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  1. Get in touch:
  2. CBI chief warns of Brexit 'national emergency'
  3. Boohoo sales soar; raises sales guidance
  4. Peugeot reports record sales
  5. M&S names stores to be closed

Live Reporting

By Mary-Ann Russon

All times stated are UK

  1. Good night

    BBC Testcard

    That's it for today on Business Live - thanks for reading. We'll be back bright and early at 06:00 on Wednesday.

    Do join us then for all the latest breaking news and analysis.

  2. Pound rises after Brexit vote

    stack of coins

    The pound rebounds against the dollar after MPs vote to reject Theresa May's Brexit deal.

  3. Wall Street ends higher

    New York Stock Exchange

    Wall Street shares have ended higher, as stocks rose higher despite initially paring gains on the Brexit vote, aided by US President Donald Trump talking up US-China trade talks.

    The Dow Jones Industrial Average closed 0.65% ahead at 24,065.59.

    The S&P 500 finished 1% higher at 2,608.57.

    And finally, the tech-heavy Nasdaq rose 1.7% to 7,023.83.

  4. 'The time to act is now'

    UK and EU playing cards

    PricewaterhouseCoopers is warning British businesses that they'd better start preparing contingency plans in the event of a no-deal Brexit.

    "The result of today’s meaningful vote shows that the certainty businesses are seeking is still out of reach. Until a way through can be found, it is important to remember that 'no deal' is the default outcome," said PwC's head of Brexit Andrew Gray.

    "Businesses in the UK and EU need to accelerate their no deal contingency plans. For those who haven’t started implementing no deal actions, there are still steps they can take to minimise disruption. But the longer they leave it, the more difficult this will be.

    “We’re advising organisations to urgently activate their no deal plans, while still preparing for both a deal and no deal outcome. The time to act is now.”

  5. 'A high stakes game of political poker'

    Simon Jack

    BBC Business Editor

    Theresa May

    The markets were prepared for her to lose – but the scale of her defeat took most by surprise.

    But more surprising still was the fact that the pound – the first financial responder to political events – gained in value after the vote – despite many, most, confidently predicting a crushing defeat would send it down.

    So what to make of it?

    Using the benefit of hindsight, some are saying that the recent display of animosity in the House of Commons to the idea of a no-deal Brexit, something markets are most wary of – has convinced them that outcome is very unlikely.

    The other new line is that this crushing defeat for her Brexit deal, makes no Brexit – at least not on 29 March – a growing possibility. That’s financial markets who respond in seconds.

    Real businesses are not so sure.

    With 72 days to go before the UK is due to leave the EU another milestone has come and gone with the future no clearer and planning for no-deal more urgent.

    As one exasperated business group said tonight, politicians are playing a "high stakes game of political poker" with the future of the UK economy.

  6. 'Pound could rise if May falls'

    pounds and euros

    UK-based foreign exchange firm Monex Europe says the pound could rise in the coming weeks, despite the continued political uncertainty.

    "The outcome of the vote of no confidence is obviously the first major question for sterling at this point," said Monex Europe's head of market analysis Ranko Berich.

    "Our view is that tonight's small sterling rally reflects the marginal increase in the chance of a Labour-led soft Brexit, so if May falls we could see further sterling strength. The pandemonium of a general election, however, could well end up as a net negative as the polls change from day to day."

  7. Avoid a 'no deal' exit

    EU and UK flags at Westminster

    The British Chambers of Commerce (BCC) says that there are no more words that can describe the frustration, impatience, and growing anger of British businesses after waiting two and a half years for answers on what Brexit will mean for them.

    “The overriding priority for both government and Parliament must now be to avoid the clear danger that a ‘no deal’ exit on the 29 March would pose to businesses and communities across the UK," said the BCC's director general Dr Adam Marshall.

    "Every second that ticks by sees more businesses spending money on unwanted changes, activating contingency plans or battening down the hatches and halting investment, as they try to anticipate a future that is no clearer now than it was at the time of the referendum result.

    “Businesses will take a dim view of more shuttle diplomacy and last-minute bargaining, which have so far done nothing to end the political impasse. The government must now urgently set out in concrete terms what it will do to avoid the damage that a messy and disorderly exit on 29 March would cause to businesses, communities, and the UK economy.”

  8. 'Time is almost up'

    Big Ben clock face

    European Commission President Jean-Claude Juncker says he takes note "with regret" the outcome of the vote in the House of Commons.

    He says that the current Brexit withdrawal deal negotiated by Theresa May "is a fair compromise and the best possible deal".

    "The risk of a disorderly withdrawal of the United Kingdom has increased with this evening’s vote. While we do not want this to happen, the European Commission will continue its contingency work to help ensure the EU is fully prepared," said Mr Juncker.

    "I urge the United Kingdom to clarify its intentions as soon as possible.

    "Time is almost up."

    He added that the European Commission, and notably Michel Barnier, had invested "enormous time and effort" to negotiate the withdrawal agreement.

  9. Bad news for the property market


    British property lender Octopus Property says the rejection of Theresa May's Brexit deal spells bad news for the property market.

    “Whilst forecast, the size of the defeat is a real blow to the UK real estate sector," said Octopus Property's chief executive Mario Berti.

    "Whilst a lot of the uncertainty caused by Brexit has been priced into the property market, this result is likely to lead to even more reluctance amongst real estate developers and investors to move forward with their UK real estate strategies, which will negatively impact the whole sector.”

  10. No-deal Brexit plans will have to be implemented

    People walking across London Bridge

    Omar Ali, UK Financial Services Leader at EY, says that the defeat of the Brexit deal vote does not change the outlook for the City of London.

    The City has been planning on the basis of no deal for some time, and made clear it would need certainty to allow it to change tack. Whilst this result was widely expected, it means there is still no clarity, with just 73 days until the planned exit date," he said.

    “Firms have no choice but to fully implement their no-deal plans. EY’s most recent survey of FS firms found almost a quarter of respondents (24%) already do not believe they have time to execute their Brexit plans by March 2019.”

    EY’s recent Brexit Tracker found Financial Service firms have already announced plans to move £800bn of assets and 7,000 jobs in responding to Brexit.

  11. 'What will happen to our music?'

    Spice Girls at the London Olympics

    UK music marketing agency Burstimo says it is concerned about what a no-deal Brexit will do to the British music industry.

    "It could be catastrophic for the music industry, Britain is world renowned for their music and for many years been a major export for the UK," said Burstimo's head of digital Alexander Jobling.

    "Music is a global industry, and this leaves unanswered questions in regards to work visas for musicians, freedom of movement and issues regarding royalty collection from EU countries. We fear this could suffocate the music industry in Britain."

  12. No-deal Brexit fears abound

    British inbound marketing firm Doog Heno says it is now seriously worried about the impact a no-deal Brexit will have on its business.

    "Customers are already discussing worst case scenarios. It will costs jobs and cost businesses. I hope that Article 50 is revoked and a sensible period of debate is allowed so we can find an agreeable solution that delivers what the people want and protects jobs and prosperity," said Doog Heno's director Dan Smith.

    "The whole affair has damaged our international reputation."

  13. Pound rebounds on Brexit vote defeat

    Pounds,d ollars and euros

    According to XTB's chief market analyst David Cheetham, after the initial knee-jerk reaction lower from the Brexit vote defeat, now there has been some buying in the pound which has bounced strongly off the lows.

    But why?

    "Traders are seemingly taking the outcome as paving the way for an extension of the Article 50 deadline, rather than increasing the chances of a no-deal Brexit and this has caused the recovery seen in the pound," he explained.

  14. 'Financial stability must not be jeopardised'

    City of London

    Catherine McGuinness, policy chair at the City of London Corporation, is warning that the government needs to get on with an alternative plan to solve the Brexit issue.

    “The Government must now urgently set out its ‘Plan B’ to ensure we can secure a deal locking in a legally binding transition before 29 March," she said.

    “Financial stability must not be jeopardised in a game of high-stakes political poker. Politicians across all parties should work together pragmatically to avoid a no-deal Brexit, which would be a hugely damaging outcome for households and businesses on both sides of the Channel.

    “In the meantime, it is critical that EU regulators urgently address cliff-edge issues such as contract continuity and data flows. These are issues that could disrupt cross-border financial services and prevent firms from serving their customers. We need firm action, not just rhetoric, to deal with these issues in the coming days and weeks.”

  15. BreakingMPs vote down May's Brexit deal

    The inevitable has happened and members of parliament have voted down Prime Minister Theresa May's Brexit deal.

    432 MPs voted against the deal, 202 MPs voted for the deal.

    The pound has fallen and is now down against the dollar at $1.27.

    We will bring you more reaction soon.

  16. Why's the pound down?

    Luke Davis, CEO of private equity house IW Capital, explains why the pound may be on the slide ahead of the vote:

    "As with the majority of politically polarising events that influence the markets, Brexit will have a marked effect and will form one of the standout events in our lifetime. What is important to note as the pound drops prior to any announcement being formally made, is the fact that rhetoric, hyperbole and acute speculation will catalyse currency market reactions prior to the actuality of the event themselves."

  17. Pound update


    The pound has dropped in the run up to tonight's Parliamentary vote on Theresa May's Brexit deal. Sterling was down more than 1% versus the US dollar at $1.271.

    Barclays says it is not "expecting as large a market reaction as previous events". It says if a deal goes through, which it thinks is unlikey, the pound could shoot up 3-5%. If it falls, 80 or fewer rebels could mean a 1% rise and more than 100 a 0.5%-1% jump.

    Remember that these forecasts are just that.