Redundancy rate at a record as unemployment hits 5pc – live updates –

Good morning. UK unemployment is expected to continue to creep higher in the latest UK labour market figures, set for release at 7am.

Joblessness has risen sharply in recent weeks, but remains subdued but recent levels – something economists have ascribed to the the flattering effects of the Government’s furlough scheme.

Elsewhere, there are a handful of UK companies set to release updates today. The FTSE 100 is set to open flat after a sharp fall yesterday and headwinds from Asia overnight.

5 things to start your day 

1) 10,000 jobs to go as Boohoo buys Debenhams for £55m: Separately, Asos confirms it is in talks to buy Topshop, Topman, Miss Selfridge and HIIT from Arcadia’s administrators.

2) Digital currencies not built to last, warns Bailey: Andrew Bailey welcomed digital innovation in areas such as payments but struck a more sceptical tone on digital currencies like Bitcoin.

3) Call for self-employed to pay more tax: The Institute for Fiscal Studies’ has called for tax reforms that could increase bills for millions of self-employed workers and business owners.

4) Dyson seeks £200m damages in EU vacuum cleaner dispute: Billionaire Brexiteer’s company claims it lost out on sales and ran up costs because EU rules favoured conventional designs.

5) Apollo chief stands down after report into Epstein payments: Leon Black of Apollo Global Management is stepping aside after a review found he made larger-than-expected payments to Jeffrey Epstein.

What happened overnight 

Shares fell in Asia on Tuesday after a choppy session on Wall Street yielded mixed results as the market struggled to find direction.

Hong Kong led other regional markets lower, dropping 2.3pc. Markets in Australia and India were closed for holidays.

Japan’s Nikkei 225 index declined 1pc, while the Shanghai Composite index dropped 1.8pc. South Korea’s Kospi lost 2.1pc.

Coming up today

Corporate: PZ Cussons (Interim results); Crest Nicholson (Full year); Barr (AG), Petropavlovsk, Saga (Trading statements)

Economics: Unemployment, average earnings, CBI distributive trades survey (UK); Conference Board consumer confidence (US)

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