Ad agency WPP asked to work on campaign nudging UK savers to invest in shares

The advertising agency WPP has been asked to work up ideas for a government-endorsed advertising blitz to urge more consumers to invest in stocks through a “Tell Sid”-style campaign expected to cost tens of millions of pounds.Plans for the nationwide push were announced by chancellor Rachel Reeves on Tuesday at her Mansion House speech, as she unveiled a fresh deregulation drive meant to increase financial risk-taking across the UK to help spur growth.The government has thrown its support behind City lobbyists, which are desperate to get money out of cash accounts and into stocks, which they say will not only deliver better returns but help revive the UK stock market. It comes as the London Stock Exchange continues to lose stock market listings and floats to foreign rivals.The campaign – which the Treasury said “will help to explain the benefits of investing” – will be directed and funded by City firms including banks and investment platforms

Diageo CEO steps down after drink firm’s lacklustre performance

Diageo, which owns the Guinness and Johnnie Walker brands, is to replace its embattled chief executive, ending her rocky tenure in charge of the British alcoholic drinks firm.In a statement to the stock market, Diageo said it had begun the hunt for a successor to Debra Crew, who the company said had stepped down “by mutual agreement”.Her departure follows a lengthy period of investor disquiet about the company’s lacklustre performance under the former captain in US military intelligence.The London-based company’s chief financial officer, Nik Jhangiani, will lead the business on an interim basis and has been tipped as a frontrunner for the permanent job.The group, whose vast portfolio of labels also includes Tanquery gin and Smirnoff vodka, said it was looking at internal and external candidates

Diageo CEO Debra Crew steps down; UK inflation rises to 18-month high of 3.6% – as it happened

Shares in Diageo, which owns the Guinness and Johnnie Walker brands, rose by 3.5% today, making it the top riser on the FTSE 100 index, after its embattled chief executive stepped down.Debra Crew has quit with immediate effect, “by mutual agreement,” the drinks giant said. Her departure comes after investor disquiet about the company’s lacklustre market performance under the former captain in US military intelligence.Until a permanent successor is found, Nik Jhangiani, chief financial officer, will assume the role of chief executive on an interim basis

Co-op boss admits all 6.5m members had data stolen in cyber-attack

The chief executive of the Co-op has apologised to its customers after admitting that all 6.5 million of the mutual’s members had their data stolen in a recent cyber-attack.Shirine Khoury-Haq told the BBC she was “incredibly sorry” for the attack in which names and addresses and contact information was obtained by hackers.She said no financial information, such as credit or debit card details, or transaction data was stolen in the hack, which occurred in April.“We know a lot of that information is out there anyway, but people will be worried and all members should be concerned,” she said

UK inflation rises unexpectedly to 3.6% driven by food and fuel prices

UK inflation unexpectedly rose in June driven by fuel and food prices, according to official figures, underscoring the challenge facing the chancellor, Rachel Reeves.The Office for National Statistics said the consumer prices index rose by 3.6% last month. City economists and the Bank of England had forecast it would remain the same as May’s reading of 3.4%

UK inflation rise makes it clear: the cost of living crisis has not gone away

For anyone hoping the Bank of England will pick up the pace of interest rate cuts – including Rachel Reeves – there was little comfort in the latest inflation data.The consumer prices index increased at a higher than expected rate of 3.6% in June, the Office for National Statistics (ONS) revealed on Wednesday.That remains in line with the Bank of England’s expectation of an inflation “hump” over the summer; but the upward pressure is not just confined to the regulated prices, such as transport fares and utility bills, that policymakers knew would rise.Motor fuels are the main factor behind the upward shift in CPI from 3