In April, Associated British Foods reported that Primark sales jumped by 15% over the half-year to March.

The S&P Global/CIPS flash UK purchasing managers’ index fell to 52.8 in June from 54 in May.

The private equity-owned retailer reported that group like-for-like sales, excluding fuel and VAT, were up 1% over the 13 weeks to April 30.

London’s top index moved 0.13%, or 10.13 points, lower to finish at 7,559.18.

The retail brand was founded by Christopher Kane and his sister Tammy Kane in 2006.

The move comes almost two years after he first promised to make the change.

The rate of inflation stayed flat at 8.7% in May, despite hopes from economists that it would fall and provide some relief for households.

Almost £5 million was found to be owed to around 63,000 workers following investigations by Her Majesty’s Revenue and Customs.

Nick Read, chief executive of the Post Office, said he believes the process of its historic shortfall scheme has been fair.

The retail business secured new funding facilities from Wells Fargo Capital Finance UK and UK-based private credit fund Blazehill Capital.

The FTSE 100 moved 0.71%, or 54.24 points, lower to finish at 7,588.48.

Government data from the Insolvency Service showed 2,552 companies entered insolvency during the month.

It came as the supermarket reported total sales of £14.8 billion for the 13 weeks to May 27, with a like-for-like sales increase of 8.2%.

Reuters reported that All3Media, which also produces Fleabag and Midsomer Murders, could fetch a price tag of over £1 billion.

The Swedish retail giant however added that June trading has started well.

Jeremy Hunt’s warning came as households brace for a further increase in interest rates, which already sit at a 14-year-high of 4.5%.

The online electronics retailer saw shares rise as it also reported an increase in profits.

UK GDP increased by 0.2% for the month after a 0.3% fall in March.

Rain Newton-Smith faced scrutiny from MPs at the Business and Trade Committee a week after the CBI won a key confidence vote by members.

The energy giant has been boosted by regulatory changes which allowed it to reclaim some losses from selling at capped prices.