The Liberal Democrats and the Scottish National Party have joined forces to back a change in the law to try to trigger a general election in December, which would give Boris Johnson the snap poll he has been demanding.

The prime minister has proposed holding an election on 12 December but needs two-thirds of the 650 MPs in parliament to back his plan in a Commons vote on Monday.

Barclays has made a further provision of £1.4bn to cover the cost of a surge in final payment protection insurance (PPI) mis-selling claims.

The bank had previously reported, ahead of the 29 August cut-off date for complaints, that it still had an untapped pot of £360m but later admitted that, like rivals, it had witnessed a rush of interest in compensation over the summer.

The US owner of Britain’s biggest payday lender QuickQuid has revealed it will take a one-off charge of £58m as it leaves the UK market.

The payday lending sector has been shrinking substantially amid a regulatory crackdown which capped charges and introduced strict affordability checks. Wonga, once the biggest name in the industry, collapsed just over a year ago as it became swamped with complaints, and scores of other rivals have either followed suit or ceased trading.

The Pentagon has awarded a $10bn (£8bn) cloud-computing contract to Microsoft, following a heavily scrutinised bidding process in which Amazon had been seen as the favourite.

The 10-year contract for the Joint Enterprise Defence Infrastructure, or Jedi, is aimed at making the US defence department more technologically agile.

Amazon’s bid drew criticism from its rivals and US President Donald Trump.

Weekly Market Perfomace

  • Japan’s Topix Index added 0.6% as of 2.56 pm in Tokyo
  • Hong Kong’s Hang Seng Index declined 0.9%
  • The Shanghai Composite Index fell 0.2%
  • South Korea’s Kospi Index slid 0.5%
  • Australia’s S&P/ASX 200 Index ended flat
  • Futures on the S&P 500 Index lost 0.2%. The underlying gauge lost 0.4% on Tuesday
  • Euro Stoxx 50 contracts dropped 0.6%
  • MSCI Asia Pacific Index lost 0.2%
  • The Yen was at 108.36 per Dollar, up 0.1%
  • The offshore Yuan held at 7.0812 per Dollar
  • The Bloomberg Dollar Spot Index edged up 0.1%
  • The Euro bought $1.1120
  • The British Pound was at $1.2855, down 0.1% after Tuesday’s 0.7% decline
  • S&P 500 down 0.4%
  • Dow Jones Industrial Average lost 0.2%
  • Nasdaq Composite dropped 0.7%
  • Russell 2000 gained 0.1%
  • Six of 11 main S&P 500 sectors closed lower
  • Energy up 1.3%
  • Tech down 1.4%
  • 10-year Treasury yield at 1.77% vs 1.80% Monday
  • Bloomberg Dollar Spot Index up 0.10%, snapping five-day decline