Summary

  • FTSE 100 and FTSE 250 both end the day up by more than 1%

  • Osborne signals abandonment of Budget surplus target

  • UK government bond yields tumble

  • Shell boss in North Sea rethink

  1. What Mark Carney meantpublished at 07:46

    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
  2. Free electricity at weekendspublished at 07:40 British Summer Time 1 July 2016

    Brian Milligan
    Personal finance reporter

    Smart meter next to plate of toastImage source, Smart Energy GB

    British Gas will offer free electricity for eight hours at weekends to two million customers who have smart meters installed.  

    Customers should see savings of £60 a year, the company said.

    They will be able to use the deal between 9am and 5pm, either on a Saturday or a Sunday.

    But experts said it wouldn't necessarily be the cheapest deal on the market.

  3. Trinity Mirror revenues slidepublished at 07:24

    Daily Mirror front pageImage source, Trinity Mirror

    Not a pleasant trading update for Trinity Mirror, external today. Group revenue fell by 8% over the 27 weeks to 3 July, with print advertising tumbling 17%. Overall publishing revenue fell by 8%, despite a jump in digital revenue.

    The Mirror publisher says it will continue to invest in digital, and "take the necessary mitigating actions to support profits given the increased uncertainty" from the Brexit vote.

    Shares in Trinity Mirror have tumbled almost 80% this year, valuing the company at less than £250m. That's little more than what News Corporation paid yesterday for Wireless Group, the owner of radio stations including TalkSport.

  4. Tesla on Autopilotpublished at 07:16

    Technology correspondent Rory Cellan-Jones reminds us of his experience in a Tesla on Autopilot in the wake of the first US death potentially caused by a car's self-driving technology.

    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
  5. Farmers call emergency talkspublished at 07:08

    BBC Radio 5 Live

    Sheep on Yorkshire moorsImage source, Getty Images

    The National Farmers Union is holding an emergency meeting today to discuss how to keep British farming competitive when the UK leaves the EU. 

    NFU president Meurig Raymond tells Wake Up to Money the government needs to ensure UK farmers are not left disadvantaged against their European competitors.

    Some 63% of its exports are into the EU, so the tariffs charged on British farming produce will be an important part of the Brexit negotiations, he adds. 

  6. Shell boss says 'wait and see' on Brexitpublished at 06:59 British Summer Time 1 July 2016

    Today Programme
    BBC Radio 4

    Ben van Beurden

    Shell is the biggest company on the FTSE 100 and has the slightly unusual set-up of having a dual head office in both London and The Hague. Chief executive Ben van Beurden says the oil giant is adopting a “wait and see” approach following the Brexit vote, the fallout from which he says will be a “major distraction” from other issues for Britain. 

    He hopes that the UK will continue to have access to the single market and free movement of labour, but in the short term nothing will change, with Shell continuing to recruit and invest here.

    However, Mr van Beurden admits that Shell's UK operations could be “less efficient” without free movement of people.

    We're also quite impressed that the Shell boss is already dressed for his shift at a petrol station later on.

  7. 'Spoilt goods'published at 06:49 British Summer Time 1 July 2016

    Today Programme
    BBC Radio 4

    Mark CarneyImage source, Getty Images

    Savvas Savouri, chief economist of asset manager Toscafund, has some punchy words for Mark Carney. He tells the Bank of England governor to take a "crash course in macroeconomics" and that Carney and Chancellor George Osborne are both “spoilt goods”.

    Why so mean? Dr Savouri thinks the UK does not need a rate cut and that a slide in the pound is a good thing. “A weak currency cannot fail to lift an economy,” he tells Today.

    The slide in sterling will boost sectors such as tourism and manufacturing - and help to raise inflation from its 0.3% level.  

    Dr Savouri also confidently predicts that “in a year’s time, the FTSE will have soared”. He'll even put money on it.

    Toscafund produced a report earlier this year saying the UK would be better off outside the European Union.

  8. Tune inpublished at 06:40 British Summer Time 1 July 2016

    BBC Business Live

    Coming up at 08:30, Business Live on the News channel will have the Shell chief executive among its guests...

    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
  9. Bolton building firm 'calm' on Brexitpublished at 06:31 British Summer Time 1 July 2016

    BBC Radio 5 Live

    Peter Jackson, chief operating officer of Seddon Construction, a family-owned builder based in Bolton, says the company is taking "a calm outlook" following the Brexit vote.

    "Housebuyers are quite philosophical, they say life goes on," he says. 

    One of the firm's big concerns, though, is how the influx of workers will be affected by the UK leaving the EU. European workers "help finish things off," he says. 

  10. BoE 'steps up to the plate'published at 06:20 British Summer Time 1 July 2016

    BBC Radio 5 Live

    Mark CarneyImage source, PA

    Bank of England Governor Mark Carney yesterday hinted at fresh economic stimulus measures over the summer in response to the Brexit vote. 

    His comments were widely interpreted as meaning lower interest rates, more quantitative easing, or both.

    Marian Bell, a former member of the Bank's rate-setting committee, says the BoE has been the only institution to "step up to the plate" following the referendum.

    What Mark Carney is really saying is we're now likely to see a smaller economy, less growth with the risk of more inflation, she tells Wake Up to Money.

  11. Asian markets in positive territorypublished at 06:14 British Summer Time 1 July 2016

    Asian trader behind screensImage source, AP

    Stock markets in Japan, Korea, Australia, and China are all showing gains.

    They are picking up where Wall Street and London left off last night following Bank of England Governor Mark Carney's hints of monetary easing to cope with Brexit.

    "Thank you Mark Carney," says the BBC's Rico Hizon. "You have helped the Asian markets rise for the fourth straight trading day." 

    He adds: "With the gains today, Asia has recovered nearly all of its Brexit losses."

  12. Tesla chief: 'Our condolences'published at 06:07 British Summer Time 1 July 2016

    Elon Musk, founder and chief executive of Tesla, tweets after the fatal crash... 

    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
  13. US investigates Tesla after fatal crashpublished at 06:04 British Summer Time 1 July 2016

    Tesla car logoImage source, Getty Images

    The pioneering electric car company Tesla, and its self-driving technology, is being investigated after one of its cars crashed into a trailer. 

    The driver of the Tesla was killed in the incident in Florida in May. Under scrutiny by US authorities is a Tesla feature called “Autopilot”.

    In a statement, the car maker said it appeared the Model S car was unable to recognise "the white side of the tractor trailer against a brightly lit sky" that had driven across the car's path.  

  14. Good morning!published at 06:01 British Summer Time 1 July 2016

    Welcome to Friday's business live page. A week ago we were waking up to the news that the UK had voted to leave the European Union. 

    Seven days on, the FTSE 100 is back above pre-Brexit levels, but the pound is still heavily down against other major currencies, and some domestic stocks - banks and house builders in particular - are much lower than before the vote. 

    Today, Asian markets have again seen gains and have now recovered nearly all of their Brexit losses.