Kevin Peachey
Personal finance reporter

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Three-quarters of those in serious debt are afraid to open their post, and one in 10 do not have a bed.

They are among the everyday realities of living with unmanageable debts, according to a review by charity Christians Against Poverty.

Their typical client seeks help after building up debts of just over £14,000. Most of that money is borrowed from family and friends or is loaded on credit cards.

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Lee Hardman, currency analyst at MUFG says the pound has been supported this morning by "building speculation that the new UK government will shift to a softer Brexit stance".

He says that speculation has been fueled by the removal of David Jones, a minister in the Department for Exiting the EU.

However Mr Hardman makes this point:

"It will be interesting to see how the new government is able to soften the Brexit stance, which is easier said than done in reality.

"A shift to a softer stance could alienate hard Brexit supporters within the Conservative party thereby making the new government even more unstable."

Theresa May must work with other parties on Brexit and cannot just rely on the support of the DUP, says Ken Clarke, a Tory MP and former chancellor of the exchequer.

He says both parties are split on the issue and it is unclear what vision of Brexit voters want. However, he says the parliamentary process is capable of resolving this in the national interest.

He says the priority now must be to ensure continued tariff-free access to the Single Market after we leave the EU, and that both Labour and the Tories may have to revisit their promises to end free movement.

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Fabergé, the maker of bejeweled eggs, may soon be part of a company that owns Wolverhampton Football Club.

Fosun International, the Chinese conglomerate which also controls Club Med, has confirmed that it has made a £225m offer for Gemfields, the precious stones miner which also owns Fabergé.

It follows a bid for Gemfields by Pallinghurst last month. The South African private equity group is the largest shareholder in Gemfields.

Shares in Gemfields rose 9.8% in early trading.

The Bank of England will decide on interest rates on Thursday. An interest rate move is unlikely. However, Andrew Sentance, a former member of the panel that sets interest rates, thinks it is time for a rate rise.

Image source, Mulberry

Mulberry shares are down 2%.

The luxury handbag maker has reported a jump in full-year profits, helped by an increase in tourists taking advantage of the weak pound.

The company said pre-tax profits in the year to 31 March rose 21% to £7.5m, while revenue was up 8% to £168.1m.

"In the UK, like-for-like sales were up 2% and continue to benefit from an increase in tourist spending in London, although domestic demand has been softer," the group said.

The pound has moved higher in early trading. A short while ago it was trading more than a third of a cent higher at $1.2785. That builds on strong gains made on Tuesday after stronger than expected inflation figures were released.

As for shares, the FTSE 100 is little changed at 7,503.

Gisela Stuart, former Labour MP and Leave campaigner, says that despite the election result, the EU referendum result was clear and must be delivered upon.

She says voters want to leave the ECJ, Customs Union and the Single Market. She adds reports the government might now seek membership of the Customs Union after Brexit would stop the UK forging new trade deals with other nations and should be dropped.

She says a thriving economy depends on a functioning liberal democracy, and when 80% of voters have backed parties who accept or support Brexit, parliament must accept this.

BBC Assistant Political Editor Norman Smith reacts to that interview with Labour's Rebecca Long Smith.

Today Programme
BBC Radio 4

Shadow business Secretary Rebecca Long Bailey is challenged over whether Labour's position on Brexit is actually very clear.

"What we've asked for is impediment free access to the Single Market," she said.

Should the European courts have powers in the UK and is Labour happy with freedom of movement?

"These are points for negotiation," she said.

"There will have to be some element of free movement."

She sees an "agreement" with Europe over regulation that would be in the interests of business.

Today Programme
BBC Radio 4

As Brexit approaches the UK should be looking to do more trade with China, says Lord Sassoon, head of the China-Britain Business Council.

He says China has become "intensely" interested in the UK's technology and other sectors and is keen to strengthen ties after Brexit.

For the UK, he says it is vital the government focuses on China - its fourth largest export market. He will not comment directly on the uncertainty faced by British business after the election, but says firms were very happy that Chancellor Philip Hammond visited China during the campaign.

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Mark Boleat, deputy policy chief for the City of London, rejects EU proposals to take euro-clearing business from London back to the continent.

Governments should not stipulate where clearing is done, he says.

"Dollar clearing is done in London, that is where the market is, and the market for euro-clearing is London because that is where the best facilities are, that is where the liquidity is."

Today Programme
BBC Radio 4

The EU yesterday put forward plans to take back billions of pounds worth of euro-denominated clearing business from London after the UK leaves the bloc.

Hubertus Väth, managing director of Frankfurt Main Finance, which represents the financial district in that city, says Frankfurt is keen to take some of this work.

He accepts London is the centre of derivatives trading, but says it has a "near monopoly". The more spread out the market is, the more competition there is, which will lower "systemic risks".

Image source, WH Smith

WH Smith has released, external a trading update.Like-for-like sales were flat.

Its travel business which has outlets at airports saw sales rise 8%, however its High Street business saw like-for-like sales fall 4%.

The company said the broader economic environment remains "uncertain" but it is "confident" about the outcome for the full year.

Today Programme
BBC Radio 4

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US interest rates are likely to head higher today.

Policy makers at the US Federal Reserve announce their decision later.

Jane Sydenham, an investment director at Rathbones, tells Today: “The Fed feels the US economy is strong enough to move back to a more normal level of interest rates."

The Bank of England’s Monetary Policy Committee will meet on Thursday but Ms Sydenham says it is highly unlikely to raise rates until 2018 or 2019.

Image source, Reuters

The world's biggest fashion retailer, Inditex has reported, external an 18% rise in first quarter profit to 654m euros.

The owner of Zara and other brands opened 93 stores during the quarter.

It also launched online operations in Singapore, Malaysia, Thailand and Vietnam.

It intends to open an online service in India in Autumn of this year.

Today Programme
BBC Radio 4

More on Uber.

Dave Lee, the BBC's North America technology correspondent, says the firm grew at such a rate that it forgot to deal with the basics in terms of its HR policies.

It wasn't just the way it handled discrimination claims, he says, citing the firm's recent internal review. It was also about smaller details, such as the fact many Uber managers responsible for hiring people had not been trained in basic interview techniques.

"In almost every company in the world that should be standard practice, so alongside the more serious allegations these details are almost as shocking, as it shows a lack of care in building this company in a mature way."

He says that boss Travis Kalanick - who has temporarily stepped down - may well not return to the role, or if he does will do so in a diminished capacity.

Today Programme
BBC Radio 4

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As we have been reporting, Uber boss Travis Kalanick plans to take time away from the company after an internal review of the firm’s work practices.

The review was sparked by a former employee's claims the company ignored her complaints about sexual harassment, and has led to more than 20 staff being fired.

Freada Kapor Klein, a venture capitalist and early investor in Uber, tells Today: “Some of the things that account for Uber’s outside success - their business aggressiveness for instance, the speed at which they went to hundreds of cities - had to do with not accepting usual limits, not taking no for an answer.

“That same dynamic leads to a very unhealthy culture when it comes to employees.”

There is much discussion over Brexit in the newspapers this morning. The Times says that Chancellor of the Exchequer Philip Hammond is pushing hard for the UK to stay in the EU customs union.

The FT's veteran commentator Martin Wolf says "the UK is in a spectacular mess".

Apple's confirmation that it is working on self-driving cars, makes the Guardian business pages. Apple is focusing on the software that would control cars, rather than building cars, the report says.

Image source, AFP

Reports in Hong Kong say that a record price has been paid for a parking spot.

According to local media a space has been sold for HK$5.18m (£520,000; $664,000).

In other parts of the town this might get you a two-bedroom place, but downtown the money was only good for a 188 square foot space for a car in a residential block.