Marks & Spencer grateful for business rates relief

Marks & Spencer was not planning to return the business rates relief provided by the government during the pandemic.

A spokeswoman for the fashion retailer did however express gratitude for the financial aid, explaining how it had helped the firm support staff and suppliers through "challenging circumstances".

Earlier, Tesco, the country's second-largest retailer, had announced that it would return the £585m of support that it had been provided, piling the pressure on rivals to do the same.

As of 1540 GMT, shares of Tesco were trading higher by 0.68% to 133.65p.