Tesco and Shell are to buy the entire output of a controversial solar farm under construction on the Kent coast that was originally meant to power 100,000 homes, The Telegraph reported. The two companies have been accused of greenwashing.
Nestlé has announced cuts to sales targets after backlash against price rises. The Times reported the new boss of the company was hoping to win back consumers who are switching to cheaper, non-branded products.
HMRC has reported it received over £1bn worth of suspect invoices in three years. It rejected thousands of invoices, but it is not clear how many were fraudulent (The Times).
Retail sales slumped last month, official figures show, as shoppers cut back on spending in supermarkets. Sales volumes expanded by 0.3pc in September, the weakest increase since June (The Telegraph)
The government has outlined newrules to safeguard shoppers who use “buy now, pay later” loans against unaffordable borrowing and credit card-style protection for their purchases. The rules will come in in 2026 (The Guardian).
The Times has reported UK wage growth has slowed as the job market has cooled, which could prompt Bank of England to cut interest rates further.
Chancellor Rachel Reeves has convened a taskforce of leading city figures to advise on infrasturcture projects as she steps up plans to increase borrowing in the upcoming budget (The Guardian).
Meanwhile The Financial Times reported that the UK government has set out its “guardrails” for investment to reassure bond investors as Reeves prepares a multibillion-pound borrowing programme to fund capital spending.
High court judges have approved the transfer of parts of Tesco Bank to the UK arm of Barclays despite objections from some customers and pro-Palestine protesters over the “situation in Gaza” (Standard).
The government is planning to increase the amount of money it raises in inheritance tax at the Budget, according to the BBC. It is understood the prime minister and the chancellor are considering multiple changes to the tax, which currently includes several exemptions and reliefs.
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