UK mortgage approvals slump as Covid-19 hits housing market – business live

Rolling coverage of the latest economic and financial news

Earlier:

12.01pm BST

Energy news: BP has sold its petrochemicals business to Ineos – owned by Britain’s richest man, Sir Jim Radcliffe.

The deal will raise $5bn (£4.1bn) for BP, whose finances are under pressure following the slump in the oil price since the pandemic. Brent crude is trading at $41 per barrel today, from as much as $70 in January.

Related: BP sells petrochemical business to Ineos for $5bn

11.58am BST

Back in the aerospace industry, Boeing has been given the green light to start testing its 737 Max jet, which was grounded after two fatal crashes which killed 346 people.

Theses test flights could pave the way for commercial flights to restart — Covid-19 permitting…..

Related: Boeing cleared for 737 Max test flights after grounding

Continue reading…
Source: The Guardian
UK mortgage approvals slump as Covid-19 hits housing market – business live