A drop in oil prices triggered by a joint US and UK move to release strategic reserves pulled energy stocks and the wider FTSE 100 Index into the red today.

Tesco said its UK boss will step down later this year as the supermarket group bids to revive its domestic business following a disastrous winter.

Supermarket Tesco today said it was investing £150m (€168m) in the biggest change to its Clubcard loyalty scheme since it launched almost 15 years ago.

Tesco today said it will slash prices by 50% in the latest round of discounting to hit the UK retail sector.

Tesco’s festive advertising spend, including its Spice Girls commercials, was the highest of all the big food chains, latest figures show.