Updated: 13:09 EST

Tesco to axe 1,700 shop floor jobs in cost-cutting drive

Britain's largest retailer said it is looking to 'simplify' its operational structure and said the changes will 'improve efficiency' by removing roles from its biggest stores. Matt Davies, head of Tesco UK and Ireland, said: 'These changes remove complexity and will deliver a simpler, more helpful experience for colleagues and customers.'

Just 9% of 63,000 people who took a quiz testing their financial fraud spotting abilities answered all of the questions correctly, shock new research shows.

Why investors love Fundsmith and how it invests

Fundsmith Equity has developed a considerable fan club of investors and it is not difficult to see why. The fund has returned 266 per cent in a little over seven years. Manager Terry Smith's idea was to deliver a fund with a clearly defined and simple investment philosophy, investing in companies around the world that had the power to turn cash into consistent profits. We look at why it has proved so popular.

Fixed-odds betting terminals are to be curbed significantly as the Government looks to slash the maximum bet from £100 to £2 in efforts to fight Britain's gambling problem.

American Express is offering its cashback credit card customers a chance to pocket up to £220 when they recommend a friend. Referral schemes on other cards can offer a tidy bonus too.

For current account rewards and interest conditions may apply eg. using provider's full switching service, min deposits and direct debits. For savings, access maybe limited, min/max deposits may apply. See T&Cs.; Representative example: If you spend £1,200 at a purchase interest rate of 18.95% p.a. (variable) your representative rate will be 18.9% APR (variable).





FTSE LIVE: Ocado strikes another international deal

Online grocer Ocado's shares spiked 28% after it revealed it has struck another international deal. The new agreement to provide its technology to Canadian food retailer Sobeys follows on from its deal with French supermarket giant Group Casino announced in November. Betting firms took a hit on speculation the Government plans to dramatically reduce the maximum stake allowed on fixed-odds gambling machines. The FTSE 100 closed down 15.35 points at 7715.44.

The firm said like-for-like sales growth hit three per cent in the UK and Ireland over the 10 weeks to January 6, with revenue up six per cent on the year previously.

Ocado has signed its second major international partnership with Canadian food retailer Sobeys, sending the British online grocer's shares up 10 per cent.

The bargain chain was bought by Steinhoff International for £600m in 2016. Although Poundland remains profitable an accounting scandal has seen its parent's share price slump 86 per cent.

AIM is creating the market's next generation of winners with 16 companies now valued at over £1bn. Pharma and pharma services group Clinigen, which joined in 2012, is one of them.

The holidays were particularly fruitful for nightclub operator Revolution Bars as it achieved record-breaking sales during the festive period, recent trading figures show.

22 Surprising secrets and facts about furniture giant Ikea

We were given rare behind the scenes access to Ikea and visited Älmhult, Sweden, to see its design studios and testing labs, while staying at its only hotel. We discovered robotic testing buttocks, where the wood comes from and why each catalogue cover varies, depending on the country. And yes, meatballs were consumed - but of the moose variety.

This is the alarm sounded by the Personal Finance Society just as households are receiving their credit card bills, revealing the debt they have racked up over the festive period.

The advisers, some of whom persuaded former British Steel workers to transfer out of their pension schemes, have been given fresh momentum following a series of failures.

Carillion collapse could cost the taxpayer more than £1 bn

The fallout from the Carillion collapse could cost the taxpayer more than £1 billion, a senior insider at the company has said. Fees paid to liquidation advisers PwC could also run into hundreds of millions, the source added.

What is likely to happen to the directors of Carillion who were in charge while the group lurched towards the rocks, leaving enormous debts, unbuilt hospitals, a black hole in the pension fund

Best credit cards, savings accounts and personal loans

Bargain-hunters are still scouring the shops in the hope of picking up discounted clothes, gadgets and white goods in this month's sales. But banks and other financial institutions are also getting in on the act, launching special deals on a range of products. If you are looking to take out a new current account, savings account, loan, credit card or mortgage

Some financial experts say the savings market is about to experience its own version of the 'green flash'. Savings rates, they say, could be on the march upwards again after a miserable decade

A decision on the fees a cash machine operator can charge a bank when customers use one of its ATMs is imminent. If the proposed 20% cut is approved it could result in cash machine deserts

In pods we trust?Not after £16,000 insurance request

My dad invested £45k of his pension plan in storage pods. He has now been contacted by KB Financial Solutions, which has a website at, with an offer to buy his pods for £60k. But he needs to pay £16k for insurance which he will get back when the deal goes ahead. I have told him this is a scam and not to send any money.

Newlyweds Nathan and Tasha Stewart were devastated to discover a legal catch in their lease which has left them unable to sell their Soham home which they bought together in 2014.

If Polar explorer Craig Mathieson became Chancellor, he would throw all the accountants who set up offshore tax havens into prison - and chuck away the key.

MIDAS SHARE TIPS: Which high street shops will thrive?

More of us are shopping online. Last month, there was a 3.5% annual decline in footfall on the high street. We take a look at the shops who could still thrive, despite the gloom - and others who have a worrying future. Included in the round-up are M&S;, Debenhams, Mothercare, B&M; and Joules.

Investec reckons that Virgin Money will shrug off a crackdown on credit card lending by the Bank. But Debenhams is one of Britain's most shorted stocks - meaning investors are betting shares will fall.

The firm floated in March 2014 at 50p. Today the shares are 187.25p and should increase materially as Boohoo takes market share from less agile competitors.

Every Sunday, This is Money rounds up all of the share tips from the newspapers. This weekend, high street retailers, Boohoo, Diageo and Unilever.

This month marks three years at the helm for Ross Teverson, manager of investment fund Jupiter Global Emerging Markets. The performance numbers look good.

Fraud and hacking is now the most common crime

Official figures due out this week will show that fraud and hacking is now the most common crime in England and Wales. Reported cases of fraud are running at a frightening two million a year - with a staggering £2m a day being lost to criminals.MPs on the Public Accounts Committee recently concluded that Government, the financial services industry and the police are failing to keep pace.

Sky News put on the rack to save £11bn Fox deal

In a move to clear a key regulatory hurdle, we understand the broadcaster has offered to make concessions on its highly regarded news channel, such as putting it in the hands of an independent trust. It comes as markets eagerly await updates on the firm's battle against online streaming newcomers such as Netflix and Amazon Prime. Sky - which will publish its half-year results this week - is ramping up spending on its own programmes as part of a fightback against the upstarts.

GKN said it now has a record £2bn order book for its high-tech components, which power the hybrid BMW i8 and Porsche 918 Spyder.

Sebastian James, who has been at the helm for six years, is leaving at the end of April to take charge of High Street chemist Boots. He will be replaced by Alex Baldcock.

Four bosses at corporate raider Melrose are in line to share £285 million in bonuses if they make a success of their takeover bid for engineering giant GKN, The Mail on Sunday can reveal.

RBS chief backs The Mail on Sunday's campaign

The RBS chief is also for the first time giving his public backing to The Mail on Sunday's campaign for a body to provide independent redress for entrepreneurs.At present, only the very smallest businesses have access to the Financial Ombudsman Service, and the rest are faced with a black hole in protection. 'I am absolutely in support of your campaign, in principle,' he says.

Our Justice For Our Firms campaign was boosted this weekend when Barclays backed our calls for an independent body to settle rows between entrepreneurs and banks

Discount food retailer Lidl has come under fire for an 'aggressive' expansion plan that has left local businesses struggling to find new premises.

The UK must strike a transition deal with the EU in 70 days, the CBI will warn tomorrow. Failure to do so would force firms to trigger contingency plans - involving the loss of investment and jobs

The publisher of magazines for airlines ranging from easyJet to Etihad has been put up for sale amid predictions it will fetch £70m. Ink produces 28 magazines in ten languages

RAY MASSEY tests the new Nissan Leaf electric car

The zero-emissions hatchback will, Nissan says, travel 50 per cent further, deliver 38 per cent more power, and cost up to £1,500 less than the original. But does it live up to the high-voltage hype? This is the real deal; designed for the real world, less than £30,000, and a smart car that owes much to a new 'pedal power' system.

Competition has 'come off the boil' in recent weeks leading to pump prices for petrol reaching a three-year high at 121.7p per litre, the AA said.

Almost 3m cars were maliciously damaged last year across the UK, resulting in a collective repair bill of £1.9billion, up 9.5% from 2016 and equating to an average cost per victim of £661.

Should you copy hedge funds and sell Debenhams?

Hedge funds are tipping the share prices of Debenhams, Sainsbury's and pet supplies chain Pets At Home to plummet as the High Street continues its struggle against online competition. They can make hundreds of millions - or even billions - of pounds by betting that the businesses' share prices will fall.

In a multi-million pound revamp Thomas Cook is to transform family holidays by allowing customers to tailor individual bits of their trip to their needs.

Investors' nerves were shot as flooring specialist Carpetright and funeral services firm Dignity issued profit warnings. Budget fashion retailer Bonmarche also reported dismal Christmas sales.

I bought cryptocurrencies but still don’t understand them

Joe split his £600 savings between bitcoin, ethereum and litecoin. However, several weeks later and sitting on a loss he still has no idea what they are and how they work. He has a suspicion, though, that he is no more ignorant than the vast majority of people who have been buying into cryptocurrencies in recent months.

The bitcoin rollercoaster has continued to deliver spectacular price moves as the cryptocurrency dropped below $10,000 and then bounced 20 per cent to top $12,000.

Investor sentiment on unloved UK equities funds is turning the corner back to better levels according to the latest data from Lloyds Private Bank.

Should I sign up for child benefit? Yes, for state pension

'My wife will need to work a further three years due to poor communication of child benefit changes...' A reader asks This is Money columnist Steve Webb how to get lost state pension credits back, and the Government explains why it only backdates them for three months when parents fall into this trap.

It's not just their wages that are a concern when a company folds, the safety of people's final salary pensions is a major worry too. So how safe are they and what protects them?

Grainer & Worrall Engineering tops the list of large UK companies that failed to pay suppliers on time in the latter half of 2017.

How safe is your final salary pension? How it is protected

Britain's private pensions were once the envy of the world. Long gone are those days of widespread world-class final salary schemes, but many still have some promises due and they are worth holding on to. The problem is that many people are worried about how safe their company's pledge to pay them is.

In a ruling yesterday, the telecoms giant was barred from changing the way it calculates pension rises for 83,000 current and former workers.

While Carillion employees and sub-contractors are left reeling in the wake of the company's financial meltdown, innocent savers up and down the country will also take a hit.

Where are the best places to invest in 2018?

Investors have been buoyed recently but markets in which everything seems to be going up, but that doesn't mean that they should not be more choosy about where to put their money in the year ahead. Ben Kumar, of 7IM, discusses the best places to invest for 2018 with Simon Lambert, of This is Money, and Richard Hunter, of Interactive Investor, on the latest Investing Show.

The Royal Institution of Chartered Surveyors' December survey found that 86 per cent of its members reported no increase in first-time buyer inquiries following the changes.

Families owe £70bn on their cards, and in a letter to chairmen, the Bank said risks from bad lending 'remain elevated'. It added that some boards are not getting enough information to spot warning signs.

RAC launches flexible loan for used cars that mimics PCP

Used car buyers are to be offered the low monthly payments usually seen on new car finance deals after the RAC launched a flexible loan that mimics PCP deals. Similar to the hugely popular personal contract plan finance used to sell brand new cars, the RAC's Flexiloan offers the chance to put a deposit down and get lower monthly payments over a set period thanks to a larger set deferred final payment.

Fewer than half of the public consulted voted in favour of the extension, with the main concern being the safety risk involved with delaying the test for another year.

Excess energy collected via solar panels on sunny days and stored in a fridge-sized home-battery could be sold back to the national grid at peak times when demand for it is at its highest, the car giant says.

Can I get my smart meter removed?

There is no obligation to have a smart meter installed and it is up to the consumer whether they agree to have one or not. But even if you've said you don't want a meter fitted, what happens if you move into a property which has one already?

Law firm Your Lawyers said it has been appointed to act as a lead solicitor to represent 10,000 UK drivers who bought VW cars fitted with emission-cheating devices.

The Committee for Climate Change said that three in five cars purchased in 12 years' time will need to be electric if the Government is serious about meeting legally-binding carbon targets.

Should I buy more Shell shares for the 5.7% dividend

One of the major attractions of Shell is that it pays a good level of income to shareholders. At the moment it is paying 5.7 pence for every £1 invested. Much of Shell's future success is tied to the price of oil, which plummeted to less than $30 (£22) a barrel in 2016 but has since recovered to nearly $70 (£50.80).

Firms are desperate to ditch gold-plated pension schemes as they are expensive to run. Savers are being offered big cash payouts if they give up modest incomes. But beware the tax sting.

The digital currency and others, including ethereum, ripple, bitcoin cash and cardano, tanked after officials in South Korea and China suggested they could try to block trading.

Everything you need to know about Tesco's Clubcard shakeup

In a controversial move the supermarket giant has written to customers to tell them that they can now only boost their points value up to a maximum of three times with some partners rather than four under when swapped for vouchers.

50 ways to save money....

To clear the average national household debt of £13,000 at 6% interest with a monthly repayment of £100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 - updated - money-saving tips may appear light-hearted but are deadly serious.

Pick the best (and cheapest) investment Isa platform

Choosing the right DIY platform is crucial but a wealth of choice and changes to charges have left many investors scratching their heads. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.

We asked trusted experts to recommend the best funds that cover different investment sectors - and included This is Money's selection of active and passive options too.

Rightly or wrongly, some people simply want a quick, straightforward route map to investing in an Isa. To that end, this is our distilled guide to getting started.

How much money do I need to save for my pension?

The amount you can save into a pension ultimately depends on what you can afford - but the longer you leave it the more you will need to save. We tend to put ambitious targets on our hoped-for income in retirement and then underestimate how much we will need to set aside to achieve that. So how much should you save?

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Making the most of a pension is your best chance of securing a decent income when you retire. We explain what you need to know.

Even at a time when we are stretching our finances further to afford a home, moving less, and pushing mortgages beyond 30 years, we still remain captivated by two-year fixed rate deals.

When will UK interest rates rise?

All nine Bank of England policymakers voted to leave interest rates unchanged in December as they said inflation should start easing back next year. The Bank also said that different economic indicators suggested growth was likely to have slowed down as they year ends.

What next for mortgage rates?

Borrowers are being offered a raft of cheap fixed rate mortgages as lenders attempt to lure them into remortgaging or buying a home. But HSBC has decided to buck the trend and launch a new rate mortgage that is a tracker instead. We pick out the best fixed and tracker rate mortgages and look at what next for rates.

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

Best paid jobs and biggest pay rises of 2016 revealed

Compare your pay to the national average and see whether your employer treated you to a pay rise in line with the the rest of your profession. Farmers, care and air travel assistants were big winners on the pay scales in 2016. Travel agents, careers advisers and probation officers lost out.

Premium Bonds winners

January 2018
Prize value Winning bond No. Area
£1,000,000 1TA132848 Wiltshire
£1,000,000 112TQ018654 Kent
£100,000 189KL156240 Kent
£100,000 181WQ453770 Southampton
£100,000 179HF064246 Essex
£100,000 126GQ699112 Northern Ireland
£50,000 314SM472450 Wirral
£50,000 314PN128151 Nottinghamshire
£50,000 306FS870560 Croydon
£50,000 263DK009743 East Sussex
£50,000 249NH027648 Tyne and Wear
More Premium Bonds winners




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