Marks and Spencer said it would increase investment in the UK, pay out more cash to shareholders and open its first store in China and India. Financial Times, The Times, Daily Telegraph, Independent, Guardian

Stuart Rose, chief executive, said he needed to “invest for the future” as he announced plans to spend up to £1.1bn this financial year and the same the following year.

He said he would not be put off by short-term blips in trading.