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Live Reporting

By Lucy Hooker

All times stated are UK

  1. That's all folks

    That is it for the BBC's business live page for today. Join us again tomorrow at 0600 for more business and economics updates.

  2. 'Please avoid festive bridge crashes'

    Lorry crash

    Network Rail has put out a plea to lorry drivers to measure their goods vehicles before making Black Friday, Cyber Monday and Christmas deliveries.

    "The increase in the number of large vehicles on the road at this time of year coincides with an annual spike in the number of bridge strikes, with as many as 14 recorded in a single day on three separate occasions between October and December last year," the rail track operator said.

    "There is no excuse to not know the height of your vehicle before starting your journey," says Network Rail chair Sir Peter Hendy.

    "As well as putting lives in danger on both road and rail and causing lengthy delays for passengers and road users, drivers who chance it at bridges are at risk of losing their licenses and leaving their employers with a hefty bill for repairs and train delay costs."

  3. London market close

    London's FTSE 100 index has closed the day down 0.22% at 7,413 points, that's a change of 16 points.

    The FTSE 250 is 0.3% higher at 21,017.84, or 63 up on the day.

    The pound is 0.09% lower against the US dollar and 0.05% lower against the euro.

  4. To buy or not to buy

    It's supposed to be a big shopping day tomorrow, or so we're told. You don't have to go. But if you do Coletta says: take a calculator. And if the deal is too complicated the chances are they're trying to confuse you into making an impulse buy.

    View more on twitter
  5. M&S makes mincemeat of rivals

    Mince Pies

    Alice from Bake Off joined The Guardian's Stuart Heritage in going pie-eyed over the traditional all butter seasonal treats from Marks and Spencer in the paper's inevitable pre-Christmas taste test.

    But perhaps more interesting are those at the (soggy) bottom: Aldi's sloe-gin mince pies 1/5, Aldi black forest crumble mince pies 1/5, Sainsbury’s pineapple, coconut and rum mince pies 0.5/5.

    Who thought it would be a good idea to add gin, chocolate or pineapple to a mince pie? I blame Bake Off.

  6. Markets mixed

    FTSE 100 trading
    Image caption: FTSE 100 day's trading

    Drawing towards the end of the London trading day and while the FTSE 100 index is currently 0.2% lower the FTSE 250 is 0.2% higher.

    The stand-out market mover is still Virgin Money whose shares are up more than 20% after it said it thought the worse of the industry wide PPI mis-selling scandal was over.

    The pound is a fraction lower against both the dollar and the euro.

    US markets are closed for Thanksgiving.

  7. EU declares 'climate emergency'

    Ursula von der Leyen

    MEPs are pushing for more action on the climate aiming to make the EU carbon neutral by 2050.

    The UN's COP25 starts in Madrid on Monday just as Ursula von der Leyen takes office as EC president. She has promised to deliver a Green New Deal for Europe.

  8. Bank of Ireland UK cash points out of service

    Some of Bank of Ireland's UK services including ATMs are down. The bank says it "continues to work on the systems issues as a priority".

    "Customers are advised that cards are working at other bank ATMs and in retail outlets. Credit cards can be used as normal. We will provide further updates as soon as they are available and we apologise for any inconvenience caused."

  9. What are the implications for borrowing?

    IFS graphic on prospects for borrowing
    ifs graphic on public sector net debt
  10. Tax and spend prospects

    The IFS analysis illustrates the proposed rises in tax and spending from the three largest parties.

    Graphic from ifs tax rises
    IFS graphic of spending promises
    IFS graphic on Labour manifesto vs European countries
  11. Stark choice illustrated

    Just to return to our headline story, the IFS analysis published this morning contains some useful illustrations contrasting the parties' manifesto promises.

    I'll just pick out a few for you. But you can see the full report here.

    Graph from IFS report

    The IFS points out that the Conservative manifesto omits commitments it has maid to fund Northern Powerhouse Rail, the Midlnads Hub, six new hospitals, a Gigafactory and money to upgrade schools.

    Labour hasn't included the £58bn compensation promised to the Waspi women and the long-run cost from keeping the state pension age at 66. But Labour has also left out revenue from a proposed windfall tax and its Inclusive Ownership Fund.

  12. Asos denies making misleading Black Friday promotion

    Asos boot prices on Twitter

    Online fashion firm Asos has denied making a misleading Black Friday promotion, after one shopper found that a pair of boots reduced from £45 to £33.50 had been on sale for £36 previously.

    Asos said the boots had been included in a promotion earlier this week and were returned to their prior price before being discounted again.

    "Our Black Friday deals launched today with up to 70% off everything. Prices are not increased before promotions go live," Asos said in a statement.

    "The boots were included in a promotion earlier in the week and returned to original price pre-Black Friday launching today."

  13. Vive la revolution!

    Christmas lights Paris

    Fed up with the whole Black Friday fuss already?

    Across the channel French MPs have proposed banning it, or at least many of the promotions it prompts.

    The amendment to the anti-waste bill making its way through parliament aims to end false advertising of discounts, in part because it's just not fair on duped shoppers and in part because it leads to environmentally damaging over-consumption.

  14. EU net migration at lowest for 16 years

    Travellers pulling wheelie suitcases

    EU net migration to the UK has fallen to its lowest level for 16 years, ONS figures show.

    The difference between how many people from the EU came to the UK for at least 12 months and how many left dropped to 48,000 - the lowest level since 2003.

    The ONS says this was down to fewer people coming to Britain for work, while a record high returned home.

    Read the full story here.

  15. Long term goals

    Manchester City players

    The owners of Premier League champions Manchester City have agreed to buy 65% of Indian soccer team Mumbai City FC.

    They'll now own eight clubs in countries from China to Japan to the United States.

    The City Football Group (CFG) has just sold a stake to US private equity firm Silver Lake for $500m, making it - at $4.8bn - the most valuable soccer group in the world.

    Announcing the Mumbai City deal, Manchester City chief executive Ferran Soriano said: "Our goal is long term, we are here to stay," he told a news conference in Mumbai. "We are not here to lose money, we will look to help the league generally improve so that everybody makes money, including us. It will take time, we are patient."

    You can read more here.

  16. TSB reveals branch closure locations

    TSB branch

    TSB has named the 82 branches that it plans to close in 2020, with much of the country affected.

    Earlier this week, the bank announced there would be closures as part of a plan by new chief executive Debbie Crosbie to make £100m of cost cuts by 2022.

    The bank said that 370 positions would be hit by the closures.

    TSB said it would offer help to customers and staff affected by the move.

    All full list of the branches being closed can be found here.

  17. FTSE 100 lower

    City trader

    While the share price movement in FTSE 250 member Virgin Money has been the most eye-catching today, the wider market has been much more sedate.

    The FTSE 100 index is currently down 26.70 points at 7,403.08.

    Shares in online grocer Ocado are up 2.7% after it announced plans to build a "mini" distribution centre in Bristol.

  18. Virgin Money shares soar despite loss

    Investors in Virgin Money do not seem too perturbed by its results this morning, which showed the bank reporting a full-year loss as a result of setting aside a further £385m to cover PPI mis-selling.

    Shares in the bank have jumped nearly 20%, despite Virgin also scrapping its dividend payment.

    “Usually a company would expect raspberries from the market when suspending its dividend so the very positive reaction to today’s full year results from Virgin Money is surprising on the face of it," says Russ Mould, investment director at AJ Bell.

    “Expectations were pitched fairly low heading into today’s announcement so the company’s solid if unspectacular performance across several metrics has been treated with a sigh of relief."

  19. Why the IFS is not impressed

    Faisal Islam

    BBC Economics Editor

    A plague on all their houses, is the verdict of the IFS on the fiscal credibility of the major parties.

    Labour’s plans are viewed as a huge change, by UK standards, which just might not be deliverable, and in particular the tax sums raised would impact beyond just the richest 5%, contrary to Labour claims.

    The Conservatives have simply not costed in their spending plans a number of big items they say they are doing. The big new reflection though is an estimate of annual borrowing at 3.5% of the national economy, nearly double what the Conservatives' plans imply.

    However, if there is no trade deal struck over the next 11 months, the Tory manifesto says the UK will leave on WTO terms, with tariffs on UK-EU trade. In that situation, the damage to the economy leads to a deficit under a Conservative Government of 4%, higher, slightly, than that predicted for Labour.

    In other words, Conservative acceptance of the possibility of a version of "no deal" could lead to more borrowing than Labour actually wants to do to meet its investment plans.

  20. Javid: 'Corbyn has no credibility left'

    Sajid Javid

    Chancellor Sajid Javid has responded to the IFS's criticism of Conservative economic plans by attacking Labour.

    Referring to a Labour plan to scrap a tax break for married couples, Mr Javid said Jeremy Corbyn’s plans "would mean millions people more paying higher taxes".

    "With no position on Brexit and no plan to how to pay for his £1.2trn spending spree [Mr] Corbyn simply doesn’t have any credibility left."

    “[Mr] Corbyn can’t pretend that it’s only the rich or businesses that will pay the price for his plans...

    “Only a majority Conservative government will get Brexit done and unleash our country’s potential delivering the change people voted for in the referendum.”