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Brexit could increase supermarket prices, says Ocado boss

Brexit prices could increase supermarket prices as the plunging pound pushes up costs, online grocer Ocado has warned.

The weaker pound could lead to "inflationary pressure", chief executive Tim Steiner warned, but added he did not believe the UK retail market would crash.

Tim Steiner Credit: PA

The majority of supermarkets import the goods they sell. The current weak pound will mean that overseas goods are more expensive, meaning that the trend of falling supermarket prices could be coming to an end.

Mr Steiner's comments came as Ocado posted a slowdown in half-year earnings growth amid "significant challenges" in the sector.

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Volkswagen 'agrees to pay $10bn' over emissions scandal

Car owners could get up to $7,000 each. Credit: PA

Volkswagen has agreed to pay around $10.2 billion (£6.89 billion) to settle US claims following the emissions cheating scandal, sources have told AP.

Most of the money would go to 482,000 owners of cars with two-litre diesel engines programmed to cheat emissions tests.

Car owners could get $1,000 (£675) to $7,000 (£4,729) each, depending on the age of their vehicle.

The source said some money would be paid to the government in penalties.

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