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Lloyds Bank to cut around 635 jobs

Lloyds Bank is to cut around 635 jobs Credit: PA

Lloyds Bank is to cut around 635 jobs in its retail and other divisions.

The cuts, part of reductions announced last October, will hit retail, commercial banking, consumer finance human resources and group operations, with 65 new roles being created.

Lloyds said compulsory redundancies would be a "last resort", but the Unite union said staff who had worked for the company's success had received "all the pain and little of the profits".

Lloyds Banking Group is committed to working through these changes with employees in a careful and sensitive way.

Where it is necessary for employees to leave the company, it will look to achieve this by offering voluntary redundancy. Compulsory redundancies will always be a last resort.

– Lloyds Banking Group statement


Government 'ready to protect Britain' if Greece leaves euro

The Government is ready to protect the British economy from the fall-out from Greece leaving the euro, Chancellor George Osborne has said.

Mr Osborne said the Greek crisis was "one of the biggest external risks to the British economy". The Chancellor told MPs he believed a "no" vote in the referendum called by prime minister Alexis Tsipras for Sunday would effectively be a vote to leave the single currency.

I don't think anyone should underestimate the impact a Greek exit from the euro would have on the European economy and the knock-on effects on us.

The eurozone authorities have made clear that they stand ready to do whatever is necessary to ensure financial stability of the euro area and we welcome that commitment to the currency. Equally the British Government and the Bank of England stand ready to ensure our financial stability in the UK.

– George Osborne

British businesses urged to check payments from Greece

The government has urged British businesses trading with Greece to check whether they will get paid, after the Greek government imposed capital controls.

In a notice published on the government's website, the finance ministry and the business ministry also said British branches of Greek banks were not directly affected by capital controls but might face disruption.

"If your business trades in Greece your first step should be to find out whether customers can still pay you when expected," the British government said.

Tesco UK sales decline by 1.3% in first quarter

Tesco said the results were 'another step in the right direction'. Credit: PA

Tesco's like-for-like sales in the UK fell by 1.3% in the three months to May 30, the supermarket giant has announced.

The figures are an improvement on the previous quarter, when sales were down by 1.7%.

In the same quarter last year the UK decline was 4%.

Like-for-like sales for the UK and the Republic of Ireland were down 1.5%, while internationally there was a 1.3% decline.

Chief Executive Dave Lewis said the results were "another step in the right direction".


John Lewis becomes bigger co-operative than Co-op

The John Lewis Partnership has become the UK's largest worker-owned business, overtaking the Co-operative Group.

John Lewis is now the UK's largest worker-owned business Credit: PA

The department store retailer, which has 93,800 members, hit £10.9 billion in full-year sales in March, topping annual revenues at the Co-op - which has 8.4 million members - of £10.8bn.

It follows the Co-op's stake in Co-op Bank being slashed to 20 per cent after it almost collapsed two years ago.

The report was published by trade body Co-operatives UK.

James Murdoch replaces father as 21st Century Fox chief

James Murdoch, left, will replace father Rupert as CEO of 21st Century Fox. Credit: Ian Nicholson/PA Archive

James Murdoch is to replace his father Rupert as CEO of 21st Century Fox, the company has announced.

Founder Rupert Murdoch said in a statement that the management changes - which see him become executive co-chairman alongside eldest son Lachlan - would achieve "stable, long term leadership".

Chase Carey, current deputy chairman, president and COO, will become executive vice chairman, the company said in a statement.

The changes will take effect from 1 July this year, it was added.

Royal Mail regulation faces 'fundamental review'

The regulation of Royal Mail is to be reviewed by Ofcom following the collapse of Whistl - the company formerly known as TNT.

Ofcom has launched a 'fundamental review' of the regulation of Royal Mail Credit: PA

Ofcom said it has launched a "fundamental review" of the regulation and its review would ensure that regulation "remains appropriate and sufficient to secure the universal postal service".

The collapse of Whistl has left Royal Mail no national competition in the direct-delivery letters market.

It will look into the absence of national competition and whether Royal Mail's prices are "both affordable, and sufficient to cover the costs of the universal service."

Royal Mail shares dropped 2% following the announcement.

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