FTSE 100 LIVE: London shares edge higher as European markets slump amid Brexit standoff

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But the EURO STOXX 50 has been lowering on Tuesday as Brexit negations continue between the UK and European Union. The FTSE 100 is seen up by 4.5 points at 5889, while the EURO STOXX 50 is down by 14.6 points at 3227.

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On Tuesday a top Bank of England official said negative rates could be needed to boost the economy as a second coronavirus wave hits the recovery.

Gertjan Vlieghe, a member of the Bank’s Monetary Policy Committee, told the Telegraph that growth was slumping and therefore more stimulus could be on its way.

He said in countries where negative rates have already been tried, “the effect has generally been positive”.

But he added that “QE is probably less potent now than in March”.

FOLLOW BELOW FOR LIVE UPDATES FROM EXPRESS.CO.UK 

11.41am update: UK borrowing surges in September due to Covid support 

The Government’s borrowing hit £36.1bn in September to support the economy during the coronavirus pandemic.

Tthe Treasury also scrapped a three-year spending review.

The figure was £28.4bn more than last year and the third highest in any month since records began in 1993, according to the Office for National Statistics.

The ONS said the pandemic had had an impact on public sector borrowing “unprecedented in peacetime”.

10.57am update: UK house prices reach new highs – new ONS figures

The average UK house price hit a new peak of £239,000 in August after increasing by 2.5 percent annually, according to official figures.

House prices across the UK were £6,000 higher typically than in August 2019.

One economist commenting on the figures said most of the price gains seen since the market reopened are likely to be wiped out in the 12 months ahead as job losses and tougher mortgage lending conditions bite.

Average property values increased annually by 2.8 percent in England to reach £256,000, by 2.7 percent in Wales to £173,000, by 0.6 percent in Scotland to £155,000 and by 3% in Northern Ireland to £141,000.

Within England, the East Midlands had the highest annual growth in average house prices (3.6 percent), while the North East had the lowest (0.2 percent).

The Office for National Statistics (ONS), which released the figures jointly with the Land Registry, said the price data in August will mainly reflect sales agreed before a temporary stamp duty cut was introduced.

FTSE 100 LIVE: London shares edge higher as European markets slump amid Brexit standoff

FTSE 100 LIVE: London shares edge higher as European markets slump amid Brexit (Image: getty)

9.42am update: William Hill suffers drop in net revenue

It is understood around 900 staff work at William Hill’s affected shops.

The group posted a nine percent fall in net revenues for the 13 weeks to September 29, but this marks a significant improvement on the 32 percent plunge seen in its first half.

Retail like-for-likes sales bounced back, from a 49% decline in the first half to a two percent fall in the third quarter, as the number of customers in shops returned close to levels seen before the crisis.

But as local lockdowns come into effect to control a second wave of Covid-19, the group said: “As governments vary their response to the Covid-19 pandemic, we will continue to mitigate the impact on our business through careful cost control and cash management.”

7.15am update: UK borrowing soars

The UK’s national debt hit a record £2.06 trillion at the end of September, according to new data from the Office for National Statistics.

It pushed borrowing up to 103.5% of gross domestic product (GDP) after the public sector borrowed around £36.1 billion in September – £28.4 billion more than the same month a year ago and the third-highest month of borrowing since records began in 1993.

At the end of September there was £1.741 trillion of central government bonds, or gilts, in circulation to prop up the falling tax take and cover the huge expenditure related to Covid-19 spending.

Central government tax receipts were £37.7 billion in September – £6 billion less than in September 2019, with large falls in value added tax (VAT), business rates and corporation tax receipts, the ONS added.


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