Pound falls below $1.28 as Brexit talks collapse – as it happened

Theresa May on brink as she fails to reach deal with Jeremy Corbyn and agrees to set her own departure timetable

Few people really held out hope that Jeremy Corbyn would ride to the rescue of Theresa May, but what little chance there was of a workable compromise dissolved today as talks between the two parties broke down – adding to the frustrations of the British business world.

“If you have been enjoying the respite from incessant Brexit headlines over the past few weeks, I’m afraid it’s bad news,” says Andrew Wishart, UK economist at Capital Economics. He added:

Another failed Brexit vote, a change of prime minister and/or a general election would all reduce the likelihood of a Brexit deal being agreed by the 31st October deadline – the assumption our forecasts are based on. As such the chances of no deal or another delay have risen.

Someone has updated the Wikipedia graph of European election opinion polls https://t.co/fmwUTNWksE pic.twitter.com/dLm0WlEzZX

Related: Thomas Cook shares nosedive by 33% after Citigroup warning

A fire in February in a warehouse owned by Ocado, the grocery logistics company, has cost the company millions, and now it threatens the jobs of hundreds of workers.

Related: Ocado says 400 jobs are at risk after fire at distribution centre

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