Philip Hammond sought to reassure business leaders on Tuesday night that a no-deal Brexit could be blocked, while also raising for the first time the possibility of a delay to Article 50. Speaking on a conference call alongside business secretary Greg Clark and Brexit secretary Stephen Barclay, the chancellor said the government would now seek to build a consensus in parliament. (The Financial Times £)
Bosses of companies including construction giant Balfour Beatty, Tesco and Amazon told a trio of ministers - including the chancellor, Philip Hammond - in a hastily convened conference call - that protracted Brexit uncertainty was damaging Britain’s economy. The ministers were repeatedly asked for reassurance about the likelihood of a no-deal departure from the EU. (Sky News)
The leader of the UK’s biggest business lobby has said the country is entering a “new era” following the defeat of the government’s Brexit proposal. John Allan, president of the CBI, was speaking after a conference call hosted by Chancellor Philip Hammond. (BBC)
The pound has risen after MPs voted to reject Theresa May’s Brexit deal by 230 votes (BBC). Investors seem to be betting that if Theresa May is forced to compromise with MPs (provided she survives, that is) she will compromise in the direction not of the ERG hard Brexiteers, but in the direction of those in her party and on the opposite benches (Sky News). The Mail’s Alex Brummer writes: “If there is a conclusion to be drawn from the market reaction to Brexit uncertainty so far, it is that big financial players believe the most likely outcome after the vote is a softer deal” (The Daily Mail).
Marks & Spencer has dealt a fresh blow to the high street as it announced another wave of store closures, putting more than 1,000 jobs at risk (The Guardian). Marks & Spencer is to close another 17 stores with the potential loss of 1,045 jobs as it continues to cut costs as part of its turnaround plan (The Times £). More than 1,000 jobs are at risk after Marks & Spencer revealed its latest round of store closures as it struggles to deal with crippling business rates (The Daily Mail)
Christmas provided little relief for the UK’s battered retailers, with weak consumer spending failing to pick up in the festive season, according to an analysis of credit and debit card payments by Visa (The Financial Times £). Consumer spending fell in December in a further dose of bad news for Britain’s retail industry, which is already grappling with higher costs and disruption from a possible no-deal Brexit (The Times £)
Around 50 of Britain’s biggest retailers have joined forces to urge ministers to overhaul business rates amid reports that 10,000 jobs are at risk at Debenhams. (The Daily Mail)
The departure — officially retirement— of Bart Becht, the former Reckitt Benckiser boss, as chairman this week revealed splits over strategy at the hyper-acquisitive investment vehicle of Germany’s Reimann family, writes The FT’s Lex column. (The Financial Times £)
The man who runs Madame Tussauds, the London Eye and the Blackpool Tower for Merlin Entertainments is to take charge of pub giant Greene King (The Telegraph). Greene King, the UK pub chain, said on Tuesday an executive from leisure group Merlin will take the company’s helm this spring, replacing veteran chief executive Rooney Anand (The Financial Times £). Greene King is banking on an executive from Merlin Entertainments to weave some magic as its next chief executive (The Times £).
McDonald’s loses Big Mac trademark after legal battle with Irish chain. Supermac strips US food giant of trademark across Europe after landmark EU ruling. (The Guardian)
The chief financial officer at J Sainsbury is to take on a non-executive directorship at Centrica as the supermarket chain embarks on a complex merger with Asda. (The Times £)
Lindt generated a “solid” but tepid increase in sales compared with its previous steep earnings valuation as the Swiss chocolate maker faces a saturated market while many consumers adopt healthier lifestyles and buy less of the sweet stuff. (The Financial Times £)
The food and drink multinational Nestlé has stepped up its effort to reduce its use of plastics, rolling out plastic-free packaging across several products and pledging to phase out plastic Smarties tube tops. (The Guardian)
CVS Health said Tuesday it expects Walmart drugstores to leave its pharmacy network amid a disagreement over costs. (The Financial Times £)
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