BUSINESS LIVE: BoE cuts base rate; Rolls-Royce shares soar to all-time high; Next profits set to near £1bn
By Live Commentary
Updated:
The Bank of England has cut base rate to 5 per cent. The bank’s Monetary Policy Committee voted to cut by 25 basis points to 5 per cent by a margin of 5-to-4.
The FTSE 100 is up 0.1 per cent in afternoon trading. Among the companies with reports and trading updates today are Shell, Barclays, Next, Rolls-Royce, BAE Systems and Wizz Air. Read the Thursday 1 August Business Live blog below.
> If you are using our app or a third-party site click here to read Business Live
Barclays investment banking profits cushion core UK business struggles
Barclays profits slumped in the fist half, as a strong performance in its investment banking division failed to offset a decline in its core UK businesses.
The FTSE 100-listed lender’s pre-tax profits fell 9 per cent in the first-half to £4.2billion, beating estimates of £3.8billion but down from £4.6billion a year ago.
Group income was flat at £6.3billion in the second quarter, beating expectations of £6.16billion and bringing total half-year income to £13.3billion, down 2 per cent year-on-year.
BoE cuts base rate to 5%
The Bank of England has cut base rate to 5 per cent. The bank’s Monetary Policy Committee voted to cut by 25 basis points to 5 per cent by a margin of 5-to-4.
:
BUSINESS LIVE: BoE cuts base rate; Rolls-Royce shares soar to all-time high; Next profits set to near £1bn
