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Chinese stock market suffers 8% nosedive overnight

The Chinese stock market has plunged more than eight per cent - its biggest one-day drop in eight years.

The CSI300 index, consisting of 300 of the largest listed companies in Shanghai and Shenzhen, fell 8.6 percent, to just over 3,818 points, while the Shanghai Composite Index .SSEC lost 8.5 percent, to little over 3,725 points.

The drops - the biggest since February 27, 2007 - come as a government-triggered rebound petered out amid concerns over the economy and fears of a tightening of regulations around Beijing's loose monetary policies.

Unemployment rises for first time in over two years

Unemployment rose by 15,000 between March and May to 1.85 million, the first rise in more than two years, official figures show.

Unemployment rises for first time in over two years Credit: Philip Toscano/PA Wire

The number of people claiming unemployment-related benefits last month rose by 7,000 to 804,200, according to Office for National Statistics figures.

Average earnings increased by 3.2% in the year to May, 0.5% up on the previous month.

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Government to cut BBC budget by £650m

George Osborne has signalled a £650 million raid on the BBC finances Credit: PA

George Osborne is set to cut £650 million from the BBC's budget - the amount the Government currently spends on providing free television licences for the over-75s.

The corporation will have to take on the cost of providing the 4.5 million licences - worth £145.50 per person - the Chancellor suggested on BBC1's The Andrew Marr Show.

"The BBC is also a publicly funded institution and so it does need to make savings and contribute to what we need to do as a country to get our house in order. So we are in discussion with the BBC," he said.

Reports suggested that the BBC would be able to recoup up to £150 million of lost revenue through charging for the use of its iPlayer and other online catch-up services.

He also hinted that the website could be scaled back, saying: "You wouldn't want the BBC to completely crowd out national newspapers. If you look at the BBC website it is a good product but it is becoming a bit more imperial in its ambitions."

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