The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are BP, Virgin Money UK, Renishaw, Springfield Properties, GSK and Futura Medical. Read the Tuesday 6 February Business Live blog below.
CBI settles wrongful dismissal case with former boss Tony Danker
The Confederation of British Industry (CBI) has agreed to settle a wrongful dismissal case brought by former boss Tony Danker.
The business organisation sacked Danker as director-general last April following complaints about his behaviour.
Terms of the pay-out were not disclosed but come as the latest embarrassment for the crisis-plagued organisation.
Retail sales growth disappoints
British retailers reported sales growth of 1.2 per cent in January, representing a fall in purchases due to inflation and down from 1.7 per cent in December, as Britons continue to remain cautious on spending, British Retail Consortium data shows.
‘It may be a new year, but the hangover of low consumer confidence remains,’ Linda Ellett, UK head of consumer markets, leisure & retail at KPMG said.
Ellett said bad weather conditions last month, including two storms, discouraged shoppers from venturing out to stores.
British consumers have had to contend with high inflation and borrowing costs, potentially pushing the economy into a shallow recession in the second half of 2023.
But the Bank of England last week hinted that rate cuts could be on the horizon as price growth slows
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BUSINESS LIVE: Retail sales growth disappoints; BP profits beat forecasts; Virgin Money UK suffers mortgage dip
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