CBI members back reform package at extraordinary general meeting – as it happened

British businesses have given the CBI a vote of confidence as the lobby group takes steps to reform itself

• Full story: CBI survives confidence vote after sexual misconduct allegations
• Crunch' vote on CBI's future is unlikely to be the end of the story

Elsewhere in the global economy, German manufacturers have suffered another drop in orders, raising fears over an economy already in recession.

German factory orders dropped by 0.4% month-on-month in April, dashing expectations of a 2.8% rise, driven by a slump in large-scale orders. That follows a 10.9% drop in factory orders in May.

German factory orders this morning are quite weak at -0.4% vs +2.7% forecast, though nowhere near as bad as the revised 10.9% decline in the previous month.