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Britain’s next government will need to fill a shortfall of up to £33bn in the public finances unless it is prepared to push through a fresh round of severe austerity measures, a thinktank has warned. The Resolution Foundation said the debate between Labour and the Conservatives over the funding of specific pledges was “detached from reality”, with election promises based on cuts that would be hard to deliver. – Guardian
UK exports of clothing and footwear to the EU have dived since Brexit, according to a new study that shows the extent to which complex regulations and red tape at the border have deterred firms from sending goods across the Channel. Exports of clothing and footwear sold to EU countries have fallen from £7.4bn in 2019 to £2.7bn in 2023, helping fuel an 18% slump in sales of all non-food goods exports to countries covered by the EU single market, according to the consultancy Retail Economics and online marketplace Tradebyte. – Guardian
Airbus has unveiled a new unmanned combat jet that will be capable of acting as a “loyal wingman” for RAF pilots flying Eurofighter Typhoon aircraft. The European aerospace giant unveiled the sleek-looking concept drone at the Berlin International Airshow, where defence companies are this week showing off their latest wares. – Telegraph
Tesco has rolled out a digital “marketplace” to sell products ranging from office furniture to giant chess sets, as the supermarket giant seeks to challenge Amazon online. Around 9,000 new products have been added to Tesco’s website, as the retailer seeks to attract shoppers with third-party brands, such as Hornby jigsaws and Beko air fryers. It comes as Tesco seeks to turn itself into a “one-stop shop for everything customers need”. – Telegraph
The right-hand man of the Czech tycoon seeking to pull off the £3.6 billion takeover of Royal Mail’s parent company has met union bosses in an attempt to convince them of the merits of the deal. Roman Silha, who heads mergers and acquisitions for EP Group’s investments, sought to reassure the Communication Workers Union, which has called for a new ownership model for the postal services company, including giving all its employees a stake in its future. – The Times
Closing arguments in the California fraud case against Mike Lynch concluded on Tuesday and the jury retired for deliberation. Lynch’s lawyers have portrayed the British businessman as a savvy entrepreneur in the trial relating to Hewlett-Packard’s $11 billion acquisition of Autonomy, his software company, in 2011. – The Times
