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Summary

  1. The morning's main business programmes are available on the Live Coverage tab
  2. Inflation likely to fall below 1% in coming months says Bank of England
  3. UK unemployment falls by 115,000 between July and September
  4. Five banks are fined £2bn over rigging the foreign exchange market
  5. Sainsbury's cuts back plans to open new stores

Live Reporting

By Ben Morris and Matthew West

All times stated are UK

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  1. Post update

    Matthew West

    Business Reporter

    Right folks. We're signing off for the day. Tomorrow looks to be fairly busy once again with results from the London Stock Exchange, ITV, Asda and Arcadia among others. Join us from 06:00.

  2. PUNCH TAVERNS PROFITS

    Punch Taverns has reported full year earnings today. It says pre-tax profits were £69m for the year to 23 August. That compares with £49m last year. Total revenue dropped 2% to £448.1m. The pub chain said it had started the search for a new chief executive and hoped to be in a position to announce appointment in early 2015.

  3. Via Blog

    Robert Peston

    Economics editor

    "Unless productivity were finally to improve, to make our exporters more competitive, those who finance the deficit might lose patience. And we could witness a phenomenon that would engender the wrong kind of nostalgia in those of a certain age: an old-fashioned sterling crisis."

  4. DEFENSIVE JUNCKER

    President of the European Commission, Jean Claude Juncker

    The President of the European Commission, Jean Claude Juncker has made an unannounced appearance at a news conference in Brussels to defend himself against suggestions that he presided over an ethically dubious tax regime during his tenure as Prime Minister and Finance Minister of Luxembourg. Mr Juncker told journalists that there was "no conflict of interest" with his current position and that there was "nothing in my past to indicate that I wanted to encourage tax evasion".

  5. Via Twitter

    Ralph Silva, partner, SBR Network

    #Banks fined for rigging Forex Market…. Are regulators short of handcuffs? They manipulated the world economy, fines are not enough! ... The fines imposed on #banks, for manipulating the Forex market represents a fraction of the profits from. How does this deter others?

  6. WAGE GROWTH

    The TUC has calculated that, at the current rate of improvement, real earnings (adjusted for inflation) will not reach their pre-recession level for another 12 years. The TUC welcomed today's increase in real wages, but says it is concerned about the quality of jobs being created.

  7. MASSIVE BANK FINES

    BBC News Channel

    "We need a new moral regulator for the whole industry" says Phillip Blond from ResPublica. He believes that laws and regulations won't change the "amoral culture" inside many banks.

  8. Via Twitter

    John Moylan

    Industry correspondent, BBC News

    tweets: "Plans to restart turbine blade production on Isle of Wight announced 5 years after @Vestas shut its blade factory hitting more than 400 jobs"

  9. FLYBE SHARES PLUNGE

    Flybe share graph

    Flybe shares have slumped 16% today. That's after the budget airline reported a worse than expected half year loss of £15.3m. It was hit by a £10m one-off loss on its stake in Flybe Finland, which it sold to its partner in the business for just one euro.

  10. INFLATION REPORT

    When asked if the Bank is concerned about the damage on financial markets of another trading scandal, Minouche Shafik, the deputy governor of markets and banking explains that the Bank is leading a "fair and effective markets review". A consultation document went out at the end of October and recommendations are due in June.

  11. Via Twitter

    INFLATION REPORT

    Economist, Shaun Richards

    tweets: "For those unaware of the "loon" question asked of Mark Carney the Canadian Dollar is called the loonie (believe it or not!)"

  12. INFLATION REPORT

    Mr Carney can't envision any circumstances - even deflation - when a central bank would issue "helicopter money" or take over government debt. He couldn't even see that happening in the eurozone, where they is a real threat of deflation. The MPC can innovate when it needs to, he assures us.

  13. Via Twitter

    INFLATION REPORT

    Ed Conway. Economics editor, Sky News

    tweets: "I asked @bankofengland Governor what he thought of fact that many in City call his forward guidance policy a joke. It went down, erm, badly"

  14. Via Email

    Samuel Tombs, senior UK economist, Capital Economics

    "November's Bank of England inflation report provides further reassurance that the MPC will keep interest rates on hold for a number of months yet. The MPC continues to believe that strong growth will not generate inflationary pressure due to the spare capacity in the economy, which it thinks remains in the region of 1% of GDP."

  15. INFLATION REPORT

    Journalist Ed Conway from Sky News is slapped down by Mr Carney, apparently for not listening. Mr Conway said it was striking that Mr Carney did not mention forward guidance. Mr Carney tells him to go and read the transcript. He also tells him this is not a discussion, when Mr Conway attempts to interject.

  16. INFLATION REPORT

    Is Mr Carney a hawk, dove, owl or loon (the Canadian bird) asks one journalist. That gets a laugh. Mr Carney says he's a pragmatist.

  17. INFLATION REPORT

    A little central banker joke from Mr Carney. "I'm the only G7 central banker to have risen rates, just not here (he did it while bank chief in Canada). I do know how to raise interest rates," Mr Carney says.

  18. INFLATION REPORT

    Chart showing Sterling v US dollar

    The pound has fallen since the governor of the Bank of England started talking. It's now trading lower by 0.05% at $1.591. But as the chart above shows sterling was higher against the US dollar earlier in the day. Against the euro the pound is 0.12% lower at €1.274. Again is was a fair bit higher against the single currency earlier.

  19. INFLATION REPORT

    Mr Carney comments on the sacking of the Bank of England's chief dealer. The dealer was aware of circumstances in the foreign exchange market which could lead to "improper" activities and did not take steps to address the situation, he says. Confusingly the dealer was not fired over that, but another issue, that emerged from the investigation into foreign exchange trading.

  20. Via Twitter

    INFLATION REPORT

    Ed Conway, Economics editor, Sky News

    tweets: "Bank of England signals in Inflation Report that markets are right not to expect the first interest rate hike til next autumn. Dovish report"

  21. Via Twitter

    INFLATION REPORT

    Robert Peston

    Economics editor

    tweets: "Bank of Eng expects inflation around 1% for much of next year"

  22. Via Twitter

    Andy Verity

    Business reporter

    tweets: "When bank rate does begin to rise, it will rise only gradually - though that's an expectation not a promise (Carney)"

  23. INFLATION REPORT

    Inflation is likely to fall to below 1% and, as a result, Mr Carney is likely to have to write a letter to the Chancellor to explain why inflation is below the target rate. However, real growth in take home pay is a prospect he says. Real incomes will be supported by subdued energy and food prices.

  24. INFLATION REPORT

    Mr Carney is gloomy on Europe. The "spectre of economic stagnation in Europe" he highlights straight away. But the bank still expects UK growth this year of 3.5%.

  25. INFLATION REPORT

    Mark Carney

    Coming up shortly, Mark Carney will present the Bank of England's quarterly inflation report. Watch what he has to say about wages and unemployment.

  26. UNEMPLOYMENT

    Chart showing the fall in the unemployment rate

    This could be considered churlish, but it's worth considering that the unemployment rate has stayed the same at 6%. There has been a slight slowdown in the number of people finding work. In the three months to the end of August 154,000 entered the workforce, the ONS said. But the number of people entering the workforce has slowed in the three months to the end of September. The ONS said 115,000, found work in that period. That takes the unemployment figure down from 1.97 million to 1.96 million, but its not enough to move the unemployment rate when compared with the previous three months.

  27. UNEMPLOYMENT

    Chancellor George Osborne has welcome the unemployment figures are further evidence that the government's "long term economic plan is working." He says: "We've seen another big fall in unemployment, record numbers of jobs, and encouraging signs that pay cheques are beginning to rise faster than inflation. If we want to keep Britain on this path then we need to keep working through our economic plan."

  28. UNEMPLOYMENT

    Work and Pensions Secretary Iain Duncan Smith says the latest unemployment figures are "somewhat better than encouraging - they are rather remarkable". He adds: "If you take out bonuses, which are usually due to the financial sector and distort the figure, they show pay is rising above inflation and will continue to do so." Two thirds of jobs are managerial and professional and almost all of the new jobs added in the three months to the end of September were full time, he continues.

  29. UNEMPLOYMENT

    Chart showing the fall in the claimant count

    The latest figures from the Office for National Statistics also show the claimant count - those claiming Jobseekers' Allowance - fell again in October by 20,400 to 931,700. That marks the 24th month in a row that the claimant count has fallen.

  30. BreakingBreaking News

    UNEMPLOYMENT

    UK unemployment fell by 115,000 in the three months to the end of September to 1.96 million according to official figures. Pay excluding bonuses rose by 1.3%, just above the rate of Consumer Price Index inflation. That's the first time in five years it has been above CPI inflation.

  31. SSE HALF YEAR RESULTS

    Energy supplier SSE has reported a 6.2% fall in half year pre-tax profits to £316.6m. The Scottish based energy firm saw an 83% fall in operating profit in its wholesale division to £26.7m. That was driven by an 86% plunge in profit from electricity generation to £11.8m. The supplier lost 210,000 customer accounts across the UK and Ireland over the first half of its financial year and households used less energy due to the warmer than average weather going into the autumn.

  32. BARRATT TRADING UPDATE

    New houses are conctructed on a housing estate

    Housebuilder Barratt Developments said it is on course to hit its target of 15,000 sales this financial year. It says market conditions remain robust, with demand strong across all regions of the country.

  33. MASSIVE BANK FINES

    BBC Radio 4

    Economic secretary to the Treasury Andrea Leadsom tells Today there will be investigations into whether any criminal activity can be proven. She says: "I certainly will be making sure that those people that have done wrong will not be back in the dealing room on a big salary." But cultural change across the banking sector is still required, she adds.

  34. Via Blog

    Louise Cooper, financial market analyst, CooperCity blog

    "What is extraordinary is the arrogance and sheer stupidity of these traders (or though maybe that is not so extraordinary). The CFTC notes that some of the manipulation occurred after the LIBOR investigation had begun. These investigations also took place after the financial crisis hit, when it was pretty clear that more regulatory oversight was coming to the industry."

  35. LISTEN AGAIN

    Radio 5 live

    There was a fascinating interview with a heavyweight in the investment world earlier on Wake Up to Money. Mohamed El-Erian the chairman of President Barack Obama's Global Development Council said there is still too much debt in Europe and politicians have to "step-up" and address the issue. You can listen to the show again here.

  36. SUPERMARKET SHARES

    Sainsbury's shares

    Sainsbury's shares bounced around at the open as you can see from the chart above. Investors will have been cheered that the supermarket maintained its dividend.

  37. MASSIVE BANK FINES

    BBC Radio 4

    More from Mr Wheatley: "There is a change to culture that's needed, there's a change to remuneration practices and, frankly, there's a change to the personal accountability that people need to take." He adds: "It's not just about institutions. People do bad things."

  38. MASSIVE BANK FINES

    BBC Radio 4

    Financial Conduct Authority (FCA), chief executive Martin Wheatley, has just been on the Today programme. He says scandals in the banking industry frustrate him as much as anybody else. He believes the need for change in the baking industry is understood by "those at the top." But they have got to "drive it all the way down" through the trading floor he says to "the people who deal with money, and that is taking too long".

  39. Via Twitter

    Duncan Weldon, Economics Correspondent, BBC Newsnight

    tweets: "German wholesale prices: -0.7% year on year, lower than expected. Eurozone deflation threat feeling pretty real."

  40. Via Email

    Nick Bubb, retail analyst

    "Eyebrows will be raised at the news that Sainsbury think that 25% of their stores are over-spaced (where does that leave Tesco?!?)"

  41. SAINSBURY'S TRADING UPDATE

    Radio 5 live

    "The death of the superstore is grossly exaggerated," says Mike Coupe, the chief executive of Sainsbury's on Radio 5 live. But "there are opportunities to do different things in different stores" he says. So you can expect to see more clothes in supermarkets and perhaps foreign currency exchange kiosks, he suggests.

  42. SAINSBURY'S TRADING UPDATE

    BBC Radio 4

    Sainsbury's said like-for-like sales across the industry will be lower for years to come. "The reality is we are seeing deflation for the first time in probably ten years," Mr Coupe said on Today. The average family is about £6 a week better off than they were last year as a result a cheaper petrol prices alone, he says.

  43. Via Twitter

    Robert Peston

    Economics editor

    tweets: "Even after what we knew about misconduct by big banks, the detail of their attempts to rig currency markets retains the power to shock"

  44. SHALE GAS

    Anti-fracking banner, Houses of Parliament

    The government and some in the shale gas industry "are getting ahead of themselves" when it comes to the benefits of shale gas, says Jim Watson the research director at the UK Energy Research Centre on Radio 5 live. He thinks 30 to 40 wells need to be drilled before we know how much shale gas is there, and how much it will cost to extract. Shale gas might not be important until "well into the next decade".

  45. SAINSBURY'S TRADING UPDATE

    BBC Radio 4

    Mike Coupe, chief executive of Sainsbury's tells the Today programme: "We are acknowledging that we are not going to build as many large supermarkets". He says that means the land the supermarket has already bought is worth less because it hasn't been developed.

  46. BURBERRY RESULTS

    Burberry during Spring fashion show

    Fashion group Burberry has posted a 14% rise in sales in the first half to £1.1bn. Profit before tax was £142m, down from £159m in the same period last year. During the first half it opened nine stores, six of those were in airports.

  47. SAINSBURY'S TRADING UPDATE

    Sainsbury's says about 75% of its stores are in the right locations but that over the next five years, around 25% its stores will be under used, due to a decline in grocery sales volume. Those stores will be reviewed to see if they can be used by concession partners, such as Netto, with whom the supermarket has just launched a joint venture.

  48. SAINSBURY'S TRADING UPDATE

    Sainsbury's shopper

    The supermarket has maintained its dividend at 5p per share - many were expecting a cut in the dividend. The reason for the first half loss is that it has taken a £665m one-off charge. Much of that is because Sainsbury's has withdrawn from "a number" of new store openings so it has been forced to revalue its business as a result.

  49. SAINSBURY'S TRADING UPDATE

    Sainsbury's has reported a half-year pre-tax loss of £290m. It says like-for-like sales excluding fuel were 0.1% lower at £12.6bn for the period.

  50. Via Twitter

    Mark Broad

    Economics reporter, BBC News

    tweets: "Bank of England finds that there was no 'unlawful or inappropriate' behaviour by BOE head of fx but he knew about 'collusive' practices"

  51. MASSIVE BANK FINES

    Radio 5 live

    Katie Martin who reports on the foreign exchange market for the Wall Street Journal said on Radio 5 live: "It's pretty clear that traders has been acting as a pack." She says that people have got to understand that the foreign exchange market has always been "very lightly regulated". The bosses of these traders and compliance officers probably knew what was going on, she says.

  52. RBS REACTION

    A branch of the Royal Bank of Scotland

    Royal Bank of Scotland (RBS) has released a statement reacting to its £217m fine for attempting to rig foreign currency markets. The bank's chairman Philip Hampton, says the bank "fully accepts the criticisms within today's announcements and condemns the actions of those employees responsible for this misconduct".

  53. MASSIVE BANK FINES

    "The market only works if people have confidence that the process of setting these benchmarks is fair, not corrupted by manipulation by some of the biggest banks in the world," said Aitan Goelman, director of enforcement at the US Commodity Futures Trading Commission.

  54. Via Twitter

    Louise Cooper, financial market analyst, CooperCity blog

    tweets: "Good to see regulator got some teeth... But it damages economy as banks got less to lend. Putting individuals in jail much better idea."

  55. MASSIVE BANK FINES

    The FCA gives some fascinating insight about how traders colluded to fix the market. Traders at different banks formed "tight knit" groups to share information about client activity. Those groups gave themselves names including the Players, the Three Musketeers and the A-team. They also had code names to to identify clients, the FCA said.

  56. OSBORNE REACTION

    Chancellor George Osborne

    Chancellor George Osborne has reacted to the fines levied on the banks. He says: "A number of traders have been suspended or fired, and the Serious Fraud Office are conducting criminal investigations. The banks that employed them face big fines - and I will ensure that these fines are used for the wider public good."

  57. MASSIVE BANK FINES

    It's not just UK regulators that are fining these banks. US and Swiss regulators have also imposed hefty fines. There is a fine of more than $1.4bn from the US Commodity Futures Trading Commission (CFTC). Meanwhile, Switzerland's FINMA has fined UBS $138m. So altogether that's more or less $3.2bn (£2bn).

  58. BARCLAYS REACTION

    A general view of a branch of Barclays in central London

    Barclays Bank, which hasn't reached a settlement with regulators in the UK or US, has released a statement to explain why. The Bank says "it engaged constructively with its regulators" and "considered a settlement". But "after discussions with other regulators and authorities, we have concluded that it is in the interests of the company to seek a more general coordinated settlement".

  59. MASSIVE BANK FINES

    More from the FCA. It says that between January 2008 and October 2013 the banks had "ineffective controls" which allowed foreign exchange traders "to put their banks' interests ahead of the their clients and other market participants". The banks also "failed to manage obvious risks around confidentiality, conflicts of interest and trading conduct".

  60. SAINSBURY'S TRADING UPDATE

    Radio 5 live

    Sainsbury's store

    It's "virtually accepted" that Sainsbury's will cut its dividend, says Bryan Roberts, retail analyst at Kantar Retail on Wake Up to Money. Sainsbury's reports its latest results at 07:00 and will give us an update on its strategy. Paul Kavanagh, from stockbrokers Killik and Co will be looking at Sainsbury's operating profit margin. Analysts are wondering whether it will bottom out at 1.5%, he says.

  61. MASSIVE BANK FINES

    Individually the fines work out like this:

    • Citibank £226m
    • HSBC Bank £216m
    • JPMorgan Chase Bank £222m
    • The Royal Bank of Scotland £217m
    • UBS £234m
  62. BreakingBreaking News

    MASSIVE BANK FINES

    The Financial Conduct Authority (FCA) has fined five banks £1.1bn for "failings" in the foreign exchange market. The five banks are HSBC, Royal Bank of Scotland, Citigroup, JP Morgan Chase and UBS. The FCA says that its investigation into Barclays is continuing.

  63. Post update

    Matthew West

    Business Reporter

    Morning folks. You can get in touch, as always, via email on bizlivepage@bbc.co.uk and via twitter @bbcbusiness..

  64. Post update

    Ben Morris

    Business Reporter

    Good morning. It's looking like a busy morning with bank fines, Sainsbury's and the inflation report all on the agenda this morning. Stay with us.