Financial news

• Tesco to extend same-day online delivery service across UK

  24-07-2017 20:00 via theguardian.com
  Service will cover more than 99% of UK households, says supermarket as fears grow over Amazon’s foray into groceries marketTesco is going head to head with Amazon by extending its same-day online grocery delivery service across the UK.Britain’s biggest supermarket chain said on Monday that the service, which is only available in London and rest of the south-east, will now be rolled out across the country, covering “over 99% of UK households”. Continue reading...
  
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• 'Debt vultures' operating unchecked in Australia, consumer advocates say

  24-07-2017 20:00 via theguardian.com
  Government is ignoring warnings from regulator that debt management firms are engaging in misleading or predatory conduct, says Consumer Action Law CentreThe federal government has ignored warnings that a regulatory void is allowing so-called “debt vultures” to operate unchecked, consumer advocates say. It has been 18 months since the Australian Securities and Investments Commission (Asic) warned that debt management firms were engaging in misleading or, in some cases, predatory cond
  
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• The IMF is right to downgrade its forecast for the UK | Larry Elliott and Nils Pratley

  24-07-2017 19:50 via theguardian.com
  It failed to spot the financial crisis coming – so it’s right to be cautious about the strength of the British and US economiesThree months before the start of the biggest financial crisis since the Wall Street Crash, the International Monetary Fund confidently predicted that the world economy looked “well set” for robust growth in 2007 and 2008. Sure, there were risks, said the IMF, but these seemed less threatening in April 2007 than six months previously.The IMF was no
  
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• Bank of England warns of complacency over big rise in personal debt

  24-07-2017 19:40 via theguardian.com
  Banks, credit card companies and car loan providers told they face action against reckless lendingThe Bank of England has told banks, credit card companies and car loan providers that they risk fresh action against reckless lending as it warned of a looming “spiral of complacency” about mounting consumer debt.In its toughest warning yet about the possibility of a rerun of the financial crisis that devastated the economy 10 years ago, Threadneedle Street admitted it was alarmed about
  
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• Household batteries will be key to UK's new energy strategy

  24-07-2017 19:25 via theguardian.com
  UK to pioneer energy innovation through batteries in homes as energy department announces £246m research fundingBatteries and renewable power sources are on the verge of bringing about an “epochal transformation” of the UK that could make energy clean, abundant and very cheap, according to a cabinet minister. As the government unveiled plans for a more flexible energy system and £246m of funding for battery research, Greg Clark told the Guardian that a smarter grid would
  
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• Greece launches first bond sale since 2014, as IMF cuts UK growth forecasts - business live

  24-07-2017 18:25 via theguardian.com
  All the day’s economic and financial news, as Athens looks to end its three-year banishment from the marketsLatest: Greece to sell debt again.....also offering to buy back some existing debtDeal could help Athens return to the marketsSix banks hired to handle the dealEarlier:Eurozone companies post growth in July
  IMF cuts UK growth forecast to 1.7% this year
  IMF report: The Key Points5.25pm BSTAnother day of thrills and spills is over in the City, and 1% has been wiped off the value of the
  
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• Shrinking sweets? 'You're not imagining it,' ONS tells shoppers

  24-07-2017 17:48 via theguardian.com
  Detailed analysis of ‘shrinkflation’ confirms some of the UK’s favourite treats really are getting smaller For all those shoppers who feel chocolate bars, cartons of drink, toilet rolls and countless other products have been getting smaller, now comes official confirmation. A grand total of 2,529 products tracked by the Office for National Statistics have decreased in size over the past five years. In an analysis of the phenomenon known as “shrinkflation”, the ONS e
  
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• Brexit to push up cost of bangers as UK wholesale meat prices soar

  24-07-2017 17:44 via theguardian.com
  Weak pound and a surge in export demand have sriven up up price of pork, while cost of beef is at all-time highBrexit is set to push up the price of the British banger, as wholesale pork and beef prices soared over the last year as a result of the weak pound and a surge in export demand.The cost of beef has rocketed to an all-time high – with prices up almost 40p per kg compared with July 2016 and an 11% increase year on year – according to an analysis by Beacon, a purchasing consort
  
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• Mortgage time bomb? Interest-only borrowers with NO plans to repay debts

  24-07-2017 17:40 via feedproxy.google.com
  ALMOST two million home owners are on interest-only mortgages and failing to make any repayments on the underlying debt, amid fears of a ticking time bomb that could end in disaster.
  
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• Tesco launches same day delivery across Britain as supermarket takes on Amazon

  24-07-2017 17:17 via feedproxy.google.com
  TESCO customers across Britain will be able to order food online and have it delivered just hours later, as the supermarket rolls out same day delivery.
  
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• Greece plans return to bond market as Athens sees end in sight to austerity

  24-07-2017 16:18 via theguardian.com
  Successful issue of new five-year bonds would help crisis-hit country exit long cycle of austerity and bailoutsAthens has outlined plans to return to the financial markets for the first time since 2014, with a plan to sell new five-year bonds to investors.Existing Greek five-year bonds were trading at 3.6% on Monday morning compared with 63% at the height of the Greek financial crisis in 2012 when the finance ministry was unable to pay public sector wages and there were riots in the streets. Fol
  
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• VW calls crisis meeting to discuss EU cartel inquiry, source says

  24-07-2017 15:46 via theguardian.com
  German auto industry accused of collusion after claims VW, Audi, Porsche, Mercedes and BMW discussed pricing at meetingsThe whiff of scandal around the German car manufacturing industry may be set to intensify, as Volkswagen prepares to hold a top-level meeting to discuss allegations that carmakers colluded to bring down the cost of components – including some used to control diesel emissions.Volkswagen confirmed it is to hold a special supervisory board meeting on Wednesday but declined t
  
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• Thirsty city: after months of water rationing Nairobi may run dry

  24-07-2017 15:00 via theguardian.com
  The rains have been poor while demand for water grows along with the city - there are solutions but they will mean radical actionFor the team managing Nairobi’s water, the stakes have never been so high. Water-rationing has been going on in Kenya’s capital since 1 January, and supplies might run dry by September. The last two rainy seasons were dismal; more rain is not expected until October and cannot be counted on. For the city’s 3.4 million residents, the possibility of the
  
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• Travellers are taking advantage of bag rules to avoid fees, says Ryanair

  24-07-2017 14:45 via theguardian.com
  Airline complains even toddlers are dragging suitcases onboard as passengers bring more and more luggage into cabinCash-strapped holidaymakers are making their toddlers drag suitcases onboard planes to escape baggage fees, according to Ryanair bosses. Fewer passengers than ever are checking bags into the aircraft hold. Instead, travellers are avoiding charges by bringing more and more luggage into the cabin. Continue reading...
  
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• Saudi Arabia in crisis: OPEC's plot to raise oil prices FAILS as cartel meets in Russia

  24-07-2017 14:41 via feedproxy.google.com
  SAUDI Arabia’s risky plot to raise oil prices to save its economy has failed sending the country into crisis.
  
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• UK households' financial situation deteriorates at fastest rate in three years - International Business Times UK

  24-07-2017 14:22
  International Business Times UK
  UK households' financial situation deteriorates at fastest rate in three years
  International Business Times UK
  New research suggests monthly incomes are at their lowest reflecting an ongoing squeeze on household incomes. Gaurav Sharma. By Gaurav Sharma. July 24, 2017 13:21 BST. London shopper UK households' financial situation deteriorates at fastest rate ...en meer »
  
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• Germany’s stock market CRASHES to lowest level in months as car makers in double crisis

  24-07-2017 14:00 via feedproxy.google.com
  GERMANY'S top stock index was flashing red after shares in the country's biggest carmakers plunged over a fresh investigation into the diesel emission scandal.
  
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• Germany’s stock market CRASHES to lowest level in months as car makers face double crisis

  24-07-2017 14:00 via feedproxy.google.com
  GERMANY'S top stock index was flashing red after shares in the country's biggest carmakers plunged over a fresh investigation into the diesel emission scandal.
  
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• A former courthouse – in pictures

  24-07-2017 13:35 via theguardian.com
  Not for those of a guilty conscience – the law hangs heavy in this listed courthouse with attached police house in Downham Market Continue reading...
  
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• Jared Kushner sealed real estate deal with oligarch's firm cited in money-laundering case

  24-07-2017 13:29 via theguardian.com
  Donald Trump’s son-in-law bought part of old New York Times building from Soviet-born tycoon, Guardian investigation into Russian money in NYC property market findsJared Kushner, the son-in-law of Donald Trump, who acts as his senior White House adviser, secured a multimillion-dollar Manhattan real estate deal with a Soviet-born oligarch whose company was cited in a major New York money laundering case now being investigated by members of Congress. Related: Trump not convinced Russian medd
  
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• Mississippi Nissan workers hope for historic win in 14-year fight to unionize

  24-07-2017 13:00 via theguardian.com
  Support from Bernie Sanders and Danny Glover helped provide momentum to a campaign ‘about overcoming the effects of slavery’“I’ve never seen a labor campaign of this size,” says the civil rights movement veteran Frank Figgers. “This is a historic struggle about overcoming the effects of slavery in Mississippi.” Figgers is attending a meeting of 100 Nissan workers at a church preparing for the last push ahead of a historic union election for 4,000 Nissan
  
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• Wall Street duo make $150m each on back of Trump election victory

  24-07-2017 12:36 via theguardian.com
  Shareholdings of CEOs at JPMorgan and Goldman Sachs surged by $314m far outstripping bosses at US and European rivalsThe bankers running JPMorgan Chase and Goldman Sachs saw their shareholdings rocket in value by $314m last year due to the stock market surge following Donald Trump’s election as US president.The JPMorgan boss, Jamie Dimon, and the Goldman Sachs chief executive, Lloyd Blankfein, enjoyed rises of more than $150m (£115m) each in the value of their stock and options in th
  
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• O2 renews sponsorship of Academy music venues in £70m deal

  24-07-2017 12:33 via theguardian.com
  Mobile operator retains naming rights to venues in 13 cities for next 10 years in deal with owners Live Nation and AMGO2 has renewed its sponsorship of music venues across Britain, including the Shepherd’s Bush Empire, Brixton Academy and Manchester Apollo, in a deal thought to be worth about £70m over the next decade.The agreement sees the mobile phone operator retain the O2 Academy naming rights to the music venues in 13 cities including Birmingham, Bristol, Glasgow, Liverpool, New
  
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• UK's Financial Conduct Authority Seeks Views Regarding The Office ... - Exchange News Direct

  24-07-2017 12:28
  UK's Financial Conduct Authority Seeks Views Regarding The Office ...
  Exchange News Direct
  The Financial Conduct Authority (FCA) has launched a consultation regarding the government-proposed Office for Professional Body AML Supervision (OPBAS) ...en meer »
  
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• IMF cuts UK's 2017 growth forecast to 1.7% - Financial Reporter

  24-07-2017 12:14
  Financial Reporter
  IMF cuts UK's 2017 growth forecast to 1.7%
  Financial Reporter
  For the UK to grow at the pace projected by the IMF in 2017, it will have to see a sharp pick-up in the last half of this year. The International Monetary Fund has lowered its 2017 growth forecast for the UK to 1.7%. The IMF says the 0.3% cut was due ...en meer »
  
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• Double glazing firm pledge refund – but couple still waiting to get money back

  24-07-2017 12:00 via feedproxy.google.com
  A £1,900 DEPOSIT swelled the coffers of double glazing outfit EnergiGlass but led to abject misery for reluctant customer Susan Lambert and her very poorly husband Jack.
  
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• Trade deals with EU 'a top priority over stability of sterling'

  24-07-2017 11:42 via feedproxy.google.com
  BUSINESS leaders believe trade arrangements with the EU are more important than access to workers or the stability of sterling, a study shows.
  
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• Financial aid on offer for stroke survivors - Belfast Telegraph

  24-07-2017 11:32
  Belfast Telegraph
  Financial aid on offer for stroke survivors
  Belfast Telegraph
  As many of your readers will know, stroke is devastating, changing people's lives in the blink of an eye. The condition is a leading cause of disability and many stroke survivors and their families' financial situations are severely affected as a ...en meer »
  
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• Pound V euro: GBP edges away from eight-month low against EUR

  24-07-2017 11:12 via feedproxy.google.com
  LAST week was a disappointing one for the pound, with the British currency spiralling to multi-month lows against the euro, Australian dollar and Canadian dollar.
  
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• Lloyds Banking and Barclays due to report half-year figures with borrowing in focus

  24-07-2017 11:00 via feedproxy.google.com
  HOUSEHOLD borrowing will be in sharp focus this week when Lloyds Banking Group and Barclays report half-year figures following Bank of England warnings over ballooning consumer debt.
  
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• Pension loss for MILLIONS under new plans to up state pension age earlier than planned

  24-07-2017 10:43 via feedproxy.google.com
  MORE than seven million people in their 30s and 40s will lose £10,000 each under Government plans to increase the state pension age earlier than planned.
  
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• POUND LIVE: Pound RISES as IMF downgrades UK growth

  24-07-2017 09:54 via feedproxy.google.com
  THE pound brushed off a gloomy forecast from the International Monetary Fund for Britain's growth to rise against both the euro and the dollar on Monday morning.
  
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• Avoid Waterloo, passengers warned after signal failure

  24-07-2017 09:32 via theguardian.com
  Fault fixed but commuters told to avoid country’s busiest station amid disruption across entire South West Trains networkPassengers are being advised not to travel to the country’s busiest railway station – Waterloo – because of a signal failure.South West Trains warned that services across the whole of its network, including to and from London Waterloo, may be cancelled, delayed by up to 90 minutes or revised, although it has now been able to resume running trains.Contin
  
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• Unilever pins hopes on high-growth strategy - SHARE HUNTER

  24-07-2017 09:30 via feedproxy.google.com
  LAST week global consumer goods giant Unilever released half-year results.
  
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• 300 new jobs and £150million investment in Britain as Quorn rides out Brexit fears

  24-07-2017 09:22 via feedproxy.google.com
  THE boss of Quorn Foods has backed the firm to ride out any Brexit disruption to its European business as he unveiled plans to create 300 jobs and invest £150million in Britain.
  
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• Why not fund the welfare state with a 100% inheritance tax? | Abi Wilkinson

  24-07-2017 08:59 via theguardian.com
  The idea that we should be able to pass on our life’s accumulated wealth is deeply embedded. But imagine if we could use that money for the greater good• Abi Wilkinson is a freelance journalistLike most of the British public, I disliked the Conservatives’ “dementia tax” proposal during the election campaign. When you make someone’s access to social care dependent on giving up the money they intend to pass on to descendants, you risk encouraging them to struggle
  
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• Revealed: the insidious creep of pseudo-public space in London

  24-07-2017 08:30 via theguardian.com
  Pseudo-public space – squares and parks that seem public but are actually owned by corporations – has quietly spread across cities worldwide. As the Guardian maps its full extent in London for the first time, Jack Shenker reports on a new culture of secrecy and control, where private security guards can remove you for protesting, taking photos ... or just looking scruffyExplore the map – and tell us what we’re missingA Guardian Cities investigation has for the first time
  
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• The UK ignores China's trillion-dollar Belt and Road plan at its peril | Colin Cram

  24-07-2017 08:23 via theguardian.com
  Post-Brexit, the UK will need to look east. So why does its transport investment strategy ignore the world’s greatest infrastructure programme?The UK risks being marginalised after Brexit if it does not revitalise its infrastructure to engage with the huge markets developing in central Asia. But the UK government’s recent transport investment strategy virtually ignores the greatest infrastructure programme the world has ever seen. Related: Reject the chancers and their fantasy vision
  
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• Great British Bake Off to be sponsored by Lyle's Golden Syrup and Dr Oetker

  24-07-2017 08:01 via theguardian.com
  Bakers’ ingredients makers sign joint £4m deal to cover the first series, Christmas specials and the spin-off An Extra Slice The Great British Bake Off has found its final ingredients, with the kitchen cupboard staple Lyle’s golden syrup and Dr Oetker, the baking product maker, signing multi-million pound deals to be the first sponsors of the biggest show on British television.The hunt for a sponsor has been one of the biggest-ever charm offensives undertaken by Channel 4 &ndas
  
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• Should frustrated savers gamble on the stock market or play it safe?

  24-07-2017 08:00 via theguardian.com
  Hopes of seeing an interest rate rise have been dashed this week – so what should you do next? We look at the best strategyFor savers it has become known as the lost decade. While there had been some prospect of the Bank of England raising interest rates in the near future, the hope was dashed this week when inflation figures fell unexpectedly for June.Also dashed were the hopes of savers that they would get something approaching a healthy return from their cash reserves. It was
  
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• Lab-grown food: 'the goal is to remove the animal from meat production'

  24-07-2017 08:00 via theguardian.com
  The world of food is entering a new era, as startups make meat without animals, mayo without eggs and wine without vineyardsAt first, IndieBio’s offices look like another San Francisco workspace, complete with young people in hoodies slurping coffee and gazing at their laptops. But in the basement, is a laboratory where scientists are advancing some remarkable technology.IndieBio is the world’s biggest biotech accelerator, providing early stage businesses with $250,000 (£192,00
  
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• Get Laid Beds and Tuffnells are giving me nightmares over my creaky bed

  24-07-2017 08:00 via theguardian.com
  The courier picked up my faulty bed but then denied doing so – and the bed firm says it won’t refund meI bought a bedframe for £387 from a firm called Get Laid Beds, the price including delivery. Once assembled it creaked badly, but fortunately the firm was happy to take it back and offer a refund. The courier company it sent – Tuffnells – duly made the collection and I assumed that would be the end of the matter, and a refund was on the way. Apparently my bed never
  
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• Price gap between best and worst energy tariffs widens to £109 on average

  24-07-2017 07:01 via theguardian.com
  Different between big six energy companies’ fixed price deals and standard variable tariffs widens by more than half since price hikes over winterThe gap between the best and worst energy tariffs offered by the big six suppliers has widened by more than half since a round of price hikes over the winter.The difference between the firms’ cheapest fixed deals and their most expensive ones, standard variable tariffs, jumped from £70 last November on average to £109 in June, a
  
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• How has Brexit vote affected UK economy? July verdict

  24-07-2017 07:01 via theguardian.com
  Each month we look at key indicators to see what effect the Brexit process has on growth, prosperity and trade in the UK Continue reading...
  
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• 'Britain is fast becoming the sick man of Europe' – experts debate Brexit data

  24-07-2017 07:00 via theguardian.com
  Two former members of Bank of England’s interest rate-setting committee find little comfort in low productivity and rising inflation Professor of economics at Dartmouth College, New Hampshire, and member of the Bank of England’s monetary policy committee from June 2006 to May 2009 Continue reading...
  
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• IMF cuts 2017 growth forecasts for UK and US

  24-07-2017 06:45 via theguardian.com
  ‘Tepid performance’ so far of UK economy and Trump’s failure to deliver tax cuts lead to downgrade to 1.7% and 2.1% respectively The International Monetary Fund has cut its growth forecast for the UK economy this year after a weak performance in the first three months of 2017.In its first downgrade for the UK since the EU referendum in June last year, the IMF said it expected the British economy to expand by 1.7% this year, 0.3 points lower than when it last made predictions in
  
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• State pension changes will cost 7 million people £10,000 each

  24-07-2017 01:01 via theguardian.com
  Analysis shows each person affected may lose £9,800 after government announces raising pension age earlier than plannedMore than 7 million people will lose just under £10,000 each because of new government plans to increase the state pension age earlier than planned. Last week the government announced it would raise the state pension age to 68 for those now in their late 30s and early 40s. The change will affect Britons born between 1970 and 1978, who will now have to wait another ye
  
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• Pound v Australian dollar: GBP declines after IMF downgrades UK growth forecast

  24-07-2017 01:01 via feedproxy.google.com
  THE pound has fallen slightly against the Australian dollar today, with GBP/AUD remaining close to its recent 3 ½ month lows.
  
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• GlobeAir reports sky-high demand for private jet trips to London

  24-07-2017 01:01 via feedproxy.google.com
  PRIVATE charter airline GlobeAir reports demand for trips to London is soaring as wealthy shoppers eye luxury goods made cheaper by the weak pound.
  
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• Business secretary to announce investment in battery technology

  24-07-2017 01:01 via theguardian.com
  Greg Clark to flesh out industrial strategy by setting out plans to increase productivity, including research projects A £246m investment in developing battery technology in Britain is to be launched by the government as part of its drive towards what it says is a modern industrial strategy. The business and energy secretary, Greg Clark, will announce the funding, including a £45m competition to make batteries more accessible and affordable, in a speech on Monday that should spell ou
  
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