Hunt: Olympics 'terrific for long-term London business'

Jeremy Hunt has defended the latest figures, which show retails suffering an early drop in business as visitors stay away from central London during the Olympics.

The Culture Secretary told Daybreak: "It may be a bit up and down over the next few weeks, but in the years that follows, it's going to be terrific for London businesses.

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Interest rate held at 0.5%

The Bank of England has held the interest rate at a record low of 0.5% and maintained the funding for stimulating economy at £375m, despite mounting pressure to implement emergency measures to avoid a triple dip recession.