Rolling live coverage of business, economics and financial markets ahead of Bank of England interest rate decision
9.19am BST
The UK car industry sold the fewest cars since 1998 in July, as manufacturers struggled with the long-running global shortage of computer chips and the increased number of workers being forced to self-isolate.
The automotive sector continues to battle against shortages of semiconductors and staff, which is throttling our ability to translate a strengthening economic outlook into a full recovery. The next few weeks will see changes to self-isolation policies which will hopefully help those companies across the industry dealing with staff absences, but the semiconductor shortage is likely to remain an issue until at least the rest of the year.
9.05am BST
Rolls-Royce has reassured investors by sticking to its guidance on its cash burn after slowing its spending further.
The benefits of our fundamental restructuring programme in civil aerospace are evident in our reduced cash outflow and improved operational efficiency. This leaner cost base together with a strong liquidity position gives us confidence in our ability to withstand uncertainties around the pace of recovery in international travel and benefit from the eventual rebound.
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