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  1. Philip Hammond appointed as Chancellor
  2. Co-op sells 298 small stores for £117m
  3. FTSE 100 ends lower at 6,670 points
  4. Pound falls to $1.3139
  5. Steinhoff to take over Poundland

Live Reporting

By Dan Macadam

All times stated are UK

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  1. Good night!

    And that's all for tonight. Join us tomorrow when we'll be bringing you live news and analysis of the Bank of England's decision on interest rates. 

    The markets will be watching closely to see if the Bank cuts the rate from the already historic low of 0.5% for the first time since March 2009.

  2. Hinkley subsidy soars to £30bn, says watchdog

    Hinkley Point illustrative view

    The government will have to pay EDF a £30bn subsidy for generating energy from the new Hinkley nuclear power station, a spending watchdog has estimated. 

    As part of the 35-year deal signed with the French energy giant in 2013 to build the plant in Somerset, the government promised to pay £92.50 for each megawatt hour of energy it generates. 

    Wholesale energy prices have fallen since that deal was made, leaving the government to top up the discrepancy. 

    The National Audit Office estimated the value of future top-up payments has now increased to £29.7bn from £6.1bn since the contract was first agreed. 

    The report comes less than a week after an Infrastructure and Projects Authority assessment published by the Department of Energy and Climate Change put the potential cost of Hinkley at £37bn.

  3. Payday lenders face Google ads ban

    Google is banning adverts for so-called payday lenders. The companies offer short-term loans, normally of quite small amounts of money but at staggeringly high interest rates. 

    These can be above 1000% APR, which means if you didn't pay the money back within a year, the amount of money you owe would multiply by ten-fold.

    However, Google's decision to ban the ads could be seen as a "type of censorship". World Business Report discusses the issues.

    Video content

    Video caption: Google is banning so-called payday lenders from advertising on its search engine.
  4. Wall Street finishes flat

    US stock markets took a breather on Wednesday, finishing largely unchanged after surging to record highs earlier in the week.

    A 4% fall in oil prices dragged energy stocks down and trimmed gains on the Dow Jones Industrial Average and S&P 500.

    The Dow finished 0.1% higher at 18,372, while the S&P was flat at 2,152 points. The Nasdaq dropped 0.3% to 5,005.

  5. Profits of doom?

    On the topic of Brexit challenges, Business Live Page reader John Staton responds to Wetherspoons boss Tim Martin's view that "irresponsible doom-mongering may lead to some kind of slowdown"...

    Quote Message: Tim Martin may have a point in saying that what he calls doom-mongering has caused the slowdown, but he and his fellow Brexiteers should have seen that it would. If market players think things are going to go badly, they sell, and that causes things to go badly. If the bright future exists, it will take years to materialise, because the optimists have a lot of people to convince and that will take a very long time."
  6. Demand rises for Brexit managers

    The appointment of a "Secretary of State for Brexit" earlier this evening fits in neatly with a trend that headhunters Harvey Nash Group have noticed.

    Enquiries from firms looking for high-powered consultants to help manage business risks have doubled in the wake of the Brexit vote, Harvey Nash said.

    "Clients [are] saying we want somebody to put in place a plan of action that allows us to either benefit or to manage the challenges that Brexit has put upon us," Harvey Nash marketing director Robert Grimsey said.

    "Interim managers are like contractors - but these are executives, very high-powered executives. So, people who used to be on boards of companies that decide to take a job where they work on projects, six months or nine months."

  7. Hasbro buys Irish animation studio

    Monopoly board game

    Outside of Westminster, there's some corporate news to bring you. Toy maker Hasbro has bought Irish animation studio Boulder Media.

    The Monopoly owner is looking to expand its animation business after rival toy makers like Lego have successfully expanded into film and TV.

    Boulder Media's programmes include Danger Mouse for the BBC and The Amazing World of Gumball for Disney Europe. 

    Hasbro shares were down 0.8% a short while ago at $85.56, valuing the company at $10.7bn.

  8. Hammond: 'A new broom at the Treasury'

    Kamal Ahmed

    Economics editor

    Chancellor of the Exchequer Philip Hammond

    Speaking to a senior figure in the banking world this morning, he had nothing but praise for Philip Hammond, the new Chancellor of the Exchequer.

    He told me when Mr Hammond was shadow chief secretary to the Treasury, the MP for Runnymede and Weybridge did "a lot of the heavy lifting" when it came to working out the Conservative plan for tackling the UK's economic challenges.

    Cut the deficit and shrink public sector expenditure was the route alighted upon.

    At the time a fiscal hawk of the George Osborne variety - and a big fan of the European Union single market to boot - Mr Hammond is going to have to find a new tone.

    Hammond: 'A new broom at the Treasury'

    Chancellor of the Exchequer Philip Hammond

    Philip Hammond used to be part of George Osborne's team. He'll need to leave a lot of that thinking behind, says BBC Economics Editor Kamal Ahmed.

    Read more
  9. Brexit minister's economic strategy

    David Davis

    David Davis, a former Europe Minister, has been appointed as the newly-created Secretary of State for Brexit. 

    Earlier this week he outlined the economic strategy he thinks the UK should pursue as it withdraws from the European Union....

    Quote Message: We need to shift our economy towards a more export-led growth strategy, based on higher productivity employment. Fortunately, this will prove eminently possible as a part of a Brexit-based economic strategy. Indeed, far from being the risky option that many have claimed, Brexit gives us many tools to deal with the very serious economic challenges that the country will face in the coming decades.
  10. Fox to be 'international trade minister'

    Dr Liam Fox

    Liam Fox, who arrived at Downing Street a few minutes ago, is expected to be appointed to the new role of international trade minister, presumably to drum up business for British firms in the Brexit transition.  

    The former Defence Secretary came last in the recent Conservative leadership contest and was a Leave campaigner during the referendum.

  11. Treasury tweets Philip Hammond's appointment

    View more on twitter

    A brief bio on the Treasury website gives a few more details about the new inhabitant of Number 11. Mr Hammond was born in Epping, Essex in 1955 and attended school in Brentwood before studying politics, philosophy and economics at Oxford University.

    He has been Transport Secretary, Defence Secretary and Foreign Secretary. Outside of politics he's had a business career in small and medium-sized companies in manufacturing, consultancy, property and construction, and oil and gas, both in the UK and abroad.

  12. Osborne's legacy (continued)

    Business correspondent Jonty Bloom reports...

    George Osborne holding the Budget box

    George Osborne inherited an economy that had suffered its worst recession in decades and a massive level of government borrowing. His response was to try to slash government spending and raise taxes to bring the deficit down.

    Even now, some economists think this was the wrong policy and prolonged the downturn, or at least slowed the recovery.

    But the chancellor stuck to his guns and his greatest triumph was that he won that argument, and was able to steer a new course for the British economy as a result.

    Growth has been steady and unemployment fell dramatically, all while reducing the size of the civil service and many departmental budgets dramatically.

    But over the years the chancellor has had to soften his fiscal plans.

    First, Mr Osborne wanted to balance the budget by 2015, then 2017, 2019 and finally 2020. He used those promises to maintain the confidence of the markets and to outmanoeuvre Labour, but never hit any of them.

    Now, with the expected downturn of the economy after the Brexit vote, he abandoned them altogether.

  13. Philip Hammond a 'safe pair of hands'

    Philip Hammond arrives at Downing Street

    Philip Hammond is seen at Westminster as the ultimate safe pair of hands.

    Sometimes mocked as "box office Phil" for what some see as his dull delivery, he has been a permanent fixture in David Cameron's shadow frontbench team and Cabinet throughout his time as leader.

    He has been Transport Secretary, Defence Secretary and Foreign Secretary but the chancellorship was always his ultimate goal.

    With a reputation forged in the shadow Treasury team as the Tories' public spending "axeman", he was ideally placed to preside over a big spending squeeze to close the "black hole" in Ministry of Defence budgets.  

    He was seen as a Eurosceptic who spoke of withdrawal if the EU was not reformed but campaigned to remain in the referendum. 

    He now has the job of steering Britain's economy through the choppy post-Brexit waters.

  14. Osborne: How will he be remembered?

    George Osborne

    Business correspondent Jonty Bloom writes...

    George Osborne has only ever had one cabinet post, the UK's chancellor of the exchequer. He has been in charge of the nation's finances since 2010.

    It has been long assumed that he was using the position, and his ability to promote his supporters, as the launch pad for a move from No 11 to No 10 Downing Street - just like Gordon Brown did.

    The referendum result changed all that. His lead role in campaigning against Brexit, with dire warnings about the economic consequences of a vote to leave the EU, pulled the rug from under his own feet.

    But how will his six years in the number two job of British politics be remembered?

    For more click here.

  15. BreakingPhilip Hammond appointed Chancellor, George Osborne resigns

    Theresa May's first move as Prime Minister has been to appoint Philip Hammond as Chancellor of the Exchequer.

    A statement from Downing Street says George Osborne has resigned from the government.

  16. Bargain bin

    Chris Johnston

    Business reporter

    McColl's floated in London in February 2014, although its shares remain in the bargain bin. They closed up 2% today but have fallen almost 30% since the listing.

    The 298 stores it is acquiring had average weekly sales per store of £22,800, with an average basket value £4.98.