Business news live: Builders pay £100m after investigation, copper hits record price

Rachel Reeves is under fresh pressure not to cut the cash ISA limit after building societies penned an open letter to the chancellor, describing them as “a vital role in the broader economy”.

But the Building Societies Association (BSA) is now pleading with her to leave the popular savings product untouched.

Several of the UK’s biggest housebuilders are to pay a collective £100m after an investigation by the CMA found they had shared sensitive information, including related to pricing.

If the CMA accept the deal it means the procedure will not go to a ruling over whether the firms broke competition law.

Barratt Redrow, Vistry, Persimmon, Bellway, Berkeley Group, Bloor Homes and Taylor Wimpey are the seven builders involved, with the investigation launched last February.

The £100m fee is to go towards funding affordable new homes.

Good morning and welcome to The Independent’s live business coverage on Wednesday.

Lots to come today starting with Cash ISA discussions, then tariff upgrades latest featuring copper on the rise and plenty of FTSE 100 talk too. On we go…