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Rolling coverage of the latest economic and financial news

Elsewhere this morning, the Organisation for Economic Co-operation and Development has warned that if the Middle East conflict drags on into next year it will hit global growth hard, driving some economies into recession and causing energy shortages.

In its latest Economic Outlook, the Paris-based club of industrialised countries lays out a “prolonged disruption” scenario, in which there is no agreement between the US and Iran until 2027.

UK like-for-like sales returned to marginal growth in the fourth quarter and management said its “Back to B&M Basics” programme is delivering early progress. There are hopes that B&M has reached the nadir of poor performance and that its product line revamps and tighter cost controls, alongside its locations in popular retail parks will mean there will be more progress ahead.