Chancellor Philip Hammond has challenged Boris Johnson and Jeremy Hunt, the two rivals to become Britain’s prime minister, over their spending promises, warning a no-deal Brexit would use up the extra money in the budget.

It comes as a monthly report from IHS Markit and the Chartered Institute of Procurement Supply showed that activity levels in the UK manufacturing sector in June dropped to the lowest level since February 2013.

***

The UK is to explore introducing a mandatory requirement for listed companies and pension funds to disclose climate-related risks from 2022, as part of a wide-ranging strategy to harness the City of London in efforts to curb carbon emissions.

Insurer Chubb has said it will no longer underwrite the building and operation of new coal-fired plants or new risks for companies that generate more than 30% of their revenues from coal mining.