Friday 1 June 2018

Trade secretary Liam Fox is calling on Brussels to step back from a trade war with the United States after President Donald Trump slapped a 25% duty on steel from the European Union, Canada and Mexico. However, the president of the European commission, Jean-Claude Juncker, has promised immediate retaliation for the controversial duty. Shares on Wall Street, the Dow Jones and European markets declined.

Carluccio's may close up to a third of its branches as part of a Company Voluntary Arrangement rescue plan. Over 90% of the restaurant chain’s creditors have approved the plan, allowing it to close 30 loss-making restaurants. The company's Dubai-based majority owner, Landmark Group, will invest £10m in upgrading the remaining restaurants. Spiralling costs meant Carluccio's pre-tax profits fell by 81% to just £982,000.

Philip Hammond is embroiled in a gender row after choosing a man for the role of external economist on the Bank of England’s interest rate-setting committee in preference to four shortlisted women. Jonathan Haskel, an economist at Imperial College Business School, was the only male on the shortlist to succeed Ian McCafferty on the Bank’s monetary policy committee.