Here are the business stories making the headlines across the country this morning.

Labour will inherit 'worst economic situation since Second World War', shadow chancellor warns

Labour will inherit the worst economic situation of any incoming government since the Second World War, Rachel Reeves has warned, accusing the Conservative Party of "burning the house down" during its time in government.

Talking in the run-up to next week's budget, the shadow chancellor said that while George Osborne had promised to "fix the roof while the sun was shining" - a reference to his plans to reduce public spending and cut the deficit - in reality he had done the opposite.

"This is the worst inheritance any incoming government will have had since the Second World War in terms of debt interest payments, growth, living standards and taxation.

"George Osborne said in 2010 that they were going to fix the roof. What they've done is smash the windows, broken the door down and are burning the whole house down.

"That is the reality for whoever is prime minister and chancellor after the next election - that's the inheritance that whoever forms the next government is going to have to deal with," she said.

Tories explore scrapping non-dom tax status

The chancellor is exploring the option of scrapping the tax status enjoyed by people who live in the UK, but whose home for tax purposes is overseas.

Non-domiciled people, often referred to as non-doms, only pay UK tax on money earned in the UK.

They do not have to pay any tax to the UK on money made elsewhere.

Perhaps the UK's most famous non-dom is Rishi Sunak's' wife, Akshata Murty - but two years ago, she committed to paying UK tax on her overseas income.

Kellogg's boss says poor people should eat cereal for dinner

The boss of Kellogg's has been criticised for suggesting poor people should eat cereal for dinner to save money.

Chief executive Gary Pilnick made the comments as he described the company's efforts to appeal to under-pressure shoppers during an interview in the US.

It comes as Kellogg's, which makes popular cereals including Corn Flakes, Special K and Coco Pops, has been pushing adverts in the US with the slogan: "Give chicken the night off".

Mr Pilnick told CNBC: "Consumers are under pressure... so we're advertising about cereal for dinner, if you think about the cost of cereal for a family versus what they might otherwise do, that's going to be much more affordable..."

Dyson research spending hits record amid quest for household robot

Dyson spent a record £468m on researching advanced household robots and artificial intelligence last year, as its annual revenues surged to more than £7bn.

Profits at the company rose by 9% to £1.4bn in 2023 following a drop in the previous year.

The engineering company, best known for its vacuum cleaners, increased its spending on developing new products to £9m per week, up 40% on the previous year.

Investments are focused on robotic technologies, AI and longer-lasting batteries.

More like this…

View all