Cigarettes are no longer a core product for Britain’s corner shops and small retailers, according to research from the antismoking group ASH.

ASH analysed the electronic point-of-sale data from 1,500 convenience stores and found that they now generated less than 10 per cent of their profits, or a mere £242 a week, from tobacco products. The antismoking group said its research contradicted the tobacco industry’s longstanding argument that small retailers heavily depend on cigarette sales. (The Financial Times £)

The fall in the value of sterling has acted as an important “shock absorber” for the economy, according to Bank of England deputy governor Ben Broadbent. He told BBC Radio 5 live that having a flexible currency was “extremely important” to cope with shocks (The BBC). With the pound now almost a fifth less valuable compared to the dollar since the vote on June 23, Broadbent said the decline was helping soothe some of the effects of having trade relationships thrown into question. (The Telegraph)

UK inflation is expected to have jumped to a near two-year high last month even before sterling’s latest slump has had an impact amid Brexit price hike concerns. The Consumer Price Index measure of inflation is forecast to reach 0.9% in September, after stalling at 0.6% in both July and August. (The Daily Mail)

Another high street retailer could join BHS on the scrapheap after the steepest slump in fashion sales since the financial crisis, a leading retail analysis firm has warned. Kantar Worldpanel said its latest figures showed that shoppers spent £700m less on clothing, shoes and accessories in the year to 25 September than they did during the previous 12 months. (The Guardian)

The British healthy snacks maker Graze is to make its appearance in thousands of shops in the US after a UK government clampdown on supermarkets selling confectionery helped the brand to thrive in its home market. The brand, which started as an online subscription service with its products delivered through the post in brown boxes, will expand into more than 3,500 US stores from this week on the back of its growth in the UK. (The Guardian)

The Guardian looks at how bad will Brexit will be for UK farmers, retailers and consumers and whether higher tariffs will cripple the agriculture industry and lead to higher prices in the shops. (The Guardian)

Co-Op’s boss Richard Pennycook bemoans British business culture. Successful US entrepreneurs, he says, prefer to give something back. ‘Whereas here in Blighty we have Philip Green on his yacht, sending out all the wrong signals.’ (The Daily Mail)

A legal opinion commissioned by Sir Philip Green has dismissed the conclusions of a parliamentary inquiry that sharply criticised the tycoon over the demise of BHS as “bizarre” and “unsupportable”. In an 82-page rebuttal seen by the Financial Times, two leading barristers said that MPs investigating the retailer’s collapse had already decided who to blame before hearing from a single witness. (The Financial Times £)

PepsiCo is to spend billions of dollars to develop drinks and snacks and reformulate existing ones with lower sugar, salt and fat content, as consumers demand healthier options and regulatory pressure intensifies amid an obesity epidemic. (The Financial Times £)

Strong demand for Disney dolls pushed quarterly profits at Hasbro up by nearly a quarter. Hasbro’s strong performance came after it launched a new line of dolls tied to the Disney film Frozen. (The Times £)

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