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Labour: Workers 'worse off and feel no recovery'

Rachel Reeves MP, Labour’s shadow work and pensions secretary, has responded to wages rising above the rate of inflation this morning’s by saying:

“At long last earnings are finally rising faster than CPI inflation when bonuses are included, but after four years when prices have risen faster than wages there is a huge amount of lost ground to catch up."

Rachel Reeves MP, Labour’s Shadow Work and Pensions Secretary, Credit: Stefan Rousseau/PA Wire

"Working people are now over £1600 a year worse off than when David Cameron came to office, most people are not feeling any recovery and the link between the wealth of the nation and family finances remains broken".

Read more: Unemployment rate drops to 6.9%

Starbucks move 'ringing endorsement' of London

Starbucks' decision to move its European headquarters from the Netherlands to London is a "ringing endorsement" of the capital's business environment, according to the chief executive of the London Chamber of Commerce and Industry, Colin Stanbridge.

This very positive move by Starbucks greatly reinforces London as a key global centre for business and a highly desirable location for firms to base their operations.

Creating the right environment for businesses to flourish is essential to London competing at an international level and we are delighted that Starbucks has given the capital a ringing endorsement.

Read: Starbucks 'will pay more tax in UK' after moving HQ

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Esther McVey: 'More women in work, wages going up'

Minister for Employment Esther McVey has praised the news of average earnings rising above the rate of inflation for the first time in six years.

She said: "More young people are in work, more women are in work, wages are going up, and more and more businesses are hiring - and it's a credit to them that Britain is working again."

Esther McVey

Unemployment falls to 2.24 million people

Unemployment fell by 77,000 between December and February to 2.24 million, official figures showed today.

The number of people claiming Jobseeker's Allowance last month also fell by 30,400 to 1.14 million, said the Office for National Statistics.

Wages rise by 1.7% and over the rate of inflation

Average earnings increased by 1.7% in the year to February, above the CPI inflation rate of 1.6%.

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Average Weekly Earnings in Dec-Feb up 1.7% on same time last year http://t.co/sFvlwU6XkF

The increase in earnings will be the first time in six years that the average wage has risen above the consumer price index (CPI), which stands at 1.6% for 2014.

Read More: Wages expected to surpass inflation for first time in 6 years

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Starbucks 'will pay more tax in UK' after moving HQ

Coffee chain Starbucks says it will "pay more tax in the UK" in the future after opting to move its European headquarters from the Netherlands to London.

The company said the move would make it "better able to oversee the UK market".

Starbucks is moving its European headquarters from the Netherlands to the UK Credit: DPA DEUTSCHE PRESS-AGENTUR/DPA/Press Association Images

Starbucks has come under scrutiny over its tax affairs in the past, with the company telling a parliamentary committee in 2012 that it had not made a taxable profit for 14 of the 15 years it had been operating in the UK.

Read: Starbucks UK: £30.4 million loss 'an improvement'

Tesco boss: Results reflect trading 'challenges'

Tesco's chief executive Philip Clarke has said that the supermarket's results reflect "challenges" in a rapidly changing trading environment.

Our results today reflect the challenges we face in a trading environment which is changing more rapidly than ever before. We are determined to lead the industry in this period of change.

Having strengthened the foundations of our business in the UK, we are now accelerating our growth in new channels and investing in sharper prices, improved quality, stronger ranges and better service.

– Philip Clarke, chief executive
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