Here are the top business stories making the headlines in the morning newspapers.

Cheaper household energy on the way

Energy giant Ovo has launched its first deal for customers cheaper than the UK Government's cap on household bills.

The firm will offer a fixed 12-month tariff of £2,275 for existing customers, at a time when the government is limiting typical household bills to £2,500.

It comes as falling wholesale gas prices start feeding through to bills.

Ovo Energy, which provides power to more than four million homes, said it was launching the tariff because customers wanted "the security of a long-term fix to protect them against the continuing energy-price uncertainty".

But Mr Martin Lewis, from MoneySavingExpert, told the BBC: "People need to be very careful not to just jump on a fix because it costs less than they're paying right now...because wholesale rates - the rates energy firms pay - have dropped.

"It's likely the price cap will drop and, on current predictions, that means you'll start paying 20% lower rates than now. That price is predicted to stay around that point until the end of the year, and into early 2024."

Expensive cakes

Foods including Mr Kipling cakes, Heinz Spaghetti Hoops and Birds Eye potato waffles have soared by up to 146% in the past year, according to the latest supermarket price watch.

The Telegraph says that, while chains are keeping many popular products on special promotions, other items are no longer on such schemes - hitting consumers in the pocket as their shelf price rockets.

A trade magazine looked at 33 best-selling food and drink products, and found that the biggest annual hike has been for Mr Kipling Angel Slices.

This time last year, an eight pack of the cakes was as little as £1.42 as Asda, but now costs £3.50 – a rise of 146%

Overgate Shopping Centre sold

Frasers Group has bought Overgate Shopping Centre in Dundee for an undisclosed sum.

The firm said the purchase demonstrated its "commitment to the long-term future of physical retail."

Frasers Group, which is owned by Sports Direct boss Mike Ashley, said the centre was Dundee's primary retail location.

The BBC says the 400,000 sqft shopping centre was previously bought by Legal & General Property for £125.3million in 2014.

Oil leaks at harbour

A major incident has been declared after about 200 barrels of reservoir fluid including oil leaked into the water at Poole Harbour in Dorset.

Poole Harbour Commissioners said a leak occurred at a pipeline operated by gas company Perenco.

The firm said the situation was "under control" and a clean-up was under way.

The leak came from Wytch Farm, an oil field and processing facility which produces around 14,000 barrels of oil equivalent per day.

Warning of ‘tragedy’ at John Lewis

A former John Lewis boss has warned that it would be a “tragedy” if the retailer watered down its staff-ownership model which has been in place for more than 70 years.

Andy Street, the mayor of the West Midlands, who served as John Lewis' managing director from 2007 to 2016, criticised plans being considered by the partnership’s senior leadership that could result in a stake being sold to an outside investor.

Mr Street told the Telegraph: “It would be a tragedy if that occurred because I think John Lewis goes a bit beyond a shop.

“You can buy the same television in other places in truth, but John Lewis was about a way of doing business - showing the market there was a better way almost and that's potentially under threat.”

It comes after former Downing Street adviser Mary Portas said John Lewis had “let go of its soul” under boss Sharon White.

Jobs going at Capricorn

Capricorn Energy has announced job cuts which will see around 120 of its UK employees made redundant as it focuses its attentions on Egypt.

The Scottish oil and gas firm is “reviewing its UK office space requirements” after abandoning its merger with Israeli group NewMed.

Capricorn said it expects to have a “substantially reduced” headcount in the UK, resulting in an organisation of fewer than 40 people – a 75% cull.

The London-listed firm currently has around 240 global employees, and the cuts are being made as part of a review of its exploration and production portfolio.

The Press & Journal says most of the job losses are expected in the next two months, and a further update is expected on April 27.

Businesses hit back at governor

Business leaders have hit back after the Bank of England governor said they should think twice before raising prices to cope with inflation.

Andrew Bailey said increased prices could drive up the cost of living even further and hurt the poorest most.

But the boss of pub chain JD Wetherspoon, Tim Martin, said bank managers were "breathing down the neck" of business owners.

And UK Hospitality said Mr Bailey ignored the "stark situation" faced by many.

"If all prices try to beat inflation we will get higher inflation," the Bank governor had told the BBC.

More bids for Manchester United

Qatari banker Sheikh Jassim has joined British entrepreneur Sir Jim Ratcliffe in submitting a second bid to buy Manchester United.

It follows Finnish entrepreneur Thomas Zilliacus stating he has also submitted a bid to buy the Old Trafford club.

Mr Zilliacus wants to buy half of the club with the other half bought by fans, who will be part of club decision-making.

But, as yet, it is unclear how many bidders there are. There could be eight or more.

The Glazer family, who bought Manchester United for £790million in 2005, announced they were considering selling the club in November.

The BBC says the Americans have established a valuation of £5billion-£6billion for United.

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