets:
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
Haldane speechpublished at 12:23
BBC Newsnight economics correspondent Duncan Weldon tweets:
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
Could the Bank cut rates?published at 12:14
Image source, AP
Bank of England chief economist Andy Haldane is giving a speech in Northern Ireland this lunchtime. He says that "the case for raising UK interest rates in the current environment is... some way from being made". He adds that "while the UK's recovery remains on track, there are straws in the wind to suggest slowing growth into the second half of the year", such as softening employment and surveys slowing output growth. But perhaps the most interesting point is Mr Haldane's comment that there could even be a "need to loosen rather than tighten the monetary reins". Does that imply the Bank could cut - rather than raise - interest rates?
All aboard at New Streetpublished at 12:01
BBC transport correspondent Richard Westcott tweets from Birmingham:
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post
This Twitter post cannot be displayed in your browser. Please enable Javascript or try a different browser.View original content on Twitter
The BBC is not responsible for the content of external sites.
Skip twitter post 2
Allow Twitter content?
This article contains content provided by Twitter. We ask for your permission before anything is loaded, as they may be using cookies and other technologies. You may want to read Twitter’s cookie policy, external and privacy policy, external before accepting. To view this content choose ‘accept and continue’.
The BBC is not responsible for the content of external sites.
End of twitter post 2
European markets slidepublished at 11:52
Not a great end to the week for the markets. The FTSE 100 is off 1%, while Paris and Frankfurt have sunk about 2.5%. Robert Halver, head of capital markets at Baader Bank, comments:
Quote Message
The Dax is now very volatile and prone to fluctuations because it's clear that the monetary policy in the United States is being driven. It no longer dictates the rhythm but rather, it needs to turn to financial markets for orientation. The problem will now be that the longer an interest rate increase takes, the more unlikely it is. If stock markets go, up an interest rate increase at some point can become very dangerous and markets can be hit and the real economy could be severely damaged."
BHS wants to open new storespublished at 11:41
Earlier this year the department store chain BHS was sold for a princely £1 by Sir Philip Green, the boss of Topshop owner Arcadia Group. The buyers were a low-profile consortium of private investors. There was much speculation over their intentions for the business. The BBC's Emma Simpson spoke to chief executive Darren Topp, who said that only a handful of stores are likely to close and he hopes to open new shops. Watch her interview below.
Media caption,
BHS boss hopes to open new stores next year