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Summary

  1. Carney to leave Bank in June 2019
  2. Shire leads FTSE lower
  3. Oil drops below $49 a barrel
  4. Firms 'should prepare' for 12-sided pound

Live Reporting

By Dan Macadam

All times stated are UK

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  1. Goodnight

    That's it from us tonight, but we'll be back bright and early tomorrow from 6am so join us again then. 

  2. Life without a mobile?

    Video content

    Video caption: Lucy Kellaway of the Financial Times reflects on a period of phonelessness.

    The best inventions are those you can't imagine living without. Some might think of dishwashers, or washing machines. 

    But for many the smartphone probably now fits in this category. So what happens when you lose it? 

    World Business Report's regular commentator Lucy Kellaway of the Financial Times recently lost hers, and found it improved her life.  

  3. Oil drops to one-month low

    oil rigs

    Keeping on the markets theme, oil has also been unsettled today with the price of a barrel dropping to its lowest level for a month.

    Brent crude ended trading 2.8% lower at $48.30 a barrel with US crude dropping 3.8% to $46.86.

    Analysts say investors are increasingly doubtful that oil cartel Opec will secure agreement for its planned production cut.

    "The market is becoming a bit weary. Unless OPEC can circle the wagons and get everyone on the same page, the market's going to be skeptical," said Kyle Cooper, analyst at ION Energy.

  4. Wall Street ends flat

    Wall Street has ended the day almost exactly where it begun. 

    The Dow Jones industrial average fell 18.77 points, or 0.1%, to 18,142.42, the S&P 500 lost 0.26 points, or 0.01%, to 2,126.15 and the Nasdaq Composite dropped 0.97 points, or 0.02%, to 5,189.14.

  5. Sir Martin says Carney's decision 'disappointing'

    Sir Martin Sorrell

    Advertising giant WPP's boss Sir Martin Sorrell, who earlier said he hoped Mark Carney would stay on as Bank governor, has said the news he won't do a full eight-year term is "disappointing".

    “One year is better than nothing ... But it’s disappointing that he won’t serve its full term.

    “Maybe he was a little bit bruised by the criticism, I think unjustified criticism, that he’s been subjected to," he told Sky News.

  6. Garlic price bubble?

    Chinese garlic growers

    A pungent bubble is growing, according to the Financial Times.

    It reports that prices have almost doubled in the past year to a record -  as "poor weather and a surge of interest from speculative buyers has turbocharged the market".

    As China accounts for more than 80% of the world’s garlic exports, importers are struggling, the paper says.

    "Garlic is predominantly grown in Shandong, an eastern province in China," the FT says.

    "Expectations of poor harvests have previously led to hoarding by locals, but money from Beijing and other large cities is now flowing into the market, according to Cui Xiaona, analyst at Sublime China Information Group, a commodity information service"

    Who knew?  

  7. Government declines to publish Nissan letter

    Nissan assembly line

    Stepping away from the Carney news, and back to the other big business story - the government's "assurances" for Nissan. 

    Business Secretary Greg Clark has signalled the government will not publish the letter it sent to the car maker before it decided to build two new models at its plant in Sunderland, securing the future of 7,000 jobs. 

    Mr Clark set out details of the government's four-point approach to the automotive sector, including Brexit reassurances, in a letter to Nissan chief executive Carlos Ghosn. 

    But the Business Secretary suggested to MPs he will not publish the letter due to the need to protect Nissan's commercially sensitive investment plans. 

  8. Carney's political timing?

    It's being pointed out that Mark Carney's decision to leave in June 2019 is interesting timing, given that elections will be held in Canada four months later.

    Duncan Weldon, head of research at investment firm, The Resolution Group, tweets:

    View more on twitter
  9. 'Everyone else was wrong'

    In the last couple of days there's been intense media speculation about Mark Carney's departure date. 

    Some believed he would leave the Bank of England in 2018 at the end of his agreed five years. Others, with equal levels of certainty, that he would stay on until 2021 and complete the usual eight-year term for a BoE governor.

    Rupert Harrison, who as George Osborne's chief of staff negotiated Mr Carney's original agreement, tweets:

    View more on twitter
  10. Carney decision 'requires scrutiny' - Tyrie

    Treasury committee chair Andrew Tyrie has criticised both the Treasury and Mark Carney over the extension to his term.

    The decision means Mr Carney isn't sticking to his original timetable of leaving after five years, nor is he fulfilling the usual eight years for a BoE governor, Mr Tyrie says.

    Quote Message: "More uncertainty needs to be avoided. So the decision requires a good deal of examination and explanation, which the committee will seek when it next sees the Governor in a fortnight." from Andrew Tyrie MP Chairman of the Treasury Select Committee
    Andrew Tyrie MPChairman of the Treasury Select Committee
  11. 'No chance' Carney will stay beyond 2019

    Newsnight and 5 Live business correspondent Adam Parsons has this update on Mark Carney's decision.

    View more on twitter

    Prime Minister Theresa May criticised the Bank's monetary policy in her speech at the Conservative Party conference earlier this month.

    It led to questions about the Bank's independence, which Chancellor Philip Hammond has since sought to play down.

  12. May: Carney decision will 'provide continuity'

    Theresa May

    Theresa May has also welcomed Mark Carney's decision to extend his term by one year. 

    "The prime minister welcomes the governor's decision to stay on beyond his initial five-year term," her spokeswoman said. 

    "This is good news for the UK. It will provide continuity and stability at the Bank of England as we negotiate our exit from the European Union and look to take advantage of the opportunities that Brexit will present." 

  13. Mark Carney: The 'film star' banker

    Mark Carney and George Clooney

    When Mark Carney became the Bank of England's governor in June 2013, he was the first non-Briton to be appointed in the Bank's 300-year history.

    He came after a successful stint as Canada's central banker, where he was credited for shielding the country from some of the worst effects of the 2008 financial crisis.

    Likened more than once to the Hollywood actor George Clooney, ahead of his arrival in the UK Mr Carney was touted as a "rock star" banker, a change from the usual Bank of England head.

    But he has recently come under criticism from Conservative politicians, including Brexit campaigner Daniel Hannan who said earlier today that Mr Carney should not be a "rock star banker", and should stick "narrowly to his brief".

    Read here about his time at the Bank of England so far.

  14. Pound little moved on Carney decision

    Sterling edged up a little against the dollar after Mark Carney's decision. It's currently trading at $1.2235, its highest point today.

    The bigger rise in the pound, though, came at 16:00 when speculation first started swirling that Mr Carney would stay on at the Bank beyond his original 2018 departure date.

  15. Hammond 'pleased' with Carney extension

    Philip Hammond

    Chancellor Philip Hammond has welcomed Mark Carney's decision to stay on for another year beyond the five years he originally planned.

    In a letter to Mr Carney, he says: "I am very pleased to hear that you intend to continue as Governor of the Bank of England until the end of June 2019. 

    "This will enable you to continue your highly effective leadership of the Bank through a critical period for the British economy as we negotiate our exit from the European Union."

  16. Carney's decision to leave in 2019

    Mark Carney

    In a letter to the Chancellor, Mark Carney explains why he is staying for an extra year beyond the five years that he originally planned.

    He says his personal circumstances have not changed, "but other circumstances clearly have, most notably the UK's decision to leave the European Union".

    He plans to stay until the conclusion of Brexit negotiations, which are due to run until summer 2019 after the UK triggers Article 50. 

    "Recognising the importance to the country of continuity during the UK's Article 50 negotiations, and notwithstanding those personal circumstances, would be honoured to extend my time of service as Governor for an additional year to the end of June," he says.

  17. BreakingCarney to leave Bank in June 2019

    Bank of England Governor Mark Carney will leave at the end of June 2019.

    It's a year beyond the five-year term he originally committed to when he took the post, but two short of the usual eight-year term for BoE governors.

    Mr Carney said the year-extension would take him beyond the expected end of the Brexit negotiations. 

  18. Carney's 'contract led to speculation'

    BBC Radio 5 live

    Mark Carney

    Dame Kate Barker, a former Bank of England official, says it was the decision to allow Mark Carney to choose between serving five or eight years that caused the speculation around his future.

    In future, whoever is governor of the Bank of England should sign up clearly for one term, she tells BBC Radio 5 live.

    She adds that given the unsettled state of the economy, he should stay for the extra three years and that he hasn't been a "particularly political" governor.

    "The criticism of him being political, which is mostly around the Bank saying what it thought might happen if we come out of the EU, is really overstated," says Dame Kate, a member of the Monetary Policy Committee between 2001 and 2010. 

    "The Bank had to stay what it thought might happen if we came out of the EU.”