Car tax disc changes prompt clash between RAC and DVLA

The public borrowing figures include a raft of accounting changes. So, for example, the auctions of the 3G and 4G mobile phone spectrums have had to be reclassified as rents rather than sales. The changes also move the liabilities from the Royal Mail pension scheme onto the Treasury's books. The government is keen to stress that the figures do not include any new debt, simply that the way it is being counted has changed.

The Treasury has been saying for a couple of months now that the deficit is likely to look worse in the early half of the financial year because of the rise in the number of self-employed people. It expects a rush of tax receipts in the last couple of months after those people complete their self-assessments in January 2015.

The ONS figures show the current budget deficit - that's the difference between tax receipts coming into the the Treasury and the amount it has to borrow to fund public services - stood at £9.4bn in August (£100m lower than a year earlier) and at £36.4bn for the financial year to the end of August (versus £36.6bn a year ago).

One of the reasons for the increase in government borrowing is that Network Rail has been moved from the private sector into the public sector. So all its associated debt has been added to the government's books. The Treasury hasn't provided a Network Rail figure for this tax year but says: "the reclassification of Network Rail adds £1bn to £2bn onto borrowing in most years and £4.6bn in 2013/14."

The Office for National Statistics (ONS) says total public sector net borrowing for this tax year is - so that's since April - stands at £45.4bn. That's already half chancellor George Osborne's target for the whole year.

The number of mortgages approved stood at 67,019 in August, the BBA says. That's below the six month average of 70,764 and also lower than the 69,307 in July. But August generally sees a slowdown in the property market.

Mortgage lending rose 15% in August compared with the same month a year ago to £11.1bn, figures from the British Bankers' Association show. New affordability rules for mortgage borrowers introduced in April temporarily disrupted lending the BBA says. But today's figures suggest a more stable overall picture.

The FTSE 100 is down almost 1% so far this morning, and there are some high-profile fallers. Tesco is down 4.7% so far, adding to its big losses yesterday. Mothercare has dropped a hefty 13% after announcing a £100m rights issue. And Tate & Lyle is down 18% after a profits warning.

Evelyn Herman from BNP Paribas tells the News Channel there were big moments of uncertainty over the summer which may have affected confidence in eurozone economies, including sanctions on Russia and more recently the Scottish referendum. But she says PMI numbers have not been a great indicator of growth in the eurozone over recent years, so we shouldn't read too much into them.

The latest PMI numbers have been released by Markit in the last hour. They suggest growing divergence between Germany and France, the eurozone's two biggest economies. France's private sector output has fallen again, while Germany's is growing at a faster rate. But it's a mixed picture - Germany's manufacturing sector has also slowed.

More from Chuka Umunna, who says people are worried about whether young people will be able to afford housing. He says Labour wants to boost the number of people going into apprenticeships and the minimum wage to help young people.

The FTSE 100 is down after about half an hour of trading this morning, with Tesco again among the big fallers. The supermarket is down 2.6%. Elsewhere in Europe, the Dax in Frankfurt and the Cac 40 in Paris are both down about 0.5%.

Labour shadow business secretary Chuka Umunna is now on Today. He says Ed Miliband's speech later today will not be anti-business. He says the biggest issue for business at the general election will be Britain's membership of the EU, and Labour will only call a referendum if there is a proposal to transfer further powers to Europe.

Why are central European countries reporting falling gas supplies from Russia? Could this be the first sign of an impending winter energy stand-off as a result of the Ukraine crisis? Find out by listening to the Business Daily podcast from the World Service. Also in the programme, Lucy Kellaway asks whether gender and ethnic diversity in the boardroom are not always the great virtue they are made out to be.

Labour's shadow business secretary Chuka Umunna tells Radio 5 live he is deeply troubled by Tesco's £250m overstated half year profits forecast. He says he hopes this hasn't been happening at Tesco for a period of time.

Tate & Lyle's share price has also taken a hit - down 17% after its profits warning this morning.

Tesco's share price is down again this morning, suggesting the arrival of new CFO Alan Stewart this morning may not be enough to satisfy investors. It has fallen 2.22% to 1.98p in the first few minutes of trading.

Tate & Lyle has issued a profit warning this morning, blaming significant disruption to its supply chain and increased competition for its Splenda sucralose sweetener. Traders expect the company's shares to take a hit this morning.

Steve Dresser from Grocery Insight tells Breakfast the biggest concern for Tesco investors is the possibility of more skeletons in the closet. "The real fear for the City is if they go further back in the accounts and realise this was an ongoing practice," he says.

What will the market reaction be to Alan Stewart's early start as Tesco's finance director? Shares fell nearly 12% yesterday, wiping off more than £2bn from the value of the company. We'll find out what happens in about ten minutes when the market opens.

Nick Butler, a former adviser to BP and a visiting professor at Kings College London, says the price of oil - already 15% lower this year - could fall to as low as $80 a barrel. He says Saudi Arabia could end up as one of the big losers. Saudi Arabia "will be squeezed" by other oil producing nations, he says. "They will be putting pressure on them to reduce production. Saudi Arabia could be forced to cut production to stabilise the price at perhaps $80, perhaps $85 a barrel."

I am told that Alan Stewart's arrival came after a direct appeal from Dave Lewis to Marc Bolland who "graciously" allowed him to leave early.

Mothercare has announced plans to raise about £100m from investors. The company's chairman, Alan Parker, says the rights issue is a "pivotal step" and hopes it will return Mothercare's UK business to profitability.

The announcement that Alan Stewart is starting as Tesco's finance director today will bring some relief to investors. A business facing an accounting crisis with no chief financial officer was not exactly comfortable. Sir Richard Broadbent, the chairman, will hope that the move will quieten those who believe that he should consider his position.

Tesco's share price fell nearly 12% yesterday - that's £2.2bn off the value of the company. Kevin Doran from Brown Shipley tells Breakfast's Steph McGovern: "It's a significant fall because it's a permanent fall... this is a car crash happening in slow motion". He also says he would be "astonished" if this was the end of the bad news.

Luxury shoes brand Jimmy Choo has confirmed its intention to float on the London Stock Exchange this morning. In a statement, chief executive Pierre Denis says the firm has "strong momentum" adding he is confident its future as a public company can only extend its reputation.

Here's a link to that (very short) statement from Tesco on Alan Stewart's arrival. The supermarket faced criticism after yesterday's revelations that it would be effectively running without a CFO for the rest of the year, had Mr Stewart started in December as originally planned. Will investors react positively to this announcement at the start of trading?

Some apparently good economic news from China, according to World Business Report. Activity in manufacturing unexpectedly picked up in September according to the latest figures, even as factory employment slumped. Rico Hizon in Singapore tells the programme that it is a big relief for investors after a string of negative news out of China in recent weeks.

Ms Palmer of Begbies Traynor tells Today when Laurie McIlwee resigned in April "it was allegedly due to some certain differences of opinion" between former chief executive Philip Clarke and Laurie McIlwee. "So it could well be that this issue goes that far back."

The Rockefellers - the US industrial family that made a fortune out of oil in the late 19th century, is going to sell its investments in fossil fuels and reinvent itself in clean energy, according to US press reports. Rockefeller Brothers Fund, founded by the family heirs, has signed a pledge to get rid of fossil fuel assets.

More from retail analyst Julie Palmer on Tesco. She says there has been "some concern over a period of time that the Tesco board just hasn't been strong enough". Tesco relies a lot on non-executive directors, she adds. It's also not clear how long former chief financial officer Laurie McIlwee has been absent from the company following his resignation in April.

It looks like Tesco has "recognised the acceleration of payments from suppliers for in-store promotions and bonus payments, while deferring costs relating to food that is out of date and stock theft", Julie Palmer of Begbies Traynor tells Today (whatever this means). But she says it's not clear if they have broken accounting rules.

British Chambers of Commerce boss John Longworth says Ed Balls' speech at the Labour party conference yesterday marked a "paradigm shift" in Labour's approach to business. He tells Wake Up to Money a slew of policy plans including cuts to business rates, infrastructure plans and a decision on Heathrow expansion are all good news. Suggestions that Labour is anti-business, he says, are "behind the curve".

The Bank of England should raise interest rates straight away according to Jim O'Neill, the economist and former chairman of Goldman Sachs Asset Management. He tells Wake Up to Money: "there's no reason not to move right now", and more "conventional" rates will be appropriate for the recovering economy.

Barclays Bank appears to have found itself in some regulatory hot water again according to the Financial Times. The paper reports the bank will later today be fined £38m for failing to keep client's money separate from its own at its investment arm. The fine, levied by the Financial Conduct Authority, would be a record for this type of misconduct.

Tesco's troubles follow it to South Korea, the BBC's Steven Evans in Seoul tells Wake Up to Money. Regulators there have opened an investigation into Homeplus - a local Tesco subsidiary with 400 stores. Allegations include the selling of customer data, and the suggestion that a BMW car, meant as a customer lottery prize ended up in the hands of a friend of the staff - so not related to Tesco's current UK problems.

There's also more on the Labour party conference, which continues today. Get in touch with us throughout the morning on bizlivepage@bbc.co.uk or on Twitter @BBCBusiness.

Morning folks. This morning we have a trading update from Barclays bank as well as one from Punch Taverns. We also learned of 1,700 job losses at Phones 4U overnight. There are the latest set of public sector finances to examine later on. And there's bound to be more on Tesco's accounting irregularities. Stay with us.