Business Live: Wednesday 18 June 2014

Live text

Reporting:

  • Ben Morris 
  • Simon Tulett 

Last updated 18 June 2014

STANDARD 06:00

Ben Morris, Business Reporter

Good morning. Wake up to Money are taking a special look at food this morning. Tasty stuff. Stay with the live page.

STANDARD 06:02

Simon Tulett, Business Reporter

We're also expecting some clues on when the Bank of England might raise interest rates - the minutes of its latest monetary policy committee (MPC) meeting are published at 09:30. We'll have all the reaction.

STANDARD 06:05 FOOD PRICES

Radio 5 live

Yesterday's inflation figures showed the biggest drop in food prices since 2006. Wake Up to Money is having a closer look at the downward trend. Ian Richardson a Cheshire farmer thinks supermarkets are using beef as a loss leader, to gain market share. He also thinks the strong pound is hurting his business.

STANDARD 06:08 OIL PRICES

BBC World News

The violence in Iraq could potentially send the price of oil above $140 a barrel. That's according to Andrew Latto, an analyst at Fat Prophets. He's been telling World Business Report that's what could happen if there's a serious disruption to oil supply from OPEC's second largest producer. He thinks the price could climb to about $120 per barrel in the shorter term. This morning it's at $113.

STANDARD 06:14 FOOD PRICES

Radio 5 live
Farm, Oxfordshire

On Wake Up to Money Jim McClaren, a beef and arable farmer in Perthshire says wholesale beef prices have fallen since the end of 2013, but are still at historically strong levels. Half of the animal ends up as mince, which has dropped sharply in price. Prime cuts are still doing well. The strong pound is making feedstuffs cheaper, but also making imported beef cheaper.

STANDARD 06:19 HELP TO BUY

For sale signs

Help to Buy is in the spotlight again. The Public Accounts Committee says ministers have committed to spending up to £10bn without finding out whether the scheme represents the best value for money for taxpayers. The government says it completely rejects the report, and that the scheme is supporting the economy.

STANDARD 06:25 OIL PRICES

BBC Radio 4
Iraq oil field

More concern about oil prices, this time on Today. Stewart Glickman, from S&P Capital IQ, says we could see prices go back to their 2008 peak, when they reached $147 a barrel. That's if Iraq's oil production is cut off completely, he says. That would mean a global loss of 2.6m barrels per day, which would eat into a global spare capacity of 4m.

STANDARD 06:30 FOOD PRICES

Radio 5 live

On Wake Up to Money Jack Ward, chief executive of the British Growers Association explains why fruit and vegetable prices have fallen sharply over the last year. The winter of 2012/2013 was particularly cold with a cold, wet spring, he says. This year has been more normal and there has been an increase in production across Europe. The rise of the discount supermarkets is also driving down prices.

STANDARD 06:36 MORRISONS

Radio 5 live
Sir Ken Morrison

Wake Up to Money runs an interview with Sir Ken Morrison, former chairman of Morrisons. He was reacting to news that the supermarket chain plans to cut 2,600 management jobs. He is "very disappointed". He thinks Morrisons' bosses should do more shopping in their own stores, and speak to customers to find out what they want.

STANDARD 06:43 YOUTUBE MUSIC "CULL"

Arctic Monkeys

YouTube is about to begin a "cull" of music videos from certain independent music labels, the Financial Times reports on its front page. Artists affected include Adele and the Arctic Monkeys. Some record labels are refusing to sign up to licensing terms for Google's new music subscription service, the report says.