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You can find the current article at its original source at https://www.theguardian.com/politics/live/2016/jul/12/mps-to-quiz-mark-carney-on-brexit-fallout-business-live
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| Version 2 | Version 3 |
|---|---|
| MPs to quiz Mark Carney on Brexit fallout - business live | MPs to quiz Mark Carney on Brexit fallout - business live |
| (35 minutes later) | |
| 9.58am BST | |
| 09:58 | |
| Next up: Mark Carney appears at the Treasury Select Committee. Will there be fireworks as he faces his adversary Jacob Rees-Mogg, the MP and Brexit supporter ? | |
| 9.56am BST | |
| 09:56 | |
| The minutes from the Financial Policy Committee also reveal that policymakers were unanimous in the decision to cut banks’ capital requirements following the EU referendum. | |
| Last week the FPC lowered a capital requirement for banks, affording them greater flexibility to absorb potential Brexit-related shocks. | |
| 9.49am BST | |
| 09:49 | |
| Bank of England was warned about property fund suspensions | |
| Bank of England was warned that investors were likely to pull large amounts of money out of commercial property funds following the Brexit vote. | |
| Minutes from the meeting of the Bank’s Financial Policy Committee on 28 June and 1 July (published here) reveal that policymakers were warned by the City regulator that funds might be suspended, which is exactly what happened. | |
| Since 4 July, seven funds have made moves to stop withdrawals either by suspending trading or reducing the value of the fund. | |
| The minutes reveal: | |
| The FPC was briefed by the Financial Conduct Authority on the extent of outflows from these funds and on the possibility that funds could suspend redemptions in the near term. | |
| The Bank also published two paragraphs that were redacted from the minutes of an earlier FPC meeting in March. The pars related to contingency planning in the run-up to the 23 June referendum and were deemed at the time to be against the public interest. | |
| Here are the paragraphs: | |
| Supervisors were engaging with banks, insurers and central counterparties on their contingency plans for risks related to the referendum, including for managing funding and liquidity risks in sterling and foreign currency. | |
| Several firms had reported that they were conducting stress tests with referendum related strategies of varying severity. | |
| 9.28am BST | 9.28am BST |
| 09:28 | 09:28 |
| UBS boss warns about potential job moves from the UK following the Brexit vote... | UBS boss warns about potential job moves from the UK following the Brexit vote... |
| #Brexit wll mean "significant" job moves, "complete reassessment" of businss: UBS https://t.co/ToDn114ECO https://t.co/peThWXise5 ~@business | #Brexit wll mean "significant" job moves, "complete reassessment" of businss: UBS https://t.co/ToDn114ECO https://t.co/peThWXise5 ~@business |
| 9.22am BST | 9.22am BST |
| 09:22 | 09:22 |
| Nintendo shares are up more than 50% in the three trading days since its Pokémon Go game was launched. | Nintendo shares are up more than 50% in the three trading days since its Pokémon Go game was launched. |
| Nintendo’s shares rose 12.8% to ¥22,860 in Tokyo on Tuesday, taking total gains in the past three days to 53%. | Nintendo’s shares rose 12.8% to ¥22,860 in Tokyo on Tuesday, taking total gains in the past three days to 53%. |
| It means the market value of the company has jumped by £7bn since the latest version of its 21-year-old game was made available on 7 July. | It means the market value of the company has jumped by £7bn since the latest version of its 21-year-old game was made available on 7 July. |
| Pokémon Go is the first edition of the game for mobile phones and and lets players face the monsters in the real world using their smartphone cameras. | Pokémon Go is the first edition of the game for mobile phones and and lets players face the monsters in the real world using their smartphone cameras. |
| Related: Nintendo shares up 53% as investors try to catch ‘em all | Related: Nintendo shares up 53% as investors try to catch ‘em all |
| 9.09am BST | 9.09am BST |
| 09:09 | 09:09 |
| Figures published overnight showed consumer spending slowed to recession levels in the run up to the EU referendum. | Figures published overnight showed consumer spending slowed to recession levels in the run up to the EU referendum. |
| High street and online sales were up 0.2% in June compared with the same month a year earlier according to the survey from the British Retail Consortium and KPMG. | High street and online sales were up 0.2% in June compared with the same month a year earlier according to the survey from the British Retail Consortium and KPMG. |
| But sales were down 0.5% on a like-for-like basis, which strips out the impact of sales at shops open for less than a year. | But sales were down 0.5% on a like-for-like basis, which strips out the impact of sales at shops open for less than a year. |
| Over the second quarter, sales were up 0.5% on the first quarter and 1.2% up on an annual basis. | Over the second quarter, sales were up 0.5% on the first quarter and 1.2% up on an annual basis. |
| The BRC said this was the weakest performance since May 2009, when the economy was contracting during its longest and deepest postwar recessions. | The BRC said this was the weakest performance since May 2009, when the economy was contracting during its longest and deepest postwar recessions. |
| Economists have commented that consumers are likely to delay spending on big items while economic uncertainty reigns following the Brexit decision. | Economists have commented that consumers are likely to delay spending on big items while economic uncertainty reigns following the Brexit decision. |
| Related: Consumer spending slowed to recession levels before EU referendum | Related: Consumer spending slowed to recession levels before EU referendum |
| Updated | Updated |
| at 9.11am BST | at 9.11am BST |
| 8.57am BST | 8.57am BST |
| 08:57 | 08:57 |
| Meanwhile the yen hit more than a two-week low against the dollar as investors factored in more monetary stimulus following the the election victory by Japan’s ruling coalition. | Meanwhile the yen hit more than a two-week low against the dollar as investors factored in more monetary stimulus following the the election victory by Japan’s ruling coalition. |
| The dollar rose 0.8% to 103.64 yen, its strongest since 24 June when the Brexit vote was revealed. | The dollar rose 0.8% to 103.64 yen, its strongest since 24 June when the Brexit vote was revealed. |
| 8.49am BST | 8.49am BST |
| 08:49 | 08:49 |
| Pound rises above $1.31 | Pound rises above $1.31 |
| The pound is rising this morning, currently up 1% against the dollar at $1.3130. | The pound is rising this morning, currently up 1% against the dollar at $1.3130. |
| As it stands, the pound is on track for its biggest one-day gain since before the EU referendum. | As it stands, the pound is on track for its biggest one-day gain since before the EU referendum. |
| Sterling is also up 0.6% against the euro at €1.1813. | Sterling is also up 0.6% against the euro at €1.1813. |
| 8.40am BST | 8.40am BST |
| 08:40 | 08:40 |
| European markets open slightly higher | European markets open slightly higher |
| Markets have edged higher in early trading, following the FTSE 100’s move into a bull market on Monday. | Markets have edged higher in early trading, following the FTSE 100’s move into a bull market on Monday. |
| The FTSE 100 is trailing however, down four points. | The FTSE 100 is trailing however, down four points. |
| Investors have found comfort from the sooner-than-expected end to the Conservative Party leadership contest. Theresa May’s confirmation as the next Prime Minister removes the uncertainty that investors were expecting to run for another couple of month. | Investors have found comfort from the sooner-than-expected end to the Conservative Party leadership contest. Theresa May’s confirmation as the next Prime Minister removes the uncertainty that investors were expecting to run for another couple of month. |
| May is expected to move into Number 10 on Wednesday, when firm plans for Brexit and life outside the EU can get underway. | May is expected to move into Number 10 on Wednesday, when firm plans for Brexit and life outside the EU can get underway. |
| 8.09am BST | 8.09am BST |
| 08:09 | 08:09 |
| The agenda: Mark Carney updates on Brexit fallout | The agenda: Mark Carney updates on Brexit fallout |
| Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. | Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business. |
| The Bank of England is in focus this morning. At 9.30am the Bank will publish the minutes of the Financial Policy Committee meeting held on 28 July and 1 July. | The Bank of England is in focus this morning. At 9.30am the Bank will publish the minutes of the Financial Policy Committee meeting held on 28 July and 1 July. |
| Then at 10am the Bank’s governor Mark Carney will be questioned by MPs on the Treasury Select Committee about the Financial Stability Report published by the Bank last week. | Then at 10am the Bank’s governor Mark Carney will be questioned by MPs on the Treasury Select Committee about the Financial Stability Report published by the Bank last week. |
| Here is our story on the report: | Here is our story on the report: |
| Related: Bank of England releases £150bn of lending amid warnings on stability | Related: Bank of England releases £150bn of lending amid warnings on stability |
| Today’s session will give Carney the opportunity to provide his latest view on the fallout from the Brexit vote, in this fast-changing environment. You can watch it live here. | Today’s session will give Carney the opportunity to provide his latest view on the fallout from the Brexit vote, in this fast-changing environment. You can watch it live here. |
| Also coming up... | Also coming up... |
| Related: FTSE enters bull market as May rival quits and Wall Street surges | Related: FTSE enters bull market as May rival quits and Wall Street surges |