UK regular pay rising faster than inflation again; Goldman Sachs profits fall by a third – as it happened

Basic pay outpaces inflation for the first time in almost two years, but fall in vacancies suggests jobs market is cooling

• Bleak day for UK jobs as firms including Rolls-Royce and KPMG plan to cut 4,000 roles
• Tories have no room for tax cuts despite 52bn a year stealth rise, says IFS

Rolls-Royce's plan to cut up to 2,500 jobs is grim news for the workers affected, but a boost for its investors.

Shares in the engineering firm have jumped 2.1% this morning, to the top of the FTSE 100 risers.

A strategic overhaul at Rolls-Royce which will result in the global loss of 2500 roles was well-received given savings which could amount to up to 200m.

The shares have had a stellar year so far, rising by more than 130%, as any number of factors have played into the company's hands, not least of which has been the return to airline travel.

Following a comprehensive consultation process, the parties have confirmed that no viable alternative to closing the Luton factory has been found. As we move forward, we are committed to ensuring full support and assistance is provided to all those affected.

On behalf of the full management team of SKF, I want to thank all our employees in Luton for their many years of commitment and dedication."