Brexit ‘to blame for austerity budget’, as London stock market overtaken by Paris – as it happened

Former Bank of England policymaker says Brexit has caused permanent damage to the UK economy

Elsewhere in UK retail, Frasers Group is reportedly in late-stage talks to seal a deal for Savile Row tailor Gieves & Hawkes.

Sky News has reported that Mike Ashley's empire is close to sealing the purchase of the 251-year-old Savile Row business after its Hong Kong-based owner fell into administration

Based at 1 Savile Row, the brand has been part of Trinity Group - which is in turn owned by the collapsed Shandong Ruyi Technology Group - since 2012.

While the potential job losses are regrettable, it seems that Joules has taken the precautionary steps needed to limit further fallout in terms of further job losses and an erosion in their brand equity.

Given the surprising acquisitions and strategic partnerships that have been made in the retail space recently, there should be at least some optimism that another industry player will come to the rescue of a brand that still holds resonance with consumers.