Business news live: Land Rover to cut jobs, M&S give staff extra discount

Vehicle manufacturer Jaguar Land Rover have announced 500 job cuts are incoming at management level.

A voluntary redundancy programme will be launched following falling sales, in part due to a pause in shipments to the US following tariffs.

JLR have also delayed the release of its new electric models for both brands, the Guardian reports, to allow for more testing and for demand to pick up.

The FTSE 100 has opened 0.4 per cent up – putting it back above the 9000 points threshold.

Derren Nathan, head of equity research at Hargreaves Lansdown, says UK businesses have picked up on US stocks flying overnight and picked out a few companies in the news.

“The FTSE 100 has popped its head back over the 9,000 parapet this morning.

“Streamlining has been the order of the day with oil giant BP continuing its strategic refocus with an agreement to dispose of its US onshore wind business, BP Wind, in which the group has claims to 1.3GW of generating capacity.

“Health and hygiene company Reckitt, the company behind the likes of Dettol, Durex and Nurofen is to dispose of its Essential Home division in a deal worth up to $4.8bn deal.

“And iconic luxury brand Burberry has seen its first quarter retail revenue drop 2% to £433mn year-on-year when adjusted for exchange rates. However, investors can take some comfort that comparable store sales improved in all regions when compared to the previous quarter, and that Burberry remains on track to deliver £80 million in cost savings by the end of the financial year.”

Good morning and welcome to our final business blog of the week. As usual we’ll have full stock market coverage, a look around Britain’s biggest businesses and bring you all the news and comment affecting your money.