Morrisons has hired advisers to explore the potential sale of its bakery business, as the supermarket considers offloading assets to pay down debts, according to The Telegraph (£). The retailer is working with Deloitte to field interest in Rathbones bakery, a factory in Wakefield that supplies baked goods to Morrisons’ supermarkets.
Jeremy Hunt is expected to use next week’s budget to cut national insurance rather than income tax as he announces a new levy on vaping (The Times £).
The chief executive of Kellogg’s has been criticised after suggesting that hard-up families struggling with the cost of living should eat cereal for dinner (The Times £).
Food prices have fallen this month for the first time since September, providing a further signal that inflationary pressures in the economy will continue to ease this year (The Times £).
Tumbling energy costs and a price war between Britain’s supermarkets have slowed food inflation to its lowest rate for nearly two years in a boost for households trying to cope on stretched budgets (The Guardian).
UK food inflation eased to its lowest rate for almost two years in February as meat, fish and fruit prices fell, according to industry data published on Tuesday, adding to evidence of downward cost pressure in the economy (Financial Times £).
Shop price inflation has fallen to its lowest level in almost two years as supermarkets offer cheaper meat, fish and fruit in the battle for customers (Telegraph £).
Food prices were 5% higher than a year ago in February – a marked drop from January’s 6.1% and below the three- month average of 6%, according to data from the British Retail Consortium-Nielsen Shop Price Index (Mail).
A bidding war has broken out at Wincanton after a new buyer entered the race for the logistics group and as a French suitor increased its offer to £605m (The Times £).
Wincanton shares soared on Monday as it told shareholders the group had provided due diligence information to help the unnamed party decide whether to make a formal takeover offer (Mail).
Homebase could soon be sold to new owners after talks were held with a number of potential buyers, including The Range and B&M European Value Retail (The Times £).
Nearly one in five people can no longer remember their bank Pin to withdraw cash or make transactions as the use of “contactless” payments hit a record high last year (Telegraph £).
A Big Read in the Financial Times (£) looks at how UK regulators, such as the Food Standards Agency, are missing a chance to make the best of Brexit.
The Federal Trade Commission has sued to block Kroger’s acquisition of Albertsons, threatening the largest supermarket merger in US history in the latest sign of Washington’s crackdown on anti-competitive conduct (Financial Times £).
The Federal Trade Commission argued that Kroger’s $24.6bn takeover of rival grocer Albertsons would narrow consumer choice and weaken the quality of products on shelves (The Guardian).
Amazon sellers ‘staring bankruptcy in face’ as funds are frozen (The Times £). The online retailer has frozen thousands of sellers’ funds while it completes checks designed to stamp out VAT fraud.
Experts have warned drinkers not to buy wine in clear bottles as they can be spoiled by ‘light strike’ (The Times £).
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