City investors relaxed about budget risks; BP profits drop by a third – business live

Rolling coverage of the latest economic and financial newsLower shop prices boost prospect of Bank of England rate cutProfits at energy giant BP have fallen by a third, after earnings were hit by weaker oil prices.BP has reported an underlying profit of $2.267bn for the third quarter of this year, down from $3.293bn the previous year, and also below the $2.756bn it made in April-June.We have made significant progress since we laid out our six priorities earlier this year to make bp simpler, more focused and higher value. In oil and gas, we see the potential to grow through the decade with a focus on value over volume.We also have a deep belief in the opportunity afforded by the energy transition - we have established a number of leading positions and will continue high-grading our investments to ensure they compete with the rest of our business. I am absolutely clear that the actions we are taking will grow the value of bp. Continue reading...