BUSINESS CLOSE: Tesco sales grow; Crest Nicholson rejects Bellway offer; Pubs and brewers demand duty cut

Just before close, the FTSE 100 was 0.23% down at 8,144.91.

Meanwhile, the FTSE 250 was 0.54% lower at 20,087.65.

(PA) – Regulators have cleared Pennon’s £350million buyout of Sutton and East Surrey (SES) Water, meaning water services for 845,000 customers will come under the FTSE 250 firm’s control.

The Competition and Markets Authority (CMA) said in May that the deal could undermine Ofwat’s authority as water regulator by wiping SES from its dataset.

The watchdog was concerned that losing SES Water’s data would make it harder to estimate cost allowances and set service quality targets across the industry, because it would have fewer points of comparison.

But an update on June 14 said the watchdog has given it the green light, after Pennon offered to give separate reporting information for SES from the rest of its water business.

It said the measures are “appropriate to remedy, mitigate or prevent the prejudicial effect on Ofwat’s ability, in carrying out its functions, to make comparisons between water enterprises”.

Pennon bought Sumisho Osaka Gas Water UK, including its subsidiary SES Water, in January for £380million.

The Tories stepped up attacks on Keir Starmer today warning that Labour could hike taxes in 18 areas.

Sir Keir unveiled his manifesto yesterday with plans to boost the burden by £8.5billion to pump money into services.

(PA) – The UK’s competition watchdog has started a formal investigation into housebuilder Barratt’s £2.5billion deal to buy rival Redrow.

The Competition and Markets Authority (CMA) said on Friday that it is looking into whether the buyout, announced earlier this year, will hurt competition.

It comes after the CMA announced an initial probe in March. That has now stepped up into an official inquiry. The watchdog said it will report its findings by August 8.

The two housebuilders agreed an all-share deal in February which would see them become Barratt Redrow.

The new group would be expected to build about 23,000 homes a year and make more than £7billion in revenue.

They said it creates an opportunity to bring together two “highly complementary” companies and accelerate the building of “much-needed” homes across the country.

When two large companies combine it can lessen choice for customers and lead to higher prices or lower quality services.

The watchdog has the power to block a merger or enforce changes to address its concerns once it has investigated the potential risks.

Britain’s biggest brewers and pub firms are calling to reduce beer duty and reform business rates.

More than 80 heads of the UK’s leading beer and pub companies have signed a letter written by the British Beer and Pub Association’s chief executive, Emma McClarkin, saying their industry ‘needs fair recognition of its unique value.’

(PA) – Hit TV romance series Bridgerton has boosted the UK economy by £275million over the course of five years, Netflix has claimed.

The streaming website says the Regency-style drama, which premiered the final half of its third series on Thursday and was produced by the company Shondaland, has supported almost 5,000 local businesses over the past five years.

Shondaland chief executive Shonda Rhimes will open trading at London Stock Exchange on Friday to celebrate the figures.

The 54-year-old said: “The Bridgerton universe occupies a special space in culture, resonating with young and old alike, creating conversation, starting trends and influencing everything from baby names to weddings.

“The shows have also had a seismic impact on the UK economy, boosting it by a quarter of a billion pounds over the last five years and supporting thousands of jobs and businesses.

“It is clear that the business of art and culture can make a huge economic contribution to local communities. I could not be prouder.”

The figure was calculated in-house by Netflix and includes direct and indirect spending, the PA news agency understands, through money spent with other companies and them buying things to make for the production.

Do you need cash today? If you visit the Post Office now, you are likely to be asked that question by the cashier before you leave, no matter what task you are undertaking – from renewing a passport, to sending a parcel.

Many Post Office customers may not realise it, but the ancient institution is well on its way to being the UK’s largest banking network – with more than 11,500 branches.

Jaguar Land Rover has announced plans to put up £1million to help the police catch car thieves as they battle to restore the reputations of their vehicles.

Drivers can expect to pay less at fuel pumps over the next year, as experts predict the cost of oil could fall to £47 a barrel.

The International Energy Agency has pointed to a global oversupply of oil by 2030 which has led analysts to predict a sharp drop in cost.

Tesco upheld its annual guidance as it posted healthy first-quarter sales growth, driven partly by more shoppers buying its Finest product range and using its rapid online delivery service Whoosh.

Britain’s largest supermarket chain said sales from continuing operations, excluding fuel, increased by 4.5 per cent at constant currency levels to £15.6billion in the 13 weeks ending 25 May.

Demand for retro international football shirts have rocketed as England and Scotland fans ready themselves for the European Championship, which kicks off tonight.

Fans digging out an old shirt from the back of their cupboard ahead of the tournament could unknowingly be sitting on a small fortune.

Criminals are employing sneaky tactics to scam unsuspecting drivers by pasting their own QR codes over legitimate ones on parking meters to steal card details.

Drivers unwittingly scan the code provided and think they are paying for their parking online, but in doing so are exposing themselves to serious financial loss.

At last, the political silence has been broken. Labour’s manifesto promises that the proposed £3.6billion takeover of the Royal Mail by ‘Czech Sphinx’ Daniel Kretinsky and lesser-known business associates will be properly scrutinised.

Someone has been listening to Dave Ward, general secretary of the Communications Workers Union (CWU), in an interview and as a guest City columnist on these pages.

Elon Musk declared victory last night ahead of a vote by Tesla shareholders on his record £44billion pay package.

Just hours before the electric car maker’s annual meeting, the billionaire said investors were set to approve the highest-ever pay deal in US corporate history.

BT shares raced to their highest level of the year after Mexican billionaire Carlos Slim snapped up a 3 per cent stake.

The British telecoms giant rose 4.3 per cent, or 5.6p, to 135p – giving it a value of £13.4billion – as it took gains since Allison Kirkby became chief executive in February to 20 per cent.

Labour has vowed to ‘robustly scrutinise’ the Royal Mail takeover and give workers a ‘stronger voice’ in a pre-election pledge that throws the deal into doubt.

In its manifesto, Sir Keir Starmer’s party promised to look into the proposed £3.6billion sale of the 508-year-old postal service to a billionaire known as the ‘Czech Sphinx’.

Struggling housebuilder Crest Nicholson has rejected a £650million takeover offer from rival Bellway.

The details came just hours after Crest, which has its headquarters in Surrey issued a profit warning that sent its shares tumbling.