Chancellor Philip Hammond will today tell City of London leaders that Britain may need a general election or a second referendum to break the Brexit impasse, in a speech at Mansion House.

In a last bid to halt a no-deal Brexit he warns will inflict serious damage on the UK economy, Hammond will say all four remaining Tory leadership candidates that have promised to renegotiate Britain’s EU withdrawal agreement are not being realistic.

Meanwhile, banking trade body UK Finance has called for a positive “vision” for banking and a cut on taxes on the finance industry following what it describes as a failure to support the sector adequately ahead of Brexit.

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Drug giant GlaxoSmithKline (GSK) has kicked off the sale of some consumer health brands as it seeks to raise about £1 billion before pressing ahead with a spinoff of its consumer healthcare business.

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Centrica, the owner of British Gas, will axe another 700 staff from its UK offices this summer as part of a total cut of 4,000 intended to weather challenges in the energy market.