Economics / Markets

Financial regulators have reached a deal to force global banks to double the spare cash they hold in the biggest shake-up since the economic crisis nearly brought down the system.

The FTSE 100 opened at 5,494 this morning, sliding 0.18% down in early trading despite a surge in M&A activity.

HMRC is facing accusations it cannot cope with the new 50p rate of income tax.

The global economic recovery is slowing faster than forecast, but a return to recession is unlikely, according to the OECD.

Banks and miners have powered the FTSE to a four-month high in afternoon trading after the Bank of England held interest rates at their historical lows.

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.