Business news live: FTSE 100 opening from record high, reaction to NatWest earnings

High street firm River Island has approached creditors over a deal to save themselves from closure within weeks.

Reports yesterday suggested they could be out of cash by the end of August if stakeholders including those who rent shops to them didn’t agree to vast cuts.

River Island need to save £10m within a matter of weeks and an estimated £50m by the end of the year to plug a funding gap.

Dozens of stores will close if the deal is agreed to, with others seeing rents cut by up to 75 per cent in some cases and leased rent-free in others.

A new survey among small and medium-sized businesses (SMEs) has found that a huge majority expect to be raising prices over the next year, with optimism split on whether they will survive or thrive amid challenging economic conditions.

Meanwhile inflation from raw materials and higher energy costs have meant that their own prices have been on the increase, contributing to overall UK inflation levels. In addition, tariff uncertainty impacted those exporting to the US in the earlier part of the year before a trade deal was agreed.

Yesterday in the FTSE 100, BT Group was one of three companies rising around 10 per cent to push the index as a whole towards a 0.9 per cent rise.

A new record closing level means a new record opening today.

Leading the firms in the news this morning will be NatWest Group, currently reporting their latest financial offering.

This will be their first since the government fully exited its shareholder position, following the bail-out of the bank during the financial crisis.

Good morning and welcome back to another day of live money and business coverage on The Independent.

Today we’ve got plenty on the way from the stock markets, mortgage news, companies reporting their latest finances and more – and how it all affects you as a consumer, shareholder or worker.