BUSINESS LIVE: Dollar soars as Trump declares victory; Hospitality price hikes; M&S smashes forecasts

Marks & Spencer profits soared 17.2 per cent in the first half, with the retailer continuing to beat expectations thanks to market share gains.

Chief executive Stuart Machin’s mission to reinvigorate the chain gained further momentum, amid a focus on improving its food and clothing lines, online operations and store estate.

The FTSE 100-listed group made a profit before tax and adjusting items of £407.8million in the six months to 28 September, ahead of analyst forecasts and head of the £348.1million profit at the same point a year ago.

Wetherspoon’s chair Tim Martin has warned over price rises after the autumn Budget, as he said the pub chain’s tax bill will jump by two thirds next year.

Martib said he believes ‘all hospitality businesses’ are planning to pass on higher costs through price hikes.

He said: ‘Cost inflation, which had jumped to elevated levels in 2022, slowly abated in the following two years, but has now jumped substantially again following the Budget.

‘All hospitality businesses, we believe, plan to increase prices, as a result.

‘Wetherspoon will, as always, make every attempt to stay as competitive as possible.’

Expectations of Donald Trump’s imminent US election victory have driven the dollar higher in early trading, with Treasury yields soaring as the so-called Trump trade returns.