Business news live: Brits expected to spend up to £9.5bn across Black Friday to Cyber Monday sales
Stock market news plus latest business and personal finance updates from Monday
Follow the latest Black Friday deals live
UK businesses continue to hope for the best and prepare for the worst ahead of the Budget announcement later this month, with latest reports suggesting lawyers and accountants using LLPs might not be quite as hard hit as first feared - but self-employed people, landlords and those with investment income could be asked to shoulder more of the burden.
Among the biggest plc companies, Diageo have announced former Tesco boss Sir Dave Lewis as their new chief executive, ending a months-long search for a new CEO, with Lewis set to start from January at the drinks-maker which has struggled across the year.
US stock market futures show a sharp rise ahead of trading later today, with news that the longest-ever government shutdown might be finally coming to an end. The S&P 500 is set to open up more than 0.7 per cent higher, with the Nasdaq more than 1.3 per cent up.
Follow The Independent’s live coverage of the latest stock markets and business news here:
Major bank launches new £200 switch offer – but you could get more than £500
The battle for your current account shows no signs of slowing down as another bank has launched a cash switch offer - and this one could be the best one yet.
Santander will now give you £200 in cash to move your main account to the bank, which is immediately one of the biggest offers on the market. But the real value comes if you’re able to sign up for one of its paid accounts and have some savings, which could net you £524 altogether even after fees.
Major bank launches new £200 switch offer - but you could get more than £500
Business and Money - live: 10 November
Morning all - another week starts, another bunch of people fearing that the Budget is going to leave them worse off.
We’ll bring you the latest money matters around what the chancellor might or might not do, how you can continue to look after your own household finances and where the best places are for your savings to be right now.
As ever, we’ll also have the top business news, stock market movements and more.
Diageo's new CEO: Former Tesco chief to start in January
We start with the news one of the big hitters from the FTSE 100 has finally named a new chief executive.
Diageo, the maker of Guinness, Johnnie Walker whisky and Ciroc vodka, has seen its share price drop almost a third, 32 per cent, year to date and last week issued a profit warning.
Sir Dave Lewis is the new CEO, a former leader of Tesco for six years who also spent decades at Unilever. He has been chair at Haleon, but will step down from that role to start at Diageo on 1 January 2026.
Previous chief executive Debra Crew stepped down in July and the drinks maker has been criticised by some investors for being slow in finding a replacement.
“Lewis brings deep experience in consumer brands from his time leading Tesco and decades at Unilever, though he lacks direct exposure to the spirits industry. Investors may welcome his strong marketing pedigree, but any major strategic reset will take time, leaving near-term focus on navigating tough trading conditions,” said Matt Britzman, a senior equity analyst at Hargreaves Lansdown.
FTSE 100 rises as investors return to stock markets
Looking like the end of the US shutdown is boosting stock markets across the board.
The FTSE 100 has opened more than 0.6 per cent up, with the FTSE 250 up a similar amount in (very) early trading.
France and Germany also see the major index in each up by more than 1 per cent.
Investors are returning in their droves this morning it appears - we’ll see how long it lasts.
Co-op to open or refurbish dozens of stores
The Co-op has said it is pushing forward with a number of new stores and major refurbishments as it bounces back from a damaging cyber attack.
The retailer said 50 stores will be opened or re-opened by Christmas as it urged the Government to reform business rates ahead of the autumn Budget.
It said reforms will be “vital” to encourage further high street investment as it continues with its own expansion ambitions.
The latest slew of openings will take the Co-op’s store openings and refurbishments to more than 200 sites for the latest financial year.
Co-op to open or refurbish dozens of stores amid cyber attack recovery
Diageo shares surge 7% on CEO news
Investors look to have reacted positively to that appointment by Diageo - shares are up 7 per cent this morning.
That makes the firm the highest riser on the FTSE 100.
“The announcement is clearly being seen as a potential inflection point for the group given the new hire’s proven ability in brand building,” pointed out interactive investor’s Richard Hunter.
The job type which is most threatened by AI for 2026
Here’s one nobody wants, but maybe need to know: Research has suggested the job types or roles that are set to be most affected by AI next year.
The Chartered Institute of Personnel and Development (CIPD) conducted research which shows one in six employers believing AI will mean a reduction workforce headcount in 2026 (fewer jobs, in other words).
And among those, a massive 62 per cent - nearly two-thirds - believe the jobs most at risk are those in clerical or administration roles.
Managers or senior staff (28per cent) are next in line, with sales or service staff (27 per cent) not far behind.
“Junior roles stand to be most affected by AI, but we need a national drive to retrain and upskill people of all ages and career stages,” said James Cockett, a senior economist at the CIPD.
More than half of Brits finding it harder to save - especially women
Six in 10 (61%) people are finding it harder to save compared with a year earlier, a survey has found.
Women (65%) were more likely than men (57%) to report increased difficulty, according to the research for The Investing and Saving Alliance (Tisa).
Full details here:
Women ‘more likely than men to say saving is harder now than last year’
UK short of 150,000 builders to hit government target
An Oxford Economics report produced for the Construction Plant Hire Association suggests that the UK needs more than 150,000 extra builders if the nation is to hit the government target of 1.5m new homes.
The chief executive of the CPA said the data showed the UK heading the wrong way.
“Every year-on-year figure is showing reversals in the numbers [of workers], so we’re actually going backwards at the moment,” said Steve Mulholland, per the Times.
“We don’t have the tradespeople that we used to have in the last housing boom.”
Brits expected to spend £9.5bn over Black Friday long weekend
Got your Christmas presents lists ready? Black Friday is fast approaching and apparently it seems that’s when a lot of us will be splashing out.
VoucherCodes research suggests Brits will spend £9.52bn over the four day weekend - that’s 4.2% more than last year.
Around a third comes on the Friday itself, but Cyber Monday will also see well over £3.3bn spent - the highest single day spend, suggests the research.
54% of that shopping is expected to be online.
“Black Friday can feel overwhelming so make sure to come prepared with carefully crafted wishlists and price comparisons, so you know when a saving is too good to turn down and when might be best to hold off,” said VoucherCodes’ savings expert Zoe Morris.
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