Liz Truss has launched a review of England’s anti-obesity strategy as part of a wider deregulation initiative that the new prime minister hopes will kick-start economic growth (The Financial Times £).
Kwasi Kwarteng, the chancellor, has ordered health officials to review obesity control measures “in the context of the cost of living”, a move that is regarded as a prelude to ditching many of them (The Times £).
The UK’s rate of inflation eased back into single digits in August on the back of lower petrol prices, providing some relief to households as they go into winter (The Financial Times £).
Data from the Office for National Statistics showed annual consumer price inflation fell to 9.9% last month, down from 10.1% in July and defying economists’ expectations of another monthly increase to 10.2% (The Times £).
Food price inflation rose for a 13th successive month, hitting a fresh 14-year high of 13.1% in August, with marked increases in the cost of milk, cheese and eggs (The Guardian).
Shares in Naked Wines plunged by up to a third on Wednesday as it revealed a potential shift in strategy to reflect pressure from rapidly rising costs (The Financial Times £).
Naked Wines faces an uncertain future after further question marks over its finances sent its shares tumbling by more than 30% (The Times £).
More than a third has been wiped off the share price of wine retailer Naked Wines after one of its directors stepped down after just three weeks in the role, prompting speculation in the City that “something has gone awry” (The Telegraph).
The market report in The Times (£) focuses on another broker downgrade for Ocado as the retailer is “mauled by bears”. Credit Suisse’s downgrade from a “neutral” recommendation to “underperform” — a “sell” in old money — came after the FTSE 100 group had lowered its full-year outlook.
A feature in The Times (£) asks, “What’s big draw with Aldi?”, after the discounter replaced Morrisons as the fourth largest supermarket chain in Britain. Three of the paper’s writers share their thoughts on how this came about.
C&C Group has admitted that demand from hospitality venues has slackened in recent months amidst rising cost pressures on consumer spending (Daily Mail).
McDonald’s has said it will shut its UK restaurants as a mark of respect during the day of the Queen’s funeral on Monday (The Guardian).
London authorities are advising hospitality businesses to be “ready to open their doors” to serve huge crowds on the day of Queen Elizabeth’s funeral after companies raised concerns about a potential backlash against planned closures (The Financial Times £).
Tesco is facing a backlash from customers as it introduces more self-service checkouts across its shops (The Times £).
A business editorial in The Telegraph shouts: “Iceland’s smooth-talking boss doesn’t need our money”. Ben Marlow writes: “Richard Walker may be genuine in his desire to help the poor, but taxpayers don’t owe him a handout. For a man who sells frozen fish fingers and choc ices for a living, Iceland boss Richard Walker has an awful lot to say about the challenges facing the world today.”
California has sued Amazon over claims that it punishes third-party sellers who offer their products more cheaply on other websites, in the latest legal action against the $1.3tn tech giant by prosecutors and regulators in the US and Europe (The Financial Times £).
The 84-page lawsuit filed on Wednesday in San Francisco superior court mirrors another complaint filed last year by the District of Columbia, which was dismissed by a district judge earlier this year and is now going through an appeals process (The Guardian).
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