Huhne calls for consumers to switch energy suppliers

 

Chris Huhne: "Consumers can know that they will get the fair deal as well"

Related Stories

Energy Secretary Chris Huhne has said that people have to check that they are on the cheapest available energy tariff and whether they could save money by paying by direct debit.

He was speaking after a summit with the six biggest power firms, consumer groups and regulator Ofgem.

The summit discussed whether bills were higher because of lack of competition.

The prime minister said that the government needed to work "harder and faster" to bring down energy bills.

David Cameron called for a "trusted, simple and transparent" market.

"We should be checking to see whether or not we're on the cheapest tariff," Mr Huhne said after the summit.

"We should be switching if we're not on the cheapest tariff and taking the opportunity ahead of this winter to really make sure that we're insulating so that we can save money."

'Inconvenient truth'

David Cameron: "We need to make sure that the energy market is competitive"

British Gas, Scottish Power, Npower and EDF have pledged not to raise prices again this winter.

SSE has already said prices will not rise again until August 2012 at the earliest.

However, Phil Bentley, the managing director of British Gas, the UK's biggest domestic energy supplier, warned that prices in the longer term would keep on rising because of the rising cost of gas on the international market.

"We are importing 50% of the gas that comes into Britain and we are having to compete for sources from the Middle East - Japan is importing huge amounts of gas on ships and that was gas that used to come into the UK market," he said.

Analysis

If anybody thought that at the end of today their energy bill was going to come rocketing down, then that absolutely was not the case.

Chris Huhne's argument seemed to be that at the end of the day it's up to us, the consumers, to shop around and we should not expect the government to somehow resolve the issue of high energy prices.

The difficulty is there is a limited number of levers the government can pull because these are private companies - they're not charities.

Chris Huhne has been going around today saying, "They're not the Salvation Army," and that pretty much is the bottom line.

"It is an inconvenient truth that unit prices of energy are going to go up.

"In my opinion unit prices will only go one way unless someone discovers huge amounts of gas and imports it into the UK: the international price for gas I am afraid is going up," Mr Bentley added.

Getting tough

Last month, Labour leader Ed Miliband attacked the "rigged" market in Britain, while Energy Secretary Chris Huhne said he planned to "get tough" with the firms.

Regulator Ofgem has predicted a rise in firms' prospective profit margins from £15 to £125 per customer - figures challenged by the industry.

Ofgem has also announced plans to simplify tariffs in order to allow customers to compare prices more easily.

Last week one firm, SSE, said its power would be sold on the open market rather than going straight to its supply arm.

Experts say if the other five big firms followed suit it could save customers a lot of money.

Reduce wastage

In a joint statement with Mr Huhne on the MoneySavingExpert.com website, Mr Cameron said they could not control volatile world energy prices, "but we can still help people get their bills down".

Ed Miliband: "The energy companies are not giving a good deal, a fair deal"

"The easiest ways to get energy bills down quickly are to get people paying the lowest possible tariffs and to reduce the amount of energy that is wasted," the statement added.

"Our intention is for today's summit to be the start of a much more active engagement with consumers, with us all working harder and faster to deliver an energy market that is trusted, simple and transparent."

But shadow energy secretary Caroline Flint insisted the government's "warm words" wouldn't "heat homes during a bitter winter".

"They're unable to take on vested interests, they won't tackle the spiralling prices imposed by the energy giants, they won't investigate the mis-selling of energy and they won't help the pensioners whose winter fuel payments have been cut," she said.

£1,000 level

The cost of gas and electricity has risen by up to 18% in the past few weeks, with the cheapest dual-fuel deals - for those with online deals - having risen above the £1,000 level for the first time.

This prompted the Department of Energy to call the summit to examine ways in which customers can take action to save money.

But the consumers' association Which? said the meeting should look at more fundamental factors affecting the market.

"We need commitments from suppliers and the government to put an end to practices that harm consumers and action to create a competitive energy market that works for everyone," said executive director Richard Lloyd.

Mike O'Connor, chief executive of watchdog Consumer Focus, said: "Government, energy firms and consumer organisations have a responsibility to make sure that consumers get all the help they need to cut their bills."

Simplification plan

Last week, the regulator, Ofgem, published its simplification plan, which said suppliers would be forced to have no-frills tariffs, which would consist of a standing charge - fixed by the regulator - plus a unit charge for energy used.

It means the only number consumers would have to compare between suppliers would be the unit energy charge.

Ofgem will publish its detailed proposals for consultation next month and hopes to have implemented some of its reforms in time for winter 2012.

A year of energy price rises

Month 2010-11 Company Price rise

Source: Company announcements

November

Scottish Power

Gas: 2% Elec: 8.9%

December

Scottish & Southern

Gas: 9.4%

British Gas

Gas: 7% Elec:7%

January

Npower

Gas & Elec: 5.1%

February

E.On

Gas: 3% Elec: 9%

March

EDF

Gas: 6.5% Elec: 7.5%

August

Scottish Power

Gas: 19% Elec: 10%

British Gas

Gas: 18% Elec: 16%

September

Scottish & Southern

Gas: 18% Elec: 11%

E.On

Gas: 18% Elec: 11%

October

Npower

Gas: 15.7% Elec: 7.2%

November

EDF

Gas: 15.4% Elec: 4.5%

 

More on This Story

Related Stories

The BBC is not responsible for the content of external Internet sites

Comments

This entry is now closed for comments

Jump to comments pagination
 
  • rate this
    -3

    Comment number 400.

    It is extremely difficult to compare privatised and nationalised energy industries in the UK as your only personal experience is based on a point in time and people tend to wear idealogical rose tinted glasses anyway.

    Whereas, if you look at Korea for guidance, the North is nationalised and the South is privatised. Be honest, which part of that country would you prefer to live in?

  • rate this
    +3

    Comment number 399.

    381 @thetropicalfish

    At least the high prices mean people use less and contribute less to the global warming which will eventually get us all. Every cloud and all that.
    *
    LOL, sorry but I think the extra cigars being smoked in a few weeks time by the directors of those privatised energy companies when they get their 'Fat Xmas Bonus' will probably cancel that out ;-)

  • rate this
    +3

    Comment number 398.

    Yet another PR exercise for the PM?
    Constant nonsensical headlines of David Cameron doing this or that completely meaningless - its the economy stupid! Go for growth and bin the disasterous austerity policy?

  • rate this
    +6

    Comment number 397.

    Mr Cameron doesnt have a clue. If he was serious which I doubt, he could always start up a uk gov energy company to undercut the competetors... oh of course I forget, we did have one, his predecessors sold it all off. Thats what we get for having a country run by shop keepers and bankers, they are always looking for a fast buck. Thats what needs to change, no more bankers or CEOs running uk ltd.

  • rate this
    +2

    Comment number 396.

    Measures should be in place to prevent energy companies imposing huge rises which few of us can afford. Whilst we all understand that companies have to make a profit it appears that the main reason for the huge increases is to pay high salaries and bonuses. We in Britain are squeezed to the limit and beyond.

  • rate this
    0

    Comment number 395.

    he c9ould cut V A T on domestic fuels .and review wind turbines ,are they value for money ?

  • rate this
    -3

    Comment number 394.

    Energy prices are still too low. We are still burning too much fossil fuel, and there is consequent trouble ahead.

    Don't whinge about the price of gas. Put on woolies, and turn down the thermostat.

  • rate this
    +6

    Comment number 393.

    Maybe this isn't going to appeal to some.. but the facts are that Gas (and other fossil fuels) is becoming unaffordable to the common man all over the world. New wealth in emerging economies and an ever rising world population are only going to send the cost one way. We need energy independance through investing in renewables and nuclear. It's the only viable option for the future.

  • rate this
    +2

    Comment number 392.

    So the energy companies are playing a game, let's look at things like they are properly, the energy companies are out to make as much money as they can, they do not give a damn about the likes of you & me, & for that matter nor does the government.

    They are only acting because they are being forced to do so because high energy prices are now crippling the economy which we all play our part in!

  • rate this
    +10

    Comment number 391.

    Lets have transpaency on the Green Tax on our bills to pay for all the wind turbines being erected. I think consumers will be surprised at the amount this is. I have no land so cannot erect a turbine. My property faces wrong way so cannot have PV panels yet i am paying in taxes for the very generous subsidies to anyone fortunate to have land and suitable roof space.

  • rate this
    -3

    Comment number 390.

    385.bombus
    "The nationalised energy companies always paid their way?And they were never held to ransom by unions either".
    You can't have been around in the seventies when we had power cuts all the time because of work to rule and union demands.

  • rate this
    +10

    Comment number 389.

    357.
    kaybraes
    When did a nationalised industry ever pay it's way ? When the power companies were state owned, the punter was continually blackmailed into higher prices by the unions.
    **Utter rubbish. 30yrs ago the % of income I paid for energy was a fraction of now. In the last 10yrs by spending £000s I have cut elec by 60% but bill is up by 110%. Plus far worse service. Private sector?

  • rate this
    +3

    Comment number 388.

    Without giving Offgen some Real teeth there is little the Government can do to limit prices.

    Oh Cameron & Co can waffle and spin but actually bringing down the price on Your bill its not going to happen in any real sense.

    Higher fuel prices are a result of China and India's economic expansion with no compensatory expansion in production of oil and gas. Its global market out there.

  • rate this
    +1

    Comment number 387.

    365.Marion Monahan
    It's all well and good encouraging people to get out more - but what about those not able to get out without assitance? Plus who wants to be out and about on a cold dark night?!

    I am paying out the nose for my rent, so if I want to enjoy my flat - I shouldn't be penalised by over inflated gas and electricity prices.

  • rate this
    +3

    Comment number 386.

    How many people think it's time to stop talking and start taking concrete action to stop the public being ripped off any longer. £1.38 for one litre of petrol - that alone should have been enough to motivate people to do something. If hundreds of thousands of people stopped paying their fuel bills we'd see some change really fast.

  • rate this
    +6

    Comment number 385.

    @ Kaybraes
    What are you on about? The nationalised energy companies always paid their way? As did British Telecom and the Water Board for that matter. And they were never held to ransom by unions either. Your memory seems defective.

  • rate this
    0

    Comment number 384.

    UK power 2000MW plants were designed for a 20-25 year life. Most are still operating after 40 plus years, the oldest Ferrybridge C is 46. These & plants will shortly close around 2015 leaving a deficit of firm reliable generation. We either pay for their replacement as taxpayers (nationalisation) or consumers (privatisation). It will probably be both.

  • rate this
    +1

    Comment number 383.

    I continue to hope that ITER might get past its problems, and that I might see the reality of fusion technology before I die (I'm still young yet). If it could be made to work then we would have pretty much limitless and almost free energy for all.

  • rate this
    +8

    Comment number 382.

    You have to laugh at the Cons.It was them that caused this crisis in the first place because of their ideology.They allowed the energy companys to run riot with costs by putting it all out to private hands under Major.Do you think that Cameron will force down prices.It would affect his dividends on his shares in the energy companys.I dont think so.How many Cons would complain of low divi payouts!

  • rate this
    -3

    Comment number 381.

    At least the high prices mean people use less and contribute less to the global warming which will eventually get us all. Every cloud and all that.

 

Page 31 of 50

 

More Business stories

RSS

BBC Business Live

  1.  
    IPHONE BLING 12:54:
    iphone 6

    Has luxury design company Brikk let the proverbial cat - or iphone 6 in this case - out of the bag? If you've got between £2,500 to £5,200 to spend and want to bling up your new iphone then this is for you. But have they guessed at the new iphone design or do they know something we don't? Still, if you do want a 24 carat gold iphone 6 with a diamond encrusted Apple logo you'll have to wait another month after the 6 is released. (As always, we must point out other luxury iphone bling merchants provide similar services - we think).

     
  2.  
    GKN RESULTS 12:46:

    We like companies that make things. We now catch up with results from GKN. The car and plane parts business reports a 6% rise in first-half profits to £296m. "We have continued to outperform our key markets and report good underlying financial results in spite of sterling's strength and some end market weakness - we expect these trends to be maintained," says chief executive Nigel Stein. Commentator Howard Wheeldon hails these as "an excellent set of results".

     
  3.  
    SUPERMARKET SALES 12:24:
    A sign for Lidl and Aldi

    Something else to pull out of the supermarket figures from earlier this morning. The Daily Telegraph has had a good delve and reckons German discount supermarket Aldi is poised to overtake Waitrose as the UK's sixth biggest supermarket. Given shoppers can buy a pheasant for a fiver in Aldi maybe Waitrose may have to consider lowering its prices? The Kantar Worldpanel figures show sales at Aldi grew 32.2% in the 12 weeks to 20 July, while Lidl saw sales grow 19.5%.

     
  4.  
    MORRISON'S CHAIRMAN 12:16: Via Email

    More on Andy Higginson's appointment at Morrison's. Matt Woodhams of retail consultants Added Value says: "Appointing Andrew Higginson seems like a bright idea... Higginson has a track record as one of the leaders of Britain's biggest grocery retailers during its halcyon days. The problem is that shoppers' needs and expectations have changed." Morrison's "will need much more than a high profile appointment" he adds.

     
  5.  
    UKIP SHOP 11:57:
    Anti EU bag

    Sales of hi-vis vests, silk ties and even jewellery raised £80,000 for UKIP in the past year reports the Financial Times. It has seen its Companies House filings. Recalling disgraced party member Godfrey Bloom's exhortation to women to clean behind the fridge, it notes UKIP steers clear of the fridge area entirely and does not do fridge magnets.

     
  6.  
    MORTGAGE LENDING Via Email

    Of course you don't have to take our word for it. Here's the ubiquitous Howard Archer, chief UK and European economist at IHS Global Insight: "The appreciable rise in mortgage approvals reported by the Bank of England in June fuels uncertainty as to whether the recent loss of momentum in housing market activity is likely to be lasting or just a temporary development related to changing mortgage regulations, and whether there will be a significant easing back in house price growth." Can't say fairer than that.

     
  7.  
    MARKET UPDATE 11:34:

    European shares are scraping a living now - all show minor (very minor) gains. Retailer Next stays a winner though - up 2.65% after giving a positive account of itself.

    • The FTSE is up 15 at 6803.01
    • Germany's Dax is up 11 at 9609.19
    • The French Cac-40 is up 3 at 4347.55
     
  8.  
    MORTGAGE LENDING 11:30:
    Table showing mortgage approvals for house purchase from March to June

    This table shows the potential impact of the MMR. Mortgage approvals were ticking along at around the 67,000 mark and then suddenly dropped in April when the new rules came in. Some feared the new rules were stifling lending. Others that it was an indication of rampant house price growth and borrowers over stretching their finances.

     
  9.  
    MORRISON'S CHAIRMAN 11:20: Via Email

    Andrew Higginson's new job as new chairman of Morrison's has generated something of a buzz in the City. Jon Copestake, retail analyst at the Economist Intelligence Unit says: "Having been passed over by Tesco for Philip Clark this Morrison's appointment gives Andrew Higginson an opportunity to prove himself with a big four retailer."

     
  10.  
    MORTGAGE LENDING 11:05:
    Chart showing mortgage approvals in June

    Monthly mortgage lending for house purchases rose in June to £10.8bn from £10.1bn, said the Bank of England. May mortgage approvals jumped to 67,196 in the month from 62,007. What has changed? Well, it's entirely possible that the regulatory bottleneck caused by European mortgage affordability rules introduced in April - given the catchy title of the Mortgage Market Review (MMR) inexplicably - is getting to the point of being cleared now mortgage lenders have got their heads around them.

     
  11.  
    AIRBUS CANCELS ORDER 10:44:

    Back to Airbus for a moment and it is worth pointing out that it is very unusual for a planemaker to cancel an order from a customer. Reuters news agency carries a statement from Skymark that explains (sort of) from its point of view how the cancellation came about: "[Airbus] said it would charge overpriced breakup fees for cancelling the purchase of A380s if our company decides to cancel," Skymark president Shinichi Nishikubo said.

     
  12.  
    SUPERMARKET SALES 10:30:
    A shopper selecting fruit

    The latest figures on supermarket sales are out from the well-watched Kantar Worldpanel. Tesco sales fell 3.8%, Asda sales rose 0.9%, Sainsbury sales were up 1.2%. All figures are for the 12 weeks to July 20. Overall sales were up 0.9% - the slowest pace of growth for 10 years.

     
  13.  
    AIRBUS CANCELS ORDER 10:15:
    A380

    Airbus confirms it has cancelled a deal for six A380 superjumbos for Japan's Skymark airline. The statement came a few hours after Skymark said it was locked in "difficult" talks over the order. There doesn't seem to be the vastest amount of confidence in Skymark's finances. Shares closed down 13% in Tokyo earlier.

     
  14.  
    BITCOIN BIG IN ROMANIA 09:58:
     bitcoin medals

    Bitcoin is big in Romania, says Reuters. The citizen's of Europe's second poorest country apparently remain distrustful of officialdom but are also tech savvy. Reuters adds Romania is among the worst at collecting taxes and fighting fraud, making it poorly equipped to manage the bitcoin.

     
  15.  
    INSOLVENCY FIGURES 09:47:

    Some 27,029 people went into personal insolvency in the second quarter of this year, a 5.1% increase on the same quarter last year, official figures from the Insolvency Service show.

     
  16.  
    MARKET UPATE 09:36:

    European shares are mixed. They started out good after a batch of encouraging company results. Retailer Next is among the big winners - up 2.45% to 6680p on the FTSE 100 so far.

    • The FTSE is 0.12% higher at 6796.35
    • Germany's Dax has just turned negative and is now 0.09% lower at 9589.54
    • The French Cac-40 is also down 0.18% at 4336.92
     
  17.  
    Via Twitter Adam Parsons Business Correspondent

    tweets: "Next now worth slightly more than Sainsbury's and Morrison's put together."

     
  18.  
    GHERKIN SALE 09:14:
    An aerial view of the "City", London"s business disctrict

    London landmark and general troubled child of the City's tall buildings, the Gherkin - otherwise known as 30 St Mary Axe - has been put up for sale for £64m. It was put into receivership with accountants Deloitte managing the place since April. Co-owners Evans Randall and German firm IVG told it to put it up for sale after they failed to reach a deal with their lenders over restructuring the building's mounting debts.

     
  19.  
    BANKERS ETHICS 08.58:
    Book

    Back to the proposed bankers' oath. Would it mean an end to such fines as the £218m Lloyds received yesterday for fiddling rates? Think tank ResPublic, which operates "on the premise that human relationships should once more be positioned as the centre and meaning of an associative society", hopes so. Click here to read what it suggests are the magic words.

     
  20.  
    RUSSIAN SANCTIONS 08:45: BBC Radio 4
    Russian President Vladimir Putin

    Former foreign secretary Sir Malcolm Rifkind is talking to the Today programme about the potential impact of sanctions on Russia. He says President Putin is unconcerned about his popularity at home. "This isn't about his popularity this is about imposing sanctions that will require Putin to change his policy," he says. Up to now, he says, sanctions have been "pretty useless". Sanctions need to be about serious economic damage to Russia, he adds.

     
  21.  
    UBS PROBE 08:35:
    The floor of the New York Stock Exchange on 28 March, 2014.

    The "Dark Pools" investigation widens to include UBS. The Swiss bank became the latest bank to say it is cooperating with inquiries about these alternative trading systems. Its second quarter report this morning said a clutch of US regulators, including the Securities and Exchange Commission, the New York Attorney General, and the Financial Industry Regulatory Authority had made inquiries. Banks Barclays and Credit Suisse are also involved in probes.

     
  22.  
    RUSSIAN SANCTIONS 08:25:

    Separately the US State Department has accused Russia of violating a key arms control treaty by testing a nuclear cruise missile. Russia tested a ground-launched cruise missile, breaking the Intermediate-Range Nuclear Forces Treaty signed in 1987 during the Cold War, the US says. A senior US official described it as "very serious" but gave little more in the way of detail.

     
  23.  
    PAY KICK? 08:13:

    Two fund managers overheard on the 06:45 to Vauxhall: "It's called a pay away, not a kick back." Business Live (not being perfect) does not know what this means. Any ideas?

     
  24.  
    HEADLINES
  25.  
    RUSSIAN SANCTIONS 08:05: BBC Radio 4

    One more from Malcolm Bracken on Today. He doesn't mince his words. He says: "Putin has looted an enormous amount of money from the Russian people." Mr Bracken adds he doesn't think the aim of sanctions will be to "devastate the Russia economy or isolate it from the world." But squeezing "the cronies" will be language Mr Putin can understand, he says.

     
  26.  
    NEXT PROFITS 07:53:
    Woman in picture

    Next also has results. First half profits at the clothing and homeware retailer rose 10.7%. Next tells investors to stand by for better profits of between £775m and £815m. Sales at the physical stores were up 7.5% and through the Next Directory were 16.2% higher.

     
  27.  
    BP PROFITS 07:43:

    BP says rising oil and gas production from new or recently started projects led to increased processing of heavy crude oil by the newly-modernised Whiting refinery contributed to operating cash flow of $7.9bn in the quarter. Total operating cash flow for the first half of 2014 was $16.1bn.

     
  28.  
    RUSSIAN SANCTIONS 07:36: BBC Radio 4

    The purpose of sanctions is to target the regime and [Russian president] Putin's cronies, not really the Russian people, Malcolm Bracken, analyst at Redmayne Bentley, tells the Today programme. "The mismatch," he says "Is that Russia needs German money from gas sales even more than Germany needs Russia gas." Germany can get its gas from countries other than Russia, he adds. But Putin can impose far greater economic pain on his people than Angela Merkel can on hers.

     
  29.  
    MORRISON'S CHAIRMAN 07:30:
    Signage for Morrisons supermarket on a trolley handle

    There's confirmation that former Tesco finance director Andrew Higginson will become the the new chairman of rival supermarket Morrison's when Sir Ian Gibson retires in 2015. Mr Higginson will join the board on 1 October as non-executive deputy chairman. He was finance director at Tesco between 1997 and 2012. He is currently chairman of Poundland, N Brown Group and McCurrach UK as well as a non-executive director at BSkyB.

     
  30.  
    BP PROFITS 07:17:
    British Petroleum sign

    BP has reported profits (second-quarter replacement cost profit - which strips out the effect of oil price movements) of $3.2bn, compared with $2.4bn a year earlier.

     
  31.  
    BIG CHEESE 07:13: BBC Breakfast
    Cheese

    The biggest event in the global cheese calendar starts today in Nantwich in Cheshire. Steph McGovern is at the International Cheese Fair for Breakfast along with the 4,500 cheeses there. Andrew Loftus, agriculture manager for Morrison's supermarkets says: "Customers need a big variety, the block cheese, the cheddars, but we also have our own range that we cut and grate in our factories."

     
  32.  
    BANKING ETHICS 07:03: Radio 5 live

    Control Risks' Charles Hecker on Wake Up to Money pulls together the two big topics of the morning - Russia and banking ethics. He says it's the ethics that attract them: "There is a reason why the British banking sector is by a mile the preferred destination for Russian financial transactions. It's seen as transparent and liquid market that is well regulated and is seen as clean." And they also like the flight time and the restaurants, he says.

     
  33.  
    UBS RESULTS 06:53:
    The logo of Swiss bank UBS

    Swiss bank UBS reports second quarter net profit of 792m Swiss francs (£516m), up from 690m francs last time. Results were whacked last year by a $885m settlement with the US housing regulator over the mis-selling of mortgage-backed bonds. The bank has still had to set aside 254m euros (£165.4m) this year, mainly to settle legal claims that it helped wealthy Germans to dodge taxes.

     
  34.  
    RUSSIAN SANCTIONS 06:41: BBC Radio 4

    In case you were wondering why sanctions were back on the news menu, last week, European leaders agreed there should be tougher sanctions on Russia after Ukrainian separatists brought down Malaysia Airlines MH17. This week they decide what sanctions should be applied and against whom or what.

     
  35.  
    BANKING ETHICS 06:31: Radio 5 live
    Triumph of Virtue and Nobility

    Would getting bankers to swear an oath promising good behaviour work? That's a suggestion by one think tank, ResPublica. It wants to introduce "Virtuous Banking". But the chairman of the Banking Standards Review Council, Sir Richard Lambert, tells Wake Up to Money an oath won't help to bring that about.

     
  36.  
    GAS GUZZLER 06:21:
    Mayor of London Boris Johnson

    London mayor Boris Johnson wants the drivers of diesel cars to pay an extra £10 - on top of the congestion charge it should be noted - for the pleasure of driving into the centre of the capital according to a report in the Daily Mail today. Other cities are also considering introducing low-emission zones to crack down on diesel fumes. These cars were once encouraged as being less polluting...

     
  37.  
    RUSSIAN SANCTIONS 06:08: Radio 5 live

    More from Charles Hecker. He tells Wake Up to Money: "I don't think anybody is that keen on sanctions that are going to impact on their own economic sectors." Part of the problem with European sanctions against Russia is the French have defence deals with Russia, there is a substantial amount of Russia money in the UK's financial services sector and Germany has energy deals with Russia, he adds

     
  38.  
    RUSSIAN SANCTIONS 06:01: Radio 5 live

    Charles Hecker of consultancy Control Risks tells Wake Up to Money targeted sanctions, whether against sectors of the Russian economy or against individuals, would have a potential impact and suggests the Russian economy is already teetering on the edge of recession. But he adds both Cuba and Iran have been subject to far more stringent sanctions and that further sanctions against Russia are unlikely to change the country's behaviour.

     
  39.  
    06:00: Rebecca Marston Business reporter, BBC News

    Yes, we're back. And we're here: bizlive@bbc.co.uk @bbcbusiness - should you wish to get in touch.

     
  40.  
    06.00: Matthew West Business Reporter

    Morning everyone. Yesterday afternoon we had a £218m fine for Lloyds for its part in the 2012 Libor scandal, while the think-tank ResPublica has suggested this morning bankers should take an oath - a bit like doctors - to fulfil their "proper moral and economic purpose". We also have second quarter trading updates from BP and Next this morning, plus more on Russian sanctions.

     

Features

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.