Bank links interest rates to unemployment target

 

Bank of England governor Mark Carney: "People need clarity over interest rates"

Related Stories

Bank of England governor Mark Carney has said the Bank will not consider raising interest rates until the jobless rate has fallen to 7% or below.

Mr Carney said he expected this would require the creation of about 750,000 jobs and could take three years.

The UK unemployment rate currently stands at 7.8%.

The governor told the BBC: "We need to provide as much clarity and as much certainty about the path of monetary policy."

Speaking to chief economics correspondent Hugh Pym, he said such guidance was needed "so that people… at home, people who are running businesses, across the UK, can make decisions - whether they are investing or spending - with greater certainty about what is going to happen with interest rates".

He added: "In effect we are saying - 'we are providing guidance on what could happen with interest rates'."

The governor told our correspondent that such a move was needed now "when the recovery is just gathering some steam", and when financial markets might have therefore been expecting an adjustment in interest rates.

Mr Carney said that the 7% unemployment figure was not a target, but a point at which the Bank of England would re-examine interest rates.

The Bank's guidance is subject to three provisos; breaching any of them would sever the link between interest rates and unemployment levels.

These so-called 'knock-outs' are:

  • CPI inflation is judged more likely than not to be at or above 2.5% over an 18-month to two-year horizon
  • inflation looks like it could get out of control in the medium term
  • the Bank's Financial Policy Committee judges this stance poses a significant threat to financial stability

Start Quote

The Bank's new guidance makes the difficult trade-offs now facing the MPC more explicit. It does not make them go away ”

End Quote
'Renewed recovery'

Mr Carney said that until the unemployment threshold was reached the Bank would not cut back on its £375bn asset purchase programme, known as quantitative easing (QE).

The move sees the Bank of England joining both the US Federal Reserve and the European Central Bank in providing so-called "forward guidance" on interest rate policies.

Recent economic figures and surveys have suggested the recovery in the UK economy is picking up pace.

On Tuesday, official figures showed manufacturing output surged in June, while surveys have also indicated gathering strength in the service sector and housing market.

While upbeat on the prospects for the UK economy, Mr Carney said it had not reached "escape velocity" yet.

"A renewed recovery is now under way in the United Kingdom and it appears to be broadening," he said.

"While that is certainly welcome, the legacy of the financial crisis means that the recovery remains weak by historical standards and there is still a significant margin of spare capacity in the economy, this is most clearly evident in the high rate of unemployment."

'Confidence boost'

John Longworth, director general of the British Chambers of Commerce, said the forward guidance would reassure firms.

"This will give businesses a much-needed confidence boost when looking to invest, as they know that any plans will not suddenly be derailed by a hike in interest rates," he said.

Business lobby group, the CBI, echoed this sentiment, saying greater interest rate certainty and clarity from the Bank should provide a shot in the arm for business and households.

But Alan Clarke, director of fixed income strategy at Scotiabank, said unemployment could drop below 7% - the rate that would trigger a re-evaluation of interest rates - well before the Bank of England expects.

Start Quote

Home loan rates look likely to be lower for longer”

End Quote

"Our knee-jerk reaction is that 2016 is a rather conservative assumption," he said. "Our working assumption was that level of the unemployment rate could be reached at least a year earlier."

The possibility of an earlier-than-expected rise in rates lifted the pound on the currency markets, with sterling rising by more than a cent against the dollar to $1.5458.

'Significant caveat'

There had been widespread expectation that Mr Carney would commit the Bank to the new strategy.

With short-term interest rates already at historic lows, the aim is to reduce longer-term interest rates.

Knowing interest rates could remain low, potentially for years, gives banks and mortgage lenders the ability to "lock-in" customers at lower rates for longer.

Stocks fell after the announcement, with Joshua Mahony, research analyst at trading firm Alpari, saying markets had been underwhelmed by Mr Carney's announcement.

He added that rules about the circumstances in which the strategy would be terminated had brought a "significant caveat to the table".

Chart showing the UK unemployment rate since 1993
'Dismay'

The Chancellor, George Osborne, welcomed the move.

"I agree with you that forward guidance can play a useful role in enhancing the effectiveness of monetary policy and thereby support the recovery," he said in a letter to the governor.

Shadow chancellor Ed Balls also applauded the decision but warned it would be "very important that the MPC [Monetary Policy Committee] stays vigilant to inflationary risks".

George Osborne: "I very much support the decision... [People] are going to have greater certainty"

But pressure group Save our Savers expressed "dismay", saying it would cause further hardship for savers and pensioners, while continuing to favour borrowing at the expense of saving.

Meanwhile, Graeme Leach, chief economist at the Institute of Directors, said guidance "doesn't really take us forward" and called for radical supply side reforms to bring on a surge in productivity.

Supply side reforms include lower tax rates and less regulation.

The Bank of England's quarterly inflation report was more upbeat about economic growth than it had been in May.

It presents its forecasts as a range of possibilities rather than a specific figure, but predicted accelerating growth for the rest of this year, with its central forecast being for growth of about 2.4% in two years' time.

It also forecast that the consumer price index (CPI) measure of inflation was likely to be at its target rate of 2.0% during 2015.

The rate of CPI inflation increased to a 14-month high of 2.9% in June, up from 2.7% in May.

Housing bubble?

At the press conference where the new policy was announced, members of the Bank's MPC were asked whether they were concerned by claims the government's Help to Buy scheme was fuelling another housing bubble.

The Help to Buy scheme was launched in April 2013 and allows borrowers to take an equity loan from the government worth up to 20% of the price of newly built homes.

That, in turn, enables homebuyers to put down a deposit of as little as 5%.

From January next year, it will be extended to help buyers of existing housing.

Critics claim the scheme is artificially inflating house prices, leading to future problems when the support is withdrawn.

But Bank of England chief economist, Spencer Dale, said it was important to keep the size of the scheme in perspective.

"The current run rate of [Help to Buy] is something like 3% or 4% of total housing transactions," he said.

"It's done its job in terms of encouraging new house building, but the idea that it is somehow fuelling a housing boom doesn't stack up in terms of the numbers."

 

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
    -2

    Comment number 1145.

    Commenting here because there is no HYS item on the Scotland part of the "British" Broadcasting Corporation's website

  • rate this
    -2

    Comment number 1144.

    Adam @1141
    "your progeny want the same"?
    Meaning to perpetrate same fraud??

    IF we wish to break the cycle, the supposed 'game' of (unequal) opportunity and sham (NON-representative) democracy, the young need to make common cause with each other, AND with those amongst the older who NOW (if not always) would vote for EQUAL partnership

    Otherwise its 'see you in court', selfish hypocrisies matched

  • rate this
    +9

    Comment number 1143.

    #1136: poor lamb--only 2% on your horde after previous 6%.Very few here will have the slightest sympathy for yor selfish , greedy, Tory ways. Many people today have no pensions, no savings attracting your quite acceptable 2%. Get into the real world, sunshine and stop thinking about your horde when most folk haven't got one and can hardly afford food and housing now. Useless !!!!

  • rate this
    0

    Comment number 1142.

    People go on about how deep the recession is but if you have a job paying a reasonable rate( like a teacher) then there is no recession. I worked part time for Domino's( after I retired ). I was amazed the amount of people who easily order a pizza for £15.99( this is in Salford, the poorest City). There is loads of money in this country. You just need to find it if you can.

  • rate this
    0

    Comment number 1141.

    To all those rich baby boomers who benefited from 100% profit on their houses over the last 30 years - we, your children will now have to pay for your "success". Unlike you, selfish, sanctimonious swine, I am more concerned with the children of the 2000s; your grandchildren. You had it good during the boom; you cretins, for basic jobs. Stop whining when your prodigy want the same.

  • rate this
    +1

    Comment number 1140.

    I find it refreshing that clear parameters have been set - not all may like the policy but now we have something to either agree or disagree with. Previous uncertainty over interest rates month to month has not helped any degree of forward planning - we are off the fence and at least can decide which way to run!

  • rate this
    -1

    Comment number 1139.

    Interest rates are low, very important to dampen inflation, which could involve taxing the very rich and taxing heavily those that outsource jobs, because outsourcing makes the directors, mds, executives very very rich on the cost of unemployment to the masses...who is causing inflation if its not lavish spending by the very rich, something govt. dosnt tell you and always blame other factors

  • rate this
    0

    Comment number 1138.

    'Not by rates alone'
    For maximum, optimal, meaningful, democratic 'recovery', we require only shared desire for such, then the mobilisation of all energies (as able, in equal partnership, the aggregate of our equal incomes stabilising demand), and the deployment of shared capital (in part 'adjusted per capita' to sustain basic infrastructure, countywide; in part strategically, for shared return)

  • rate this
    0

    Comment number 1137.

    Interest rates can't go up, too many people on zero hour contracts. Without the despised unions fighting for us in the early 20th century, then you lot would all be on zero hour contracts, even you Tories amongst us. It would be like working and trying to find work in Dhaka, maybe that's what Osborne means by a flexible labour force. It's disgusting, no other word for it.

  • rate this
    -1

    Comment number 1136.

    Were we not urged in previous decades to save and make provision for our future/pensions etc? I tried to do this and my savings were doing alright until about 3 years ago when I was still getting 6% interest. Now I'm getting 2%. Not too difficult to do the maths on this: it's a 67% drop in income. It affects millions of people with modest savings and is daylight robbery by the banks.

  • rate this
    +1

    Comment number 1135.

    Bad times,good times and everything in between,follow the pattern.
    The facts are.......
    We are paying more for the same or less,
    Our pay is less in real or relative terms.
    The state provides less and you some how have to cover that new hole in the so called safety net even though your paying the same amount in tax & NI, with even less money,big surprise most cant!!!!
    Were not behaving responsibly?

  • rate this
    +4

    Comment number 1134.

    Carney has got it right..interest rates act as a pulse of an economy...if inflation goes up and unemployment is still rife, that means there is inequality in the economy, that is to say there is a very big gap between rich and poor..time to tax the rich or drive them out and uplift the poor to bring a balanced real economy in motion.that will be reflective of an inflation rate, jobs and prosperity

  • rate this
    -1

    Comment number 1133.

    Comment blocked on SF
    JfH@97
    "completely inexplicable"?
    John, we've been through this
    'Point of view', 'conflict of interest', 'sham democracy'?

    The matters you seek to address - the infinity that 'together' our own experiences suggest 'should' be addressed - are beyond practical grasp (in their entirety)probably for all of us

    We are too specialised, too busy. 'Heads down' anyway in fear & greed

  • rate this
    +1

    Comment number 1132.

    Whiy is this myth that Labour screwed the economy still being perpetuated to disguise the present coalition's failures?

    The current crisis was the result of realtors in the US selling toxic debt and banks buying it thinking the underlying asset is going to appreciate.

    This doesn't excuse Labour's failures but it certainly doesn't excuse the failure of this coalition. Nor their blatant cronyism.

  • rate this
    +1

    Comment number 1131.

    Politicians,the electorate we all play draughts,when the effects that will come are known to those that play chess,it's the same as a pre-election tax bribe of a penny less in the £ to pay in tax,the majority vote accordingly,and are shocked by the blindingly obvious tsunami when it arrives!!

  • rate this
    +1

    Comment number 1130.

    The usual smoke and mirrors from the gang in Westminster. The whole gang does only one thing; they look after their own interests. So, whatever they say, I just don't believe. Instead, I expect more of our money to go into the pockets of the politicians and their friends in big business. We really must rid ourselves of these people!!

  • rate this
    +1

    Comment number 1129.

    The longer interest rates stay low, the bigger this problem will become. Maybe this is why the Bank of England & Government keep on putting off increases in interest rates, I think there is a little of heads being buried in the sand here.

  • rate this
    0

    Comment number 1128.

    # 645 the Conservative are turning the economy around after the mess Labour left it in.
    .
    Carney has not so much poured cold water on the UK economy prospects but we have had the slowest output recovery on record and fixing rates until 2016 is not an endorsement of Osbornes fiscal policy. We have a high cost of living,pay packets eroding so people are unlikely to feel better for a while yet

  • rate this
    -1

    Comment number 1127.

    #1120.exstory

    1104. The missing word is 'disposable. The poorest have no (so-called) disposable income.
    /////
    Yes, thank you. You put it better than I did at this late hour!

  • Comment number 1126.

    All this user's posts have been removed.Why?

 

Page 1 of 58

 

More Business stories

RSS

BBC Business Live

  1.  
    PUBLIC SECTOR BORROWING 09:42:

    One of the reasons for the increase in government borrowing is that Network Rail has been moved from the private sector into the public sector. So all its associated debt has been added to the government's books. The Treasury hasn't provided a Network Rail figure for this tax year but says: "the reclassification of Network Rail adds £1bn to £2bn onto borrowing in most years and £4.6bn in 2013/14."

     
  2.  
    PUBLIC SECTOR BORROWING 09:35:

    The Office for National Statistics (ONS) says total public sector net borrowing for this tax year is - so that's since April - stands at £45.4bn. That's already half chancellor George Osborne's target for the whole year.

     
  3.  
    PUBLIC SECTOR BORROWING 09:31: Breaking News

    The government borrowed £11.6bn in August, official figures have shown. That's an increase of £0.7bn on the same month a year ago.

     
  4.  
    MORTGAGE LENDING 09:28:

    The number of mortgages approved stood at 67,019 in August, the BBA says. That's below the six month average of 70,764 and also lower than the 69,307 in July. But August generally sees a slowdown in the property market.

     
  5.  
    MORTGAGE LENDING 09:25:
    Graph showing mortgage lending since August 2000

    Mortgage lending rose 15% in August compared with the same month a year ago to £11.1bn, figures from the British Bankers' Association show. New affordability rules for mortgage borrowers introduced in April temporarily disrupted lending the BBA says. But today's figures suggest a more stable overall picture.

     
  6.  
    MARKETS UPDATE 09:21:

    The FTSE 100 is down almost 1% so far this morning, and there are some high-profile fallers. Tesco is down 4.7% so far, adding to its big losses yesterday. Mothercare has dropped a hefty 13% after announcing a £100m rights issue. And Tate & Lyle is down 18% after a profits warning.

     
  7.  
    LABOUR CONFERENCE 09:15: Via Blog Robert Peston Economics editor

    blogs: "Soak the London metropolitan rich and other putative baddies to pay for the NHS. That will be the, perhaps, quaintly old-fashioned leftist and populist message of Ed Miliband's speech to Labour's conference today."

     
  8.  
    EUROZONE 09:10: BBC News Channel
    News Channel

    Evelyn Herman from BNP Paribas tells the News Channel there were big moments of uncertainty over the summer which may have affected confidence in eurozone economies, including sanctions on Russia and more recently the Scottish referendum. But she says PMI numbers have not been a great indicator of growth in the eurozone over recent years, so we shouldn't read too much into them.

     
  9.  
    EUROZONE 09:01:
    flags

    The latest PMI numbers have been released by Markit in the last hour. They suggest growing divergence between Germany and France, the eurozone's two biggest economies. France's private sector output has fallen again, while Germany's is growing at a faster rate. But it's a mixed picture - Germany's manufacturing sector has also slowed.

     
  10.  
    LABOUR PARTY CONFERENCE 08:50: BBC Radio 4

    More from Chuka Umunna, who says people are worried about whether young people will be able to afford housing. He says Labour wants to boost the number of people going into apprenticeships and the minimum wage to help young people.

     
  11.  
    MOTHERCARE Via Twitter Adam Parsons Business Correspondent

    tweets: "Mothercare announced plans for £100m rights issue at 7am. Share price now down 13%. #NotImpressed"

     
  12.  
    MARKETS UPDATE 08:42:

    The FTSE 100 is down after about half an hour of trading this morning, with Tesco again among the big fallers. The supermarket is down 2.6%. Elsewhere in Europe, the Dax in Frankfurt and the Cac 40 in Paris are both down about 0.5%.

     
  13.  
    LABOUR PARTY CONFERENCE 08:41: BBC Radio 4

    Labour shadow business secretary Chuka Umunna is now on Today. He says Ed Miliband's speech later today will not be anti-business. He says the biggest issue for business at the general election will be Britain's membership of the EU, and Labour will only call a referendum if there is a proposal to transfer further powers to Europe.

     
  14.  
    LISTEN AGAIN 08:33: World Service

    Why are central European countries reporting falling gas supplies from Russia? Could this be the first sign of an impending winter energy stand-off as a result of the Ukraine crisis? Find out by listening to the Business Daily podcast from the World Service. Also in the programme, Lucy Kellaway asks whether gender and ethnic diversity in the boardroom are not always the great virtue they are made out to be.

     
  15.  
    TESCO 08:24: Radio 5 live

    Labour's shadow business secretary Chuka Umunna tells Radio 5 live he is deeply troubled by Tesco's £250m overstated half year profits forecast. He says he hopes this hasn't been happening at Tesco for a period of time.

     
  16.  
    TESCO Via Twitter Adam Parsons Business Correspondent

    tweets: "Tesco share price down 47% over the past year"

     
  17.  
    TATE & LYLE 08:14:

    Tate & Lyle's share price has also taken a hit - down 17% after its profits warning this morning.

     
  18.  
    TESCO 08:10:

    Tesco's share price is down again this morning, suggesting the arrival of new CFO Alan Stewart this morning may not be enough to satisfy investors. It has fallen 2.22% to 1.98p in the first few minutes of trading.

     
  19.  
    TATE & LYLE 08:06:

    Tate & Lyle has issued a profit warning this morning, blaming significant disruption to its supply chain and increased competition for its Splenda sucralose sweetener. Traders expect the company's shares to take a hit this morning.

     
  20.  
    TESCO 07:57: BBC Breakfast

    Steve Dresser from Grocery Insight tells Breakfast the biggest concern for Tesco investors is the possibility of more skeletons in the closet. "The real fear for the City is if they go further back in the accounts and realise this was an ongoing practice," he says.

     
  21.  
    TESCO 07:52:

    What will the market reaction be to Alan Stewart's early start as Tesco's finance director? Shares fell nearly 12% yesterday, wiping off more than £2bn from the value of the company. We'll find out what happens in about ten minutes when the market opens.

     
  22.  
    TOP STORIES
     
  23.  
    OIL PRICES 07:43: BBC Radio 4
    Oil pump jacks pump oil at Al-Jbessa oil field in Al-Shaddadeh town of Al-Hasaka governorate,

    Nick Butler, a former adviser to BP and a visiting professor at Kings College London, says the price of oil - already 15% lower this year - could fall to as low as $80 a barrel. He says Saudi Arabia could end up as one of the big losers. Saudi Arabia "will be squeezed" by other oil producing nations, he says. "They will be putting pressure on them to reduce production. Saudi Arabia could be forced to cut production to stabilise the price at perhaps $80, perhaps $85 a barrel."

     
  24.  
    TESCO Via Twitter Simon Jack Business correspondent, BBC News

    tweets: After uncomfortable moments yesterday when Dave lewis was asked he had a CFO or not, Alan Stewart starts today. M&S release him 2mth early.

     
  25.  
    TESCO 07:32: Kamal Ahmed BBC Business editor

    I am told that Alan Stewart's arrival came after a direct appeal from Dave Lewis to Marc Bolland who "graciously" allowed him to leave early.

     
  26.  
    MOTHERCARE 07:25:

    Mothercare has announced plans to raise about £100m from investors. The company's chairman, Alan Parker, says the rights issue is a "pivotal step" and hopes it will return Mothercare's UK business to profitability.

     
  27.  
    TESCO 07:23: Kamal Ahmed BBC Business editor

    The announcement that Alan Stewart is starting as Tesco's finance director today will bring some relief to investors. A business facing an accounting crisis with no chief financial officer was not exactly comfortable. Sir Richard Broadbent, the chairman, will hope that the move will quieten those who believe that he should consider his position.

     
  28.  
    TESCO 07:17: BBC Breakfast
    Breakfast

    Tesco's share price fell nearly 12% yesterday - that's £2.2bn off the value of the company. Kevin Doran from Brown Shipley tells Breakfast's Steph McGovern: "It's a significant fall because it's a permanent fall... this is a car crash happening in slow motion". He also says he would be "astonished" if this was the end of the bad news.

     
  29.  
    JIMMY CHOO STOCK MARKET FLOAT 07:15:
    A Jimmy Choo shoe

    Luxury shoes brand Jimmy Choo has confirmed its intention to float on the London Stock Exchange this morning. In a statement, chief executive Pierre Denis says the firm has "strong momentum" adding he is confident its future as a public company can only extend its reputation.

     
  30.  
    TESCO 07:13:

    Here's a link to that (very short) statement from Tesco on Alan Stewart's arrival. The supermarket faced criticism after yesterday's revelations that it would be effectively running without a CFO for the rest of the year, had Mr Stewart started in December as originally planned. Will investors react positively to this announcement at the start of trading?

     
  31.  
    TESCO 07:05: Breaking News

    Tesco has said this morning that its new chief financial officer Alan Stewart will join the company today. That's almost three months early.

     
  32.  
    SUGAR Via Twitter Adam Parsons Business Correspondent

    tweets: "Tate and Lyle: Disruption to supply chain in first half of the year has cost business £40m"

     
  33.  
    CHINA MANUFACTURING 07:03: BBC World News
    Rico Hizon

    Some apparently good economic news from China, according to World Business Report. Activity in manufacturing unexpectedly picked up in September according to the latest figures, even as factory employment slumped. Rico Hizon in Singapore tells the programme that it is a big relief for investors after a string of negative news out of China in recent weeks.

     
  34.  
    TESCO 06:59: BBC Radio 4

    Ms Palmer of Begbies Traynor tells Today when Laurie McIlwee resigned in April "it was allegedly due to some certain differences of opinion" between former chief executive Philip Clarke and Laurie McIlwee. "So it could well be that this issue goes that far back."

     
  35.  
    ROCKEFELLERS GO GREEN 06:49:
    Oil well

    The Rockefellers - the US industrial family that made a fortune out of oil in the late 19th century, is going to sell its investments in fossil fuels and reinvent itself in clean energy, according to US press reports. Rockefeller Brothers Fund, founded by the family heirs, has signed a pledge to get rid of fossil fuel assets.

     
  36.  
    TESCO 06:42: BBC Radio 4

    More from retail analyst Julie Palmer on Tesco. She says there has been "some concern over a period of time that the Tesco board just hasn't been strong enough". Tesco relies a lot on non-executive directors, she adds. It's also not clear how long former chief financial officer Laurie McIlwee has been absent from the company following his resignation in April.

     
  37.  
    TESCO 06:38: BBC Radio 4

    It looks like Tesco has "recognised the acceleration of payments from suppliers for in-store promotions and bonus payments, while deferring costs relating to food that is out of date and stock theft", Julie Palmer of Begbies Traynor tells Today (whatever this means). But she says it's not clear if they have broken accounting rules.

     
  38.  
    LISTEN AGAIN Via Twitter Adam Parsons Business Correspondent
  39.  
    LABOUR CONFERENCE 06:24: Radio 5 live

    British Chambers of Commerce boss John Longworth says Ed Balls' speech at the Labour party conference yesterday marked a "paradigm shift" in Labour's approach to business. He tells Wake Up to Money a slew of policy plans including cuts to business rates, infrastructure plans and a decision on Heathrow expansion are all good news. Suggestions that Labour is anti-business, he says, are "behind the curve".

     
  40.  
    RATES RISE? 06:18: Radio 5 live

    The Bank of England should raise interest rates straight away according to Jim O'Neill, the economist and former chairman of Goldman Sachs Asset Management. He tells Wake Up to Money: "there's no reason not to move right now", and more "conventional" rates will be appropriate for the recovering economy.

     
  41.  
    BARCLAYS FINE 06:10:
    A Barclays sign hangs outside a branch of the bank in the City of London

    Barclays Bank appears to have found itself in some regulatory hot water again according to the Financial Times. The paper reports the bank will later today be fined £38m for failing to keep client's money separate from its own at its investment arm. The fine, levied by the Financial Conduct Authority, would be a record for this type of misconduct.

     
  42.  
    TESCO IN SOUTH KOREA 06:03: Radio 5 live

    Tesco's troubles follow it to South Korea, the BBC's Steven Evans in Seoul tells Wake Up to Money. Regulators there have opened an investigation into Homeplus - a local Tesco subsidiary with 400 stores. Allegations include the selling of customer data, and the suggestion that a BMW car, meant as a customer lottery prize ended up in the hands of a friend of the staff - so not related to Tesco's current UK problems.

     
  43.  
    06:00: Edwin Lane Business reporter, BBC News

    There's also more on the Labour party conference, which continues today. Get in touch with us throughout the morning on bizlivepage@bbc.co.uk or on Twitter @BBCBusiness.

     
  44.  
    06:00: Matthew West Business Reporter

    Morning folks. This morning we have a trading update from Barclays bank as well as one from Punch Taverns. We also learned of 1,700 job losses at Phones 4U overnight. There are the latest set of public sector finances to examine later on. And there's bound to be more on Tesco's accounting irregularities. Stay with us.

     

Features

  • Peaky Blinders publicity shotBrum do

    Why is the Birmingham accent so difficult to mimic?


  • Oliver CromwellA brief history

    The 900-year-story behind the creation of a UK parliament


  • Image of Ankor Wat using lidarJungle Atlantis

    How lasers have revealed an ancient city beneath the forest


  • TheatreBard taste? Watch

    Are trailer videos on social media spoiling theatre?


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.