Sterling tumbles and European shares sell off sharply – business live



12.40pm BST

And here is our story on the weak UK new car sales figures for July.

The British car market declined for a fifth consecutive month to deliver the weakest July sales in seven years, as the industry struggles with Brexit uncertainty and the backlash against diesel.

Related: July car sales in Britain fall to lowest since 2012

12.37pm BST

In other corporate news, the historic Belfast shipyard that built the Titanic will enter administration today.

My colleague Jasper Jolly writes:

Harland and Wolff Heavy Industries, which traces its history to 1861, has struggled in recent years because of stiff competition from abroad. The company’s Norwegian owner, Dolphin Drilling, filed for bankruptcy in June and put the Belfast shipyard up for sale.

Related: Harland and Wolff shipyard to go into administration

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