Britain is facing the highest risk of a damaging recession in 12 years and is ill-prepared to cope, think tank the Resolution Foundation said.

On Friday, shares in Lookers, one of the UK’s biggest car dealerships, fell another 30% after the firm issued a profits warning. The group’s chief executive Andy Bruce said falling sales were entirely due to Brexit.

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The Federal Trade Commission (FTC) voted to approve an approximately $5bn settlement with Facebook over privacy violations, in a record deal that will also overhaul how the social media giant handles user data.