Business Live: 5 June 2014 ECB rates

Live text

Reporting:

  • Jamie Robertson 
  • Matthew West 

Last updated 5 June 2014

STANDARD 06:00

Russell Hotten, Business Reporter

Good morning. A busy news day ahead. Please get in touch via email at bizlivepage@bbc.co.uk and twitter @bbcbusiness.

STANDARD 06:00

Howard Mustoe, Business Reporter

Good morning from the Business Live page. Today we bring you rates decisions from the EU and Bank of England, as well as rates news from the EU. Stay with us.

STANDARD 06:02 HOUSING

Radio 5 live

The Help to Buy scheme is a "sticking plaster" over the UK's housing problems, Lord Wolfson tells Wake Up to Money. The boss of retailer Next has offered a £250,000 prize for the best proposal for a new Garden City. "We have to stop cramming people into the same urban space," he says.

STANDARD 06:13 HOUSING

Radio 5 live

More from Lord Wolfson on his worries about the UK's housing shortage. "One way or another we have got to take the least attractive countryside and turn it into beautiful communities people want to live in," he tells Wake Up to Money.

STANDARD 06:22

Radio 5 live
Lord Wolfson

Interesting stuff from Lord Wolfson on Wake Up to Money about the UK's housing shortage and over-priced properties in the south east. "It's incredibly socially divisive... It increases the gap between young and old, rich and poor, and north and south. All this is bad for Britain." There's only one answer - build more homes, says the boss of retailer Next.

STANDARD 06:31 PPI SHORTFALL

BBC Radio 4

The BBC's Michael Robinson is on the Today Programme talking about the £1bn that banks and credit card firms are holding back from customers who reclaim mis-sold Payment Protection Insurance premiums. Ask your bank how they've calculated your compensation, he says.

STANDARD 06:36 FOOTBALL

Radio 5 live
Liverpool v Manchester City

With a new report showing that Premier League revenues broke the £3bn mark for the first time, it's a shock to learn that the top clubs only make 3% margin on profits. That's probably worse than supermarkets, points out Dan Jones, head of Deloitte's sports team, which compiled the report. He tells Wake Up to Money that in the Championship division, more money goes out on wages than is brought in via revenues. Quite some business model.

STANDARD 06:42 ECB RATE DECISION

BBC Radio 4

The European Central Bank reveals its decision on interest rates today. There's speculation the ECB could introduce negative rates on deposits, meaning lenders depositing cash with the central bank will be charged a penalty, says Jan Randolph, of IHS Global Insight, on the Today Programme. "It sounds dramatic but the impact will be a lot less."

STANDARD 06:55 FOOTBALL

Radio 5 live

More from Deloitte's Dan Jones, and his report into football finances. In the Championship division, where wages outstrip revenues, new rules have been introduced "to save clubs from themselves, and force them to break even," he tells Wake Up to Money. Yet, some clubs are now pushing back against the changes. "It's a strange set of economics," he says.

STANDARD 06:58 SOUTH KOREA

phones

South Korea's economic growth hit its highest level in three years for the first three months of the year, boosted by new home construction and exports of electronics. The Bank of Korea said Asia's fourth-biggest economy expanded 3.9% compared with a year earlier.