Economics / Markets

Institute of Fiscal Studies director Robert Chote has been selected as the preferred chair of the Office for Budget Responsibility (OBR).

The Bank of England has held interest rates at 0.5%, marking the 18th consecutive month they have been at this historical low.

The FTSE 100 has fallen 0.3% or 16 points to 5,413.5 in early trading after America's Federal Reserve said overnight there were "widespread signs of deceleration" in the US economy.

Greece's economy contracted by a worse-than-expected 1.8% in the second quarter as consumers in the debt-laden country reined back spending.

Virgin Money will base its new operations in Edinburgh where it will create 200 new jobs in a boost to the city which has suffered from large-scale job cuts.

Vince Cable has voiced concerns over the appointment of Bob Diamond as the new Barclays chief executive, fuelling the row over whether big banks should be broken up.

The FTSE 100 fell 0.85% or 46.36 points to 5,392.83 this morning with Barclays among the biggest losers.

Barclays is set to name its investment banking boss Bob Diamond as successor to current chief executive John Varley.

US President Barack Obama has unveiled a $50bn infrastructure spending package aimed at reviving the faltering American economy and cutting the country's mounting unemployment.

Britain's largest banks will present their "living wills" to the FSA next month, ahead of the G20 summit of leading industrialised nations in South Korea.