Spain cut its economic forecast for 2018 as the costs of the Catalan crisis begin to mount.

Output will grow by 2.3% next year instead of the 2.6% previously projected, the economy ministry said, citing the impact of the political standoff in Catalonia, which accounts for a fifth of Spain’s gross domestic product, and the related struggle to approve a budget.

Pub group Mitchells & Butlers yesterday said it had replaced its CEO Alistair Darby with insider Phil Urban as it warned weak trading would push full-year profit to the bottom end of forecasts.

The prospect of a refinancing deal between lenders and ailing Thomas Cook caused a sharp jump in shares of the tour operator today.