Business Live: Payday lender ad ban?

Live text

Reporting:

  • Anthony Reuben 
  • Pia Gadkari 

Last updated 20 December 2013

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Pia Gadkari, Business reporter, BBC News

Good morning everyone. We're here for the last live page of 2013, and it's already looking like a busy morning. We'll be getting a bunch of official statistics - the last big release of the year. It's also the last day to mail your first class parcels in the UK if you want Royal Mail to deliver them by Christmas,. Stay with us, we'll be here till 13:00 GMT.

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Anthony Reuben, Business reporter, BBC News

Good morning. We know lots of organisations are desperate to squeeze their news out today before Christmas, not least the Office for National Statistics, so stay with us until lunchtime and do get in touch via bizlivepage@bbc.co.uk or tweet @bbcbusiness.

STANDARD 0608 PAYDAY LOANS

Payday loans sign

A committee of MPs has called for a ban on payday loan advertising on children's television, because it could expose children to the idea that loans were "fun, easy and an appropriate way to access finance". One major lender - Wonga - said it was a "myth" that it advertised on children's TV or programmes.

STANDARD 0616 FIGHTER FAILURE

The Financial Times is reporting that defence manufacturer BAE Systems has seen a deal to sell 60 fighter jets to the United Arab Emirates fall through. It adds that talks for a separate order from Saudi Arabia have also stalled. The developments look bad for Prime Minister David Cameron, who has made two visits to the Gulf trying to persuade them to put in the order, it says.

STANDARD 0617 UNEXPECTED SHEEP

Sheep

For those of you desperate for an update on yesterday morning's unexpected sheep outside BBC Broadcasting House (and we know there are many of you) it turns out they were ovine performers in the Wintershall Nativity, which was performed outdoors yesterday evening. Must have been pretty damp. Reviews as soon as we see them.

STANDARD 0619 PAYDAY LOANS

Radio 5 live
Richard Griffiths

Richard Griffiths from the Consumer Finance Association, which represents some payday lenders, tells Wake Up to Money: "We recognised over a year ago that... the adverts are not relevant or necessarily appropriate for children so we got our members to commit at that point that they wouldn't be advertising on children's TV."

STANDARD 0630 EUROPEAN BANKING UNION

Radio 4

Radio 4 is digesting the plan agreed by EU finance ministers to sort out banks that fail in the future. Lena Kormileva, chief economist at G+ Market Economics, says the results are "underwhelming". She adds that the fund does not have enough money in it, so individual governments might still have to step in to save a failing bank. "Banks live internationally, but they die at home," she says.

STANDARD 0634 FAREPAK FINE

Radio 5 live

James Bevan from CCLA Investments comments on the news we brought you yesterday about the accountants EY (formerly Ernst & Young) being fined £750,000 for failures in its auditing of the Christmas saving club Farepak: "It's outrageous isn't it? This was an audit that failed comprehensively to understand that Farepak could not carry on. What amazes me is that there is no full apology."

STANDARD 0644 THE BOSS

Radio 4
Dermot Boyd

The head of the shopping channel QVC UK is in the Radio 4 studios, talking about the role of the presenters in selling products. Dermot Boyd says you don't want to go for the hard sell on air, because, "We find that one to two weeks later, you get an awful lot of stuff back." Most of the customers are women, aged over 30, he adds.

STANDARD 0701 UK UNEMPLOYMENT

How has the UK managed to keep unemployment so low, despite suffering such a serious recession? Stephen Fidler, writing an opinion piece in the Wall Street Journal, says falling wages and a big drop in productivity have something to do with it, but the trend is puzzling and hard to copy. His story comes in the week the UK saw unemployment drop to 7.4%.