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Business news - live: Pound gives up gains after DUP says it will oppose freshly agreed Brexit deal

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Ben Chapman
Thursday 17 October 2019 10:25 BST
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Arlene Foster warns Boris Johnson over Brexit concessions

The pound soared against the dollar and euro after the EU and UK agreed a Brexit deal this morning.

Sterling surged 0.9 per cent to $1.29 after Jean-Claude Juncker confirmed that the two sides had reached an agreement after talks went down to the wire. However, the pound later gave up the gains after Boris Johnson's DUP allies quashed his hopes of progress by declaring they will oppose the plan.

Elsewhere, WHSmith agreed a $400m deal to buy US travel retailer Marshall and RBS boosted its Brexit contingency fund to £8.2bn.

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Supermarkets cut fuel prices

Supermarkets are cutting fuel prices amid claims that retailers are failing to pass on reduced wholesale costs.

Asda said it will reduce the cost of diesel by 3p per litre and petrol by 2p per litre on Thursday.

That means drivers using an Asda filling station will pay no more than 121.7p per litre for petrol and 125.7p per litre for diesel.

Sainsbury's followed soon after on Thursday morning, confirming it was making the same reductions in price to both diesel and petrol across all 314 of its forecourts from Saturday.

Asda senior fuel buyer Dave Tyrer said: "With wholesale costs falling and half-term just around the corner, we're pleased to be able lower the cost of fuel and pass these savings on to our customers."

ben.chapman17 October 2019 13:00
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MPs urge Barclays not to axe Post Office cash withdrawals

More than 100 MPs have urged Barclays to reverse its decision to end over-the-counter cash withdrawals for customers from Post Office branches from next year.

In a letter to Barclays chief executive Jes Staley, the cross-party group call for the bank to help end the "cash crisis" facing their constituents.

The MPs fear the bank's decision, which was announced last week, will hit the most vulnerable communities the hardest.

Pressure has been mounting on Barclays since it emerged that it will stop allowing its customers to make cash withdrawals from Post Office

branches from January 8 2020.

Around 15 million cash withdrawals were made by Barclays customers through the Post Office last year.

Press Association

ben.chapman17 October 2019 13:31
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National Express sales rise thanks to growth in North America and Morocco

National Express looked to North America, Spain and Morocco for growth as it controlled rising wages for school bus drivers in the US, helping to drive up margins.

The bus and coach operator said revenue grew 14.5%, helped by changes in exchange rates. Operating profit grew 14.3%, while margins also rose.

It comes a day after the company announced a major new contract that doubles the size of its operations in Morocco, making it an even more important market, with more National Express buses now on Moroccan than UK streets.

The firm will operate 700 buses in Casablanca for up to 15 years, bringing in a billion euros (£870 million) in revenue over the period.

Press Association

ben.chapman17 October 2019 14:00
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Brexit: 40% jump in companies in significant financial distress since referendum, report finds

The number of UK businesses in significant financial distress has jumped 40 per cent since the Brexit referendum to 489,000, insolvency specialists have found.

Retail, property, construction and property firms are among those that have suffered most, according to Begbies Traynor.

In the past year an additional 22,000 companies have fallen into significant distress, according to Begbies' report.

It also found an 8 per cent rise over twelve months in the number of businesses it considered "critical" and a 28 per cent increase in retailers experiencing in significant distress.

ben.chapman17 October 2019 17:06

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