Marks & Spencer is giving staff their second pay rise this year as part of a £15m cost-of-living support package, which also will see it hand out free food and sanitary products (The Telegraph). Marks & Spencer is increasing staff pay for the second time this year and providing 4,500 employees with a £250 shopping voucher as part of a £15m package to help with the rising cost of living (The Guardian).

The head of Co-op Food is to leave the retailer after five years, while the boss of its wholesale business Nisa will also stand down. Jo Whitfield will step down from her role to “pursue her next challenge” after leading a reinvention of its food business, the retailer said yesterday (The Times £).

European private equity firm Investindustrial is buying a controlling stake in Eataly, the Italian luxury food and drink group, with plans to further expand the business around the world. (The Financial Times £)

Some 400,000 workers at businesses that have volunteered to pay the Real Living Wage are set to get a record pay boost. The hourly rates are rising by £1 to £10.90 across the UK and by 90p to £11.95 in London with immediate effect. (The BBC)

The pound has fallen below $1.13 for the first time in 37 years after the Federal Reserve raised interest rates by another 75 basis points and signalled further tightening (The Times £). Sterling tumbled to a fresh 37-year low against the US dollar on Wednesday after official figures revealed that public borrowing in August was nearly twice as much as forecast (The Daily Mail). The pound has fallen to a 37-year low against the dollar after figures showed that the cost of servicing UK government debt last month hit a record high for August - before Liz Truss came to power with promises to splash the cash (Sky News).

Manufacturers expect a sharp fall in their output over the next three months in the weakest forecasts for growth since the depths of the pandemic. (The Times £)

Britain’s ‘Big Four’ supermarkets have an Aldi problem, writes the FT. “Consumers aren’t about to ditch branded goods for fake farm brands entirely, and most shoppers still want a bigger range than the discounters offer. Still, it’s possible Aldi and Lidl secure a status as the core of far more customers’ weekly shop, with the Big Four of old picking up the scraps.” (The Financial Times £)

The dominance of a small number of big companies over the global food chain is increasing, aided by the rising use of “big data” and artificial intelligence, new research has found. (The Guardian)

A beauty company has appointed a director to represent nature on its board, giving the natural world a legal say in its business strategy. Faith In Nature, which sells soap and haircare products, as well as household cleaners and shampoo for dogs, says it is the first company in the world to give nature a formal vote on corporate decisions that might affect it. (The Guardian)

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