- Ben Morris
- Rebecca Marston
Last updated 10 June 2014Share
06:39Rebecca Marston, Business reporter, BBC News
Good morning. We're a bit later this morning as the website was having under-the-bonnet checks. From now though, stay on this page for the pick of the business news and the BBC's output.
06:39Ben Morris, Business Reporter
You can expect to hear more about personal debt this morning and Tesco's new current account this morning. Stay with us.
06:42 TESCO BANKBBC Radio 4
Tesco's launch of a current account is one of the lead stories on the Today Programme. In a report BBC Business Editor Kamal Ahmed says that Tesco believes that consumers are getting a "raw deal" from existing banks. Tesco's current account will pay 3% interest on credit balances.
06:49 TESCO BANKRadio 5 live
Tesco has had a financial services arm for some time - but did not offer a full current account. On Radio 5 live the boss of Tesco's bank, Benny Higgins, said he is not expecting a sudden rush of customers: "I don't think it's likely that it's an impulse buy and that we would have high levels of switching overnight. But I hope, in time, this will become a very good product for very many Tesco customers and beyond."
06:55 PERSONAL DEBTBBC Radio 4
More people are falling into debt because they can't afford basic household bills, according to the Money Advice Trust. Its chief executive, Joanna Elson tells Today that many people are not feeling the recovery because basic costs have been rising above the rate of inflation. She is "worried" about future rises in interest rates.
07:08 PERSONAL DEBTBBC Radio 4
Two thirds of UK household debt is on some kind of variable rate according to Ross Walker, senior UK economist at RBS on Today. As a result a rise in interest rates will "exert a squeeze on households", he says. Over the next two years debt-to-income levels could rise above the pre-crisis levels, he warns.
07:16 BP GULF PAYOUTS
The fall out from the Gulf of Mexico oil spill continues for BP. The US Supreme Court has refused to allow BP to stop paying compensation claims while it waits for a review of its settlements with businesses over the 2010 disaster. BP is unhappy it must pay some firms economic damages, whether or not they can prove the spill caused the losses.
Via TwitterAdam Parsons, Business Correspondent
tweets : "Buccellati boss Thierry Andretta joins board of Mulberry as independent non-exec"
07:24 TED BAKER
Ted Baker, the clothing company, reports a 17.9% increase in group revenue so far this year. Its been setting up in all sorts of places. Here's a few picked at random: Dubai, Glasgow and Philadelphia.
07:33 MARKETSBBC Radio 4
Investment banks, hedge funds and other investors like volatile markets because "they can benefit from other people's greed or fear", says Holly Cook, editor of the investment website Morning Star on Today. She is commenting on the lead story on the Financial Times. It says volatility has been "extinguished" by the action by central banks. But some analysts think it could be the "calm before the storm", the FT says.