Economics / Markets

The Bank of England (BoE) has named Sir John Cunliffe, currently the UK Permanent Representative to the European Union, as deputy governor for financial stability, replacing Paul Tucker.

The International Monetary Fund (IMF) has warned if the US Federal Reserve begins tapering monetary stimulus, the weakest eurozone countries could be pushed into a "debt-deflation spiral".

The UK economy grew by 0.6% in the second quarter, in line with analysts' expectations and up from the modest 0.3% growth recorded in Q1.

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SECTOR REPORT

The FTSE 100 has ended three straight days of losses to move 0.9% higher, returning to levels last seen at the end of May.

The International Monetary Fund (IMF) has renewed its calls on the UK government to do more to boost the economy, but Chancellor George Osborne has received support for his austerity programme from IMF member countries.

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The government is set to agree to sell some £450m of Northern Rock loans to American private equity firm JC Flowers, according to reports.

Sterling and gilt yields have jumped this morning after the latest Monetary Policy Committee minutes revealed Mark Carney and all other MPC members voted against more QE in July.