Media Bites 4 July: General election, Tesco, Diageo | News

Labour is heading for the biggest “landslide majority” Britain has ever seen, according to one of Rishi Sunak’s ministerial allies, as senior Conservatives in effect conceded defeat ahead of Thursday’s general election (The Financial Times £).

Labour is on track to win the largest majority of any party in modern history, a major poll has suggested, as Rishi Sunak and Sir Keir Starmer made their final appeals for support (The Times £).

Sir Keir Starmer has ruled out the UK rejoining the EU single market in his lifetime, a move that sets up a future confrontation with the pro-EU wing of the Labour party (The Financial Times £).

A landslide victory for Keir Starmer in the general election on Thursday could hand Britain a stability premium in global markets, boosting the pound, shares and investment in the UK at a time of mounting political turmoil elsewhere, City investors have said (The Guardian).

Labour’s post-election honeymoon will be short-lived unless it takes immediate action to deliver on workers’ rights and brings a swift end to 14 years of public sector pay restraint, the president of the TUC has said (The Guardian).

The private sector expanded more quickly than initially estimated last month, but domestic activity “seized up” as people delayed spending until after the general election (The Times £).

Growth in the UK service sector slowed last month amid a “seize-up” in activity as companies put projects on hold in the run-up to the general election (The Guardian).

Drinks giant Diageo has become the latest household name to be labelled a takeover target, according to the market report in The Mail. With shares at their lowest since October 2020, analysts believe it is a sitting duck.

Workers at Tesco are in line for a total payout of more than £30m from its employee share schemes (The Times £).

Tesco said that more than 20,000 staff, working mostly in its stores and distribution centres, would benefit from the strong growth in its share price, up by a fifth over the past year (The Mail).

UK fruit and vegetable production has plummeted as farms have been hit by extreme weather (The Guardian). The country suffered the wettest 18 months since records began across the 2023-24 growing year, leaving soil waterlogged and some farms totally underwater.

Aldi has been crowned the cheapest supermarket for a trolley-load of 65 products despite rivals promising to price match, according to new findings revealed by consumer group Which? (The Mail).

The Tempus shares column in The Times (£) focuses on Tate & Lyle but warns the ingredients company is “not as sweet a prospect as it used to be”. However, the paper still advises readers that shares are a ‘buy’.