Prime Minster Theresa May has formed five new business councils to advise on how to create the best business conditions in the UK after Brexit.

Executives from BT, BAE, Rolls-Royce, Prudential, Santander, Tesco, Timpson, ITV and GSK will be in attendance, as well as representatives from the CBI, IOD, EEF, and FSB business groups.

Each council will meet three times a year, twice with Mrs May and once with a senior cabinet minister.

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More than 1,400 British jobs are at risk after two European suppliers of car parts, Schaeffler and Michelin, announced plans to close UK factories in a blow to the wider automotive industry ahead of Brexit.