Now for Some (much needed) Stability……….

Carney defends private Osborne Brexit meetings.

The Bank of England governor has said it is "important" that he and Chancellor George Osborne are allowed to have private meetings. However, Mark Carney has agreed minutes of their private talks on Brexit may be examined "discreetly" by MPs. It was his first time giving evidence to MPs since the vote. He denied again that the Bank of England had tried to "frighten" the public about the negative effect a Brexit vote could have on the economy. Supporters of Leave - including two former Conservative Chancellors - accused him last month of "peddling phoney forecasts". But Mr Carney said: "It is our responsibility to give these assessments... we have an obligation to make these assessments. The debate cannot be about whether we should have made an assessment. If we view something as the biggest risk, we have an obligation, a statutory obligation, to make that clear to parliament. We have an obligation to the people of the United Kingdom to come straight with them."

Debate on second EU referendum after millions sign petition.

An online petition that calls for a second EU referendum will be debated in Parliament after it was signed by more than 4.1 million people. The Petitions Committee said the debate would be on 5 September as a "huge number" had signed it. But the committee said the debate did not mean it was supporting the call for a second referendum and it was "too late" to change the referendum rules. The UK voted to leave the EU by 52% to 48% in the referendum on 23 June. The petition, set up on 25 May before the referendum, states: "We the undersigned call upon HM Government to implement a rule that if the Remain or Leave vote is less than 60%, based on a turnout of less than 75%, there should be another referendum."

Pound rallies further on May victory.

The pound rose above $1.32 as markets welcomed the removal of uncertainty from the Conservatives Party's leadership contest, with Theresa May set to be the new prime minister. Sterling rose 1.86% against the dollar to $1.32.40, and was 1.73% higher against the euro at €1.19.57. The FTSE 100 share index hit fresh 11-month highs before falling back and closing scarcely changed at 6,680.69, that is a slight fall of 2.17 points or 0.03%. The more UK-focused FTSE 250 index rose 68.75 points, or 0.4%, to 16,775.14. The property sector - which saw a steep sell-off immediately after the Brexit vote - received a boost from Galliford Try. The housebuilder said it still expected full-year profits to be in line with expectations sending its shares up 8.5%. Financial stocks - another victim of the post-referendum sell-off - were also having a better day. Shares in insurer Aviva rose 4.26% while Lloyds Banking Group gained 2.55%. "Theresa May's virtual 'coronation' as prime minister has delivered a boost to the pound as the clouds of uncertainty following the Brexit vote start to disperse," said Neil Wilson, markets analyst at ETX Capital. "The leadership question has been settled and two months earlier than markets had been anticipating. This is feeding into strong bids for sterling and property stocks as investors eye potential bargains."

Siemens promises UK investment despite Brexit warning.

German industrial giant Siemens has said it will continue to invest in the UK, despite earlier warnings that a vote to leave the EU could affect its future activities in the country. Siemens chief executive Joe Kaeser told a number of media organisations that the company remained fully committed to manufacturing in the UK. The company has 13 plants in the UK and employs about 14,000 people. Siemens UK had warned investment could be hit if the UK voted to leave the EU. The engineering and technology giant manufactures and exports high value goods including MRI scanners and gas turbines. At an event at the House of Commons, Mr Kaeser said the UK continued to matter and be a "good place to do business" whether it was inside or outside the EU. But he called on Theresa May to clarify the UK's trade position as soon as possible to give business some certainty.

High Street sales fall in June, survey says.

UK retail sales fell in June triggered by weak clothing sales, according to the latest British Retail Consortium-KPMG survey. The survey indicates they fell by 0.5% in June on a like-for-like basis, which strips out variables in store space. Helen Dickinson, BRC's chief executive, said it was "too early" to say if shoppers were affected by the result of the EU referendum. The wet weather is thought to have dampened shoppers' enthusiasm. "While the ramifications from the Brexit vote may well affect consumer confidence, retailers will be hoping the long-promised heatwave and potential stay-at-home holidays will be enough to drive shoppers back to the high-streets," said David McCorquodale, head of retail at KPMG the accountancy firm which sponsored the survey. In May spending rose by 1.4% and like-for-like sales, which takes into account changes in the amount of retail space open to shoppers over the past 12 months, increased by 0.5%. Total retail sales were up 0.2% in June compared with a year ago, but slowed towards the end of the month.

Barratt mulls construction slowdown following Brexit.

The UK's biggest housebuilder, Barratt, could slow its pace of construction in the light of Brexit. The builder told the Reuters news agency it would also review its commitments of land on which to build, after the UK voted to leave the EU. Despite increasing new property completions by 5% last year, it said there was greater uncertainty facing the UK economy. Mortgage lenders also said there would be uncertainty among potential buyers. "Brexit, and its likely effect on the market, is a question to which the answer will not immediately be forthcoming," said Paul Smee, director general of the Council of Mortgage Lenders. "Lenders will continue to be open for business as usual, but lending volumes may be affected by uncertain consumer sentiment."

[Great efforts are being made to keep the Markets happy. I get the feeling that many people are ‘whistling as they pass the graveyard’ and that’s why any mention of bad news or bad forecasts is howled down as dangerous scaremongering. Talking to people at work it seems that Brexit is practically a taboo subject and that some of them at least are regretting their decisions although they’d rather die than admit it even to themselves. But with Article 50 looking like it’s not happening this year I wonder if, when it happens, it’ll just make the shock that much the worse? We’re off the map people – here be monsters!]

All details above from BBC News website.