- New Isas tempt savers in July
- WPP results hit by strong pound
- UK service sector growth slows down
Good morning. Myself and Brer Pollock welcome you to Tuesday's Live Page.
We are the pipers at the gates of dawn. Calling the tune on this morning's business news just for you.
Wake Up To Money, on 5live, reports a survey from the financial website Nutmeg. It repeats the findings of previous research that quite a lot of people - 20% in this case - would have trouble repaying their mortgages if mortgage rates rose by three percentage points. Nick Hungerford of Nutmeg also told WUTM listeners that "the understanding of how interest rates affect your repayments is incredibly low".
While we were enjoying our Bank Holiday yesterday, the French cabinet resigned after an attack on its policies by the economy minister, Arnaud Montebourg. Here's why he did it: "I expressed this publicly so that nobody could ignore it because we are in a particularly dire situation. I remind you that the way in which the deficit is being forcibly reduced is sinking all of the European economies and what we don't want, and what I'm obliged to say is that we don't want the European Union to continue its descent into hell."
Apparently the number of so-called property millionaires in Britain is almost 50% higher than last year. The property website Zoopla says 484,081 homes in Britain are now worth more than £1m. They reckon that's nearly a 50% increase on last year. Not surprisingly, a third of streets where houses cost on average of more than one million pounds are in London. Not mine though.
The Financial Times editorial has a dire warning about the Chinese property sector - it is "one of the greatest threats to the global economy". Construction on real estate account for 13% of GDP. It says faith in Beijing's ability to prevent a slump becoming a crash is unravelling. Brrrr.
There was plenty of heat in last night's Salmond-Darling debate on Scottish independence, but how much light was generated? Dr Angus Armstrong of the National Institute of Economic and Social Research told Today listeners that "if you like confrontation, this was really compelling viewing. But it's not clear that on the big issues we are much further forward."
Wake Up to Money wanted us to know they were already planning to have a gander at the eurozone's condition - before the French political resignations. Guillaume de Laforcade, sales director of a craft brewery called Brasserie Castellain, tells us: "The French economic situation is really not good... French consumers are affected by the economic situation and it is really, really, hard."
Figures for the Singapore economy are out. They show strong growth - up 2.7% in July compared with June, giving an annual growth rate of 3.3%. Stock markets weren't bothered by it though. Asian markets are little changed.
Stagecoach, the transport giant, gives an interim management statement. Most of its businesses are doing well, but it sounds this note of alarm: "The New York sightseeing market remains highly competitive, with current trading challenging." It has some legal trouble with it but "remains in discussion" to resolve it. Apart from that, its other operations, including South West Trains and East Midlands rail, and city bus operations in major UK cities, are all doing OK, it says.