Kwasi Kwarteng copy

Liz Truss finally admits defeat on tax benefit for the wealthy (The Financial Times £). Prime minister cuts her losses and abandons plan to ditch top rate of income tax after outcry.

Liz Truss has quashed a series of “half-baked” ideas put forward by business secretary Jacob Rees-Mogg to radically reform Britain’s labour market (The Financial Times £).

British shoppers are expected to spend £4.4bn less on non-essentials – a fall of 22% – in the run-up to Christmas as a surge in the cost of living puts a squeeze on their spare cash (The Guardian).

Renting fashionwear for special occasions is to go mainstream as John Lewis launches a “dress for hire” service (The Times £).

John Lewis has pledged to have “buy back or take back” schemes operating in every product category by 2025 and to develop more rental and resale options as it steps up efforts to be a more sustainable business (The Guardian).

Quality Street’s multicoloured confectionery will now all be a bit more green – or that is the hope – as the foil and plastic wrappers are swapped for recyclable paper (The Guardian).

Food waste charity Fareshare has told the BBC it has seen a drop of around 200 tonnes in supermarket surplus donations every month this summer. The BBC understands Fareshare is writing to major supermarkets, asking for an increase in contributions.

UK manufacturing stands on the brink of recession after a closely watched survey reported that output contracted for a third month in a row in September, hit by falling exports and rising inflation (The Times £).

As fears over a global recession mounted, financial information group S&P Global said factory output in the UK fell for a third month in a row in September (The Mail).

Tortilla Mexican Grill insisted its ambitious expansion plans remained intact despite a 33% fall in the value of its shares (The Times £).

Tortilla Mexican Grill has admitted that earnings have been negatively impacted by higher protein costs triggered by Russia’s full-scale invasion of Ukraine (The Mail). The fast-food chain reported profits dived by about 93% to just £156,500 in the 26 weeks to early July, from £2.29m in the previous year, even as trading remained relatively strong.

India will overtake US as Unilever’s ‘largest business’, Hindustan chief tells The Financial Times (£). Sanjiv Mehta argues consumers are leaving the country’s colonial past behind.