The pound slumped before recovering on a volatile morning in the currency markets as confidence about the chances of the EU and UK reaching a Brexit deal vacillated during another round of talks today.
It comes as Whitehall's spending watchdog warns that a no-deal Brexit would mean delays to goods, more crime and fewer checks on migrants.
Asos ‘problems behind them’
Asos chief executive Nick Beighton said the firm's biggest problems are in the past, as he announced full-year profits plunged 68 per cent to just £33.1m.
He added: "This financial year was a pivotal period for Asos, where we have invested significantly and enhanced our global platform capability to drive our future growth.
"Regrettably this was more disruptive than we originally anticipated. However, having identified the root causes of our operational issues, we have made substantial progress over the last few months in resolving them.
"Whilst there remains lots of work to be done to get the business back on track, we are now in a more positive position to start the new financial year."
Brexit has already cost the UK economy almost £70bn – the equivalent of £440m a week or £840 for every household in the country each year – according to a new report from the Centre for European Reform released on Friday.
And as Boris Johnson made new concessions to Brussels in the hope of securing a withdrawal agreement, a respected think tank warned that even if a deal is reached, the uncertainty and disruption of Brexit can be expected to drag on to the middle of the 2020s or beyond, with the danger of multiple no-deal cliff-edges along the way.
Despite the prime minister’s claim that “getting Brexit done” this month will allow him to focus on domestic priorities like the NHS and crime, the Institute for Government’s Brexit programme director said that EU withdrawal can be expected to soak up the government’s “political capital and time and energy” for years to come.
Brexit has already cost UK economy almost £70bn – or £840 a year for each household, new report says
Figures emerge just days ahead of massive march to demand a Final Say referendum on any deal Boris Johnson gets with EU(Press Association) Asda workers will hand in a 23,000 strong petition to the company on Wednesday opposing a controversial new contract.
The signatures will be delivered to Asda's head office in Leeds in a shopping trolley as part of a campaign by the GMB union.
The union says Asda workers have been told to sign new contracts, called contract six, which it claims will see them lose paid breaks and forced to work bank holidays, or be sacked next month.
Gary Carter, GMB national officer said: "Tens of thousands of members of the public are backing our Asda workers in their fight against these draconian contracts.
"Contract six is shocking, the changes are forcing our members to choose between looking after their families, or being able to support them. It's a disgrace.
"Today we are back in the birth place or Asda, once a proud, family company, calling on bosses to respect workers and offer them a better deal."
No-deal Brexit will slash 10% off UK house prices, says top credit agency
Price plunge will be deepest in 2020, with prices also falling in 2019 and 2021 if UK leaves EU without deal this month, S&P says
Resolving no-deal Brexit risks at UK borders may be 'out of government's control'
Ministers admit border would be 'less than optimal' for a period of time after no dealHuawei, the world's second-biggest smartphone maker, has previously said US trade restrictions could dent revenues by $10bn this year.
All bark and no bite? Government's new environment watchdog must have teeth
The new Office for Environment Protection may not be fit for its purpose, writes Phoebe Weston
Goldman Sachs profit hit by losses on investments in WeWork and Uber
Valuation of WeWork has plummeted from $47bn in January to $10-12bn, while Uber’s shares are down 24 per cent since company went public earlier this yearNeil Woodford, one of Britain’s best-known investment managers, is shutting down his remaining funds after he was sacked from managing his troubled flagship fund.
In a statement late on Tuesday, Mr Woodford said he has “taken the highly painful decision” to close Woodford Investment Management, the umbrella firm for several funds, including LF Woodford Equity Income Fund.
“I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management and invested in our funds,” he said.
The company will close “in an orderly fashion” after fulfilling its remaining management responsibilities, he added.
Neil Woodford to close investment firm after ouster from flagship fund
'I personally deeply regret the impact events have had on individuals who placed their faith in Woodford Investment Management,' says one of UK's best-known stockpickersA high-profile MP is demanding an apology from the head of Britain’s financial watchdog after it accused him of making “completely untrue” statements about its treatment of an RBS whistleblower.
Sir Norman Lamb has written to Andrew Bailey at the Financial Conduct Authority (FCA) to say he regarded the comments as defamatory.
“I want him to apologise for continuing to mislead me and misleading the public,” Sir Norman told The Independent. “It is quite a serious matter as it challenges my integrity.”
The escalation of a long-running argument comes at an awkward time for Mr Bailey, who is thought to be on the shortlist to become the next governor of the Bank of England after Mark Carney steps down at the end of January.
The FCA said it “completely rejected” any suggestion that Mr Bailey misled Sir Norman.
Sir Norman Lamb accuses FCA boss of defamation
City watchdog accused high-profile MP of making 'completely untrue' statements in whistleblower rowThe Competition and Markets Authority is considering whether the deal could reduce competition in the UK under merger rules and will make a decision on whether it should be investigated further by 11 December.
Branding the offering “truly pathetic”, film director Carolyn Saunders tweeted a picture of the uninspiring-looking dish.
“British Airways this is the sad vegetarian meal you saw fit to give me on a long YVR-LHR flight,” she tweeted.
“Would you eat this? Would anyone? Plain tofu with plain rice and a baby corn cob from a tin?
“Why do you think vegetarians don’t like food? Please do better.”
