The pound dropped close to its lowest levels since the Brexit vote as markets braced themselves for hard evidence this week that the UK economy has been knocked off course by the decision to leave the European Union. Bearish sentiment intensified as markets prepared for a blizzard of official UK economic news on inflation, employment, retail sales and the health of the public finances, offering the first indication of the state of the economy since the referendum vote. (The Times £)

A fall in the level of immigration due to the Brexit vote could offer a small pay boost to native Britons in some low-paid jobs but this is likely to be offset by a far larger weakening of wage growth across the country, according to research by the Resolution Foundation. (The Financial Times £)

UK employers are adopting a cautious approach to hiring and are less likely to invest in training for their staff following the vote to leave the European Union. The proportion of UK employers looking to take on new staff over the next three months fell to 36 per cent after the vote from 40 per cent before, the latest quarterly Labour Market Outlook from the CIPD and Adecco said. (The Daily Mail)

Soft drinks manufacturers, pubs, convenience stores and off licences have joined forces to fight a planned sugar tax before the launch of a government consultation (The Guardian). The FTSE 100 conglomerate behind fashion chain Primark has joined forces with a host of business groups to fight the mooted sugar tax on soft drinks, amid growing fears the controversial levy will lead to job losses. (The Telegraph)

Middle-class binge drinkers are responsible for soaring sales of sparkling wine magnums, data suggests, as fizzy wine continues to dominate the wine market. Figures from Nielsen, a consumer analyst, reveals a surge in sales of 1.5 litre magnum bottles is helping fuel Britain’s sparkling wine boom. (The Telegraph)

Nigeria’s snacks industry has attracted the interest of a private equity firm founded by Sir Bob Geldof in a boost for Africa’s biggest economy. A consortium led by sub-Saharan Africa-focused 8 Miles has bought a minority stake in Nigerian biscuit maker Beloxxi for $80m in a deal described as a bet on the company’s ability to meet the rising demand of a growing consumer class. (The Financial Times £)

Britain’s biggest companies paid five times more in dividends than they did pension contributions last year, according to a new report that highlights the pressure on retirement schemes. FTSE 100 companies paid £13.3bn towards their defined benefit pension schemes, compared with £71.8bn in payments to shareholders, according to the consultancy firm LCP’s annual study of pensions. (The Guardian) The report by actuary Lane Clark & Peacock revealed that 56 companies in the blue-chip FTSE 100 index disclosed pension deficits worth a combined £42.3billion at the end of 2015. (The Daily Mail)

“It’s no wonder they are so keen to sell!” writes The Daily Mail, which looks at the UK bosses milking millions from foreign takeovers after news emerged Jim McCarthy, the former boss of Poundland, will receive nearly £23million when the budget shop chain is taken over by South African retailer Steinhoff. (The Daily Mail)

The news that Sports Direct has agreed to pay back £1m to employees after its billionaire founder Mike Ashley admitted that workers had been paid less than the legal minimum wage is heavily covered this morning (The Financial Times £, The Times £, The Guardian). The Guardian, which investigated pay and conditions at its warehouse in Shirebrook, Derbyshire, says “Sports Direct should be landed with a hefty fine, despite its back pay offer”.

The Telegraph writes that the furore over Deliveroo’s new London pay plan suggests flaws in its business model. It writes: “Deliveroo ought to have seen that even on the face of it, its plan might backfire. Putting aside the politics of the “gig economy”, the fact that it pressed ahead anyway suggests flaws in its business and a degree of desperation.” (The Telegraph)

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