BUSINESS LIVE: Wage growth beats expectations; Tui swings to profit; MPs warn on nuclear plans

The FTSE 100 will open at 8am. Among the companies with reports and trading updates today are Tui. Read the Tuesday 13 February Business Live blog below.

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Aldi to open 500 new stores in £550m expansion drive as the supermarket wars hot up

Aldi has pledged to plough more than half a billion pounds into opening stores as the supermarket wars hot up.

The discounter is investing £550million this year as it hopes to open 500 more stores to bring its total number to 1,500.  Aldi said its expansion push will create more than 1,500 jobs this year.

Wage growth beats expectations

British wages before bonuses grew by a higher-than-expected 6.2 per cent in the final three months of 2023 as the unemployment rate fell to 3.8 per cent, according to fresh data from the Office for National Statistics.

Wage growth beat forecasts of 6 per cent for the quarter and will add to Bank of England concerns about impact on the overall rate of inflation.

The BoE is watching pay growth closely as it tries to gauge how much inflation pressure remains in the economy and whether it can start to consider cutting interest rates from their highest level since 2008.