Business News: Trump and Starmer hold "productive talks" over US trade tariffs as Primark boss quits

UK businesses face higher costs from tomorrow as higher wages and tax increases come into force.

A raft of measures linked to the Labour Government’s first budget start tomorrow, including a rise in the national minimum wage and higher property tax payments. This will be followed by changes to National Insurance contributions from Saturday.

Why Primark boss has quit

The boss of Primark has resigned after an allegation over his behaviour towards a woman “in a social environment”. Primark’s parent firm, Associated British Foods (ABF), said Paul Marchant has stepped down with immediate effect. It follows an investigation into the incident.

Starmer and Trump talks over US trade tariffs

Sir Keir Starmer and Donald Trump have had “productive negotiations” towards an economic deal. They've agreed discussions will “continue at pace” in a phone call on Sunday night. The UK's trying to negotiate an exemption from tariffs on imports into the US.

On tariffs, stock markets in Asia fell on Monday after Trump suggested his new measures will hit all countries - not just those that have the biggest trade imbalances with the US. He's preparing to unveil a series of new import taxes on Wednesday. The measures will be on top of tariffs already imposed on aluminium, steel and vehicles, and those imposed on China.

Vauxhall’s van-making factory in Luton closed on Friday. Parent company Stellantis will now transfer “machinery and process knowledge” to its plant in Ellesmere Port. It announced the closure in November last year, putting 1,100 jobs at risk.

And Thames Water has chosen private equity giant Kohlberg Kravis Roberts (KKR) as its preferred bidder. The troubled utility's looking to secure a buyer to help stabilise its finances. KKR will now go through to a second phase of the process.

That's all for today. More tomorrow.