Top story today is news of an imminent UK-US trade deal. More imported beef and ethanol will be allowed in exchange for reduced tariffs on British car exports, The Times reports.
UK trade secretary Jonathan Reynolds told reporters the US was expected to slash its tariffs on British cars “very soon” after “a very significant week” of talks, according to The Guardian. The “cars for agriculture” deal comes more than a month after Donald Trump and Sir Keir Starmer signed off the five-page Economic Prosperity Deal in a televised Oval Office press conference on May, the FT reports. The story is also covered by The Standard, which writes the UK is “ready to go”.
Elsewhere, the nationals are reporting on Tesco’s positive first quarter results. The 5.1% increase in like-for-like sales in the 13 weeks to 24 May sent shares soaring yesterday, as covered by The Grocer here. Tesco’s upmarket Finest range was a key driver of its success, partially bolstered by high restaurant prices, The Guardian writes.
The Mail also focuses on the role of Finest, which notched up growth of 18%, in helping Tesco thrive in an ‘intensely competitive’ UK grocery market. Meanwhile, Reuters points out Tesco’s share of Britain’s grocery market has grown this year to 28% – a level not seen since 2016.
The sale of Poundland, reportedly for £1, is another hot topic in the press. Investment firm Gordon Brothers picked up the chain for a ‘nominal’ sum, the Mail reports. The discount retail chain is expected to close dozens of its 800 stores, The Guardian says. The thousands of jobs at risk are the focus for Sky News, which points out Poundland employs employs roughly 16,000 people across its estate.
Finally, the Dubai chocolate craze may have a dark side, according to The Guardian. Rogue imports that are not labelled correctly could pose a serious threat to those with allergies, the Food Standards Agency has warned. The story is also covered by The Standard.
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