Shares on London's FTSE 100 Index are 0.67% higher this morning - after commodity firms wiped 2.8% off the index on Tuesday -  suggesting some investors sense an opportunity to make a few cheap gains. But the index remains below 6,000 at 5975.61. It's worth considering that at the start of the year much discussion was devoted to when the FTSE would crack 7,000 - which it did briefly - rather than whether it would fall below 6,000. It would now take a certain amount of bravery to predict where the index will be at Christmas. 

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Monique Goyens, director general of the BEUC, also tells Today that an Italian consumer organisation has made tests on VW cars in Europe and found “huge discrepancies” in the fuel consumption claimed by VW and the results of its own "on the road" tests. “It was something like €500 per year” she says. That consumer organisation has brought a court case against VW, she says, and a ruling is awaited. She calls for the European Commission to come up with an independent testing regime that takes account of "on the road" fuel consumption.

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The VW emissions scandal “doesn’t come as a surprise for European consumer organisations,” Monique Goyens, director general of the BEUC, which represents European consumer organisations, tells Today.

VW's share price in Frankfurt has taken yet another beating this morning. The company's preference shares are down 7.24% to €98.33 so far. That's after the last two days when more than 30% was wiped off the company's value. 

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"We recognise the inconvenience this placed on many of our customers and are very grateful for their patience and understanding. We are in the process of paying compensation," says United Utilities, external, after telling clients in the north west to boil their water following the discovery of a bug. It'll cost them £25m, they say.

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Martin Leach, former chief executive of Ford Europe tells Today the emissions scandal "is going to be huge for Volkswagen Group". But he adds: "I don’t think it will necessarily extend to other [car] manufacturers." VW have “willingly engaged in trying to defeat the intent of the emissions regulations in the United States. That alone is serious enough. I don’t think it necessarily extends out of the United States or indeed I’ll be surprised if it extends to other car manufacturers.” The strategy VW employed to defeat emissions targets in the US won't have been applied elsewhere, he says, because Europe is a couple of years ahead in terms of emissions targets. The requirement in Europe is slightly different, he adds. It's not just a question of dodging the test, Europe requires manufacturers to produce all cars to a particular standard.

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A little more from Professor Karel Williams of Manchester Business School. He tells Today the VW emissions scandal is one of culture within the company.

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Mike Hawes from the Society of Motor Manufacturers & Traders has been on 5 live defending the UK’s emissions tests. But, he says: “We need something that is much closer to reality." When asked by presenter Rachel Burden if this is the end of diesel, he says “absolutely not”.

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"Price increases have been muted," says distiller Diageo in its update ahead of its annual meeting later today, external. "Our reported results will be impacted by adverse exchange rate movements which at current rates will reduce operating profit for [2016] by approximately £150m against last year," it adds.

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The Volkswagen scandal has much wider implications for German engineering and even political relations, Professor Karel Williams from Manchester Business School tells Today. 

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VW is holding an emergency board meeting today and German newspapers are speculating that the company will dismiss the company's chief executive Martin Winterkorn. Professor Karel Williams from Manchester Business School tells Today we are in “completely uncharted waters”.

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Manufacturers have claimed there's no room to put pollution-limiting devices in their cars, Seb Dance, a Labour MEP who is on that parliament's environment committee tells 5 live. And yet there is room to put in the capability to cheat the tests, he says. "We need to be absolutely clear what our vehicles are emitting," he says. 

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Rebecca Harms, co-chair of the European Greens in the European Parliament. and MEP for Saxony, the German region that's home to VW, tells 5 live the company's boss Martin Winterkorn "must" resign. But: 

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Stuart Leach, managing director of crisis and litigation at PR firm Bell Pottinger in analysing how well Volkswagen are coping with all this tells Wake up to Money "They are taking responsibility," which is good. But what they do next is key. They need to show how it happened and how they will root out what happened, he says. "They must recognise the enormity of what they've done," he says.      

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The British government is calling for a European inquiry into the emissions testing matter. However, Ms Ellman says she may launch a separate probe: “The Transport Committee will certainly be asking some very key questions, and we might we decide to conduct an investigation into this issue", she says.

The Society of Motor Manufacturers & Traders (SMMT), which represents the UK automotive industry, explains that “all cars must complete a standard emissions test, which, unlike in the US, is independently witnessed by a government-appointed independent agency.” However, it adds that the “industry accepts that the current test method for cars is out of date and is seeking agreement from the European Commission for a new emissions test that embraces new testing technologies and which is more representative of on-road conditions."