Image source, AFP Getty Images

Shares in London have closed up strongly following comments by the Bank of England governor Market Carney that  interest rates could be cut as soon as next month, a move which could be seen as beneficial to companies which need to borrow.  

That would help companies that need to borrow money. There was a market rise in the markets as he delivered his speech, however the pound fell by more than 1% against the euro and the dollar. 

The FTSE 100 has closed up by 2.27% at 6,504.33.

The FTSE 250 which is more representative of UK companies, has closed at 16,271.07 - a rise of 1.68%.

If you want to read the full speech by Bank of England Governor Mark Carney then you can find it here, external.

Any cut in interest rates would mean cheaper borrowing for UK householders, but a further period of low returns for savers, he writes. 

But Mr Carney accepted there were risks to taking such action, and the effects on businesses and individuals. 

“As we have seen elsewhere, if interest rates are too low - or negative - the hit to bank profitability could perversely reduce credit availability or even increase its overall price,” he will say. 

He said the Bank would take “whatever action is needed” to support growth” but also stressed that the Bank could not in itself affect the direction of the economy. 

“Monetary policy cannot immediately of fully offset the economic implications of a large, negative shock,” he added.

“The future potential of this economy and its implications for jobs, real wages and wealth are not the gifts of monetary policy makers. 

“This will be driven by much bigger decisions; by bigger plans that are being formulated by others.” 

He assured the UK that it had one of the most flexible economies in the world.  

“The question is not whether the UK will adjust but rather how quickly and how well,” he said.

The Bank’s predictions are that growth will be slower than previously expected next year, he writes.

Until now the Bank had been predicting a fall from 2.3% to 1.6%, and that predicted slowdown was based on a vote to remain in the EU.

Interest rates are likely to be cut next month in response to Brexit, according to Bank of England governor Mark Carney. 

A deteriorating economic outlook means action from the Bank is likely during the summer, Mr Carney says.

The Bank rate - currently at a record low of 0.5% - is the Bank’s chief weapon. Mr Carney is speaking to business leaders in his second speech since the UK’s vote to leave the EU. 

“In my view, and I am not pre-judging the views of the other independent Monetary Policy Committee (MPC) members, the economic outlook has deteriorated and some monetary policy easing will likely be required over the summer,” he says.

This points to the likelihood of a cut to interest rates from their already record low. 

It also creates the distinct possibility of further quantitative easing over the summer. 

The MPC next meets in the middle of July and then again in August.

Bank of England governor signals that interest rates likely to fall as early as next month owing to the economic fallout from the UK’s vote to leave the EU.

Image source, Getty Images

My my, our readers are a witty and wine-literate bunch. Here are some more suggestions for the name Novak Djokovic should give his first wine (see previous posts).

Gamay set and match (Ramesh Sinha)  

Gewurtz Tram-liner (Neill Halliday)

Novak D'Avola     (Steve Boatright)

Serve-ignon blanc    (Debbie Shipley)

Beaujolais Novak (Gerard Sorme)

Djoko-Vin (Jason Swain)

Any other suggestions: bizlivepage@bbc.co.uk

Another question to the boss of Barclays, Jes Staley on the bank's plans post-Brexit ...

Simon Jack asks: "Adjust (your business model) means you might have to move people, right? I am not asking you to commit to numbers but you have to move to follow your customers?"

More from that interview with the boss of Barclays, Jes Staley ...

BBC business editor, Simon Jack, presses him on whether the bank will have to move jobs out of the UK. 

"If your ability to sell to your European customers were curtailed, that’s an if, it would be hard to imagine that you wouldn’t have to move jobs?" he asks.

Image source, Barclays

The boss of Barclays has been talking to BBC business editor, Simon Jack.

It's put to him that some his bank's neighbours in Canary Wharf - JP Morgan, HSBC - have said that in the event of the UK leaving the European Union the idea of passporting, being able to sell to customers outside Europe may be curtailed.

In fact, our correspondent point out, some people are saying passporting is dead. They have said they are going to move jobs to the EU.

He's asked what Barclays is going to do?

US stocks have opened higher as global markets continue to shake off the impact of last week’s vote by the UK to leave the EU.

Shortly after trading began the Dow Jones Industrial Average was up 41.09 points at 17,735.77, while the S&P 500 index rose 4.16 points to 2,074.93.    

Image source, Getty Images

The World Bank plans, external to provide $1bn to support initiatives in India to expand solar power.

By 2030 the World Bank hopes to triple the share that renewable energy has of Indian power production.

It's part of a wider project to boost solar energy in all developing countries, under a project led by the International Solar Alliance.

The alliance, which includes 121 nations, and was launched by India and France in Paris last November.

Image source, Shell

Football legend Pelé has been at Make the Future London, external - a festival of "ideas and innovation" at the Olympic Park that is part of Shell's drive to increase access to affordable energy.

The four-day festival showcases the ingenuity of 50 of the world’s smartest entrepreneurs, who are helping communities find ways to gain access to cleaner energy.

Shell installed the world’s first player-powered football pitch in Rio de Janeiro working with Pelé, who is pictured with Shell UK chairman Erik Bonino (left) and Shell chief executive Ben van Beurden (right).

Image source, Wireless Group

According to the statement from Wireless, News Corp thinks the broadcaster is an "excellent strategic fit with its existing operations". 

"Wireless' audience complements the audience of The Sun, and there is significant opportunity to increase engagement and monetisation through cross-promotion and leveraging Wireless' and News Corp's respective talent and advertising sales forces. The acquisition also raises the prospect of further international digital expansion for the Wireless brands."

TalkSport owns the radio and digital audio broadcasting rights for the Premier League, the FA Cup and the EFL Cup.

It also owns digital stations including the revived Virgin Radio, as well as 12 independent local radio stations in England and Wales.