6:39 am, November 5, 2025
AB Foods considers spinning off Primark after annual profits fall
The owner of Primark has said it is considering spinning off the retail chain from its food business as it also revealed a drop in annual profits.
Associated British Foods (AB Foods) announced a review of the structure of the group alongside its full-year financial results, which saw it reported an adjusted pre-tax profit of £1.7bn for the year to September 13, a decline of 13% compared with the prior year.
Sales across Primark grew by 1% year-on-year to £9.5bn, with stronger trading over the second half of the year helping to balance out a weaker first half. AB told investors that no decision had been made but its review may result in the board deciding to separate Primark from the food business.
UK ‘sliding into avoidable crisis’, major review into workplace sickness warns
The UK is ‘sliding into an avoidable crisis’, the author of a major review on how to keep people in work has warned as he urged a reduced reliance on fit notes amid an ‘enormous’ cost to employers from ill health among workers.
Former John Lewis boss Sir Charlie Mayfield’s report found that poor workplace health costs UK employers around £85bn a year.
It also warned that Britons being unable to work due to ill health is costing the country around 7% of GDP (gross domestic product).
Peugeot hints towards future models with Polygon concept
Peugeot has given a glimpse of what its future models could look like with a new concept car.
Called the Polygon concept, it has a dramatic exterior design, space-focused interior and clever new Hypersquare steering wheel, which does away with a conventional physical steering column in favour of a steer-by-wire system.
Peugeot is also launching a Polygon-inspired area within the popular video game Fortnite, with developer Gameloft working with the French car manufacturer to create a dedicated ‘Peugeot Polygon City’ within the game.
The markets
The FTSE 100 outperformed European and US peers on Tuesday, but sterling fell further, as chancellor Rachel Reeves laid the groundwork for further tax rises in this month’s Budget.
The FTSE 100 Index closed up 13.59 points, 0.1%, at 9,714.96. It had earlier traded as low as 9,574.15. The FTSE 250 ended 113.41 points lower, 0.5%, at 21,995.48, and the AIM All-Share declined 12.47 points, 1.6%, at 759.55.
The pound was quoted at 1.3045 dollars at the time of the London equities close on Tuesday, lower compared with 1.3146 dollars on Monday.
Government faces questions over tax rises after Reeves warns all must contribute
Ministers are facing questions about which taxes could rise in a matter of weeks after Rachel Reeves warned everyone will ‘have to contribute’ to securing the country’s economic future.
The chancellor was even told by the Tories to resign if she goes ahead with raising taxes in the November 26 Budget.
In an unusual speech just three weeks out from the major fiscal statement, the chancellor on Tuesday would not commit to Labour’s manifesto promises not to raise income tax. The Budget will focus on cutting NHS waiting lists, and addressing the cost-of-living crisis, the chancellor said, as well as reducing the burden of interest on government debt.
Government announces plan to cut GCSE exam time by up to three hours
The Government will work to cut GCSE exam time by two-and-a-half to three hours for the average student, it has announced, after the curriculum review said current exam volume was ‘excessive’.
The final report of the curriculum and assessment review, commissioned by Labour last year, has recommended the government cut exam volume at key stage 4 by 10%. Also, new year 8 maths and English tests should be introduced, along with mandatory citizenship in primary schools, and overhauling the key stage 2 test of grammar, punctuation and spelling.
In its response, the Department for Education (DfE) confirmed it would accept the review’s recommendation to scrap the English Baccalaureate (EBacc) performance measure introduced by Michael Gove, and would introduce a statutory entitlement for all GCSE pupils to study triple science.
Tuesday on Car Dealer
New Auto Trader tool to tell dealers how likely a lead is to convert to a sale
Auto Trader will soon be able to tell car dealers how likely leads are to convert into a sale with a new data product.
Chinese brands continue to grow awareness as customers become more open to change
Customer awareness of new Chinese car brands is continuing to improve, with more two thirds of buyers now open to switching to the fresh faces.
Vertu adds Leicester Skoda to network after agreeing deal with Marshall Motor Group
William Morgan Group reports pre-tax loss after ‘year of significant change’
William Morgan Group turned a £2.7m profit in 2023 to a £72,000 loss 12 months later after ‘a year of significant change’, earnings show.
FCA’s ‘not fit for purpose’ car finance redress scheme comes under fire from MPs
The FCA’s car finance redress scheme is ‘not fit for purpose’ and could ‘short change’ millions of motorists.
Weather
A largely cloudy day with rain spreading northwards, though the south-east and far north will start dry with sunny spells, reports BBC Weather. Later, rain reaches northern Scotland.
Tonight, rain continues in the north before clearing, leaving variable cloud and a few showers. Clearer conditions develop for most overnight.
