Here are the business stories making the headlines locally and across the country this morning.
Failing heat pump rollout puts net zero goals at risk, ministers warned
Public enthusiasm for heat pumps has been overestimated by ministers, putting the Government’s net zero goals at risk, the spending watchdog has warned.
The National Audit Office (NAO) found that 27 times more gas boilers were installed in homes in 2022 as taxpayer-funded subsidies failed to spur demand.
In a report published on Monday it said the rollout of heat pumps has been “slower than planned” despite the fact they are a “key component” in meeting climate targets.
It comes just days after Claire Coutinho, the Energy Secretary, scrapped the so-called “boiler tax” which would have fined boiler makers if they failed to meet sales targets for heat pumps.
Well-known Aberdeen bar on market for first time in 30 years
A historic and well-known city centre pub has been put on the market by its owner after 30 years.
Veteran pub owner Steven Esson has listed The 524 Bar in George Street for sale after deciding to retire.
It is being marketed by Christie & Co as “a rare and lucrative investment opportunity in Aberdeen’s thriving hospitality sector”.
Mr Esson is also selling The Ye Olde Frigate Bar in Netherkirkgate, with a price tag of £265,000 after owning it for 44 years.
M&S in talks to create banking and loyalty 'superapp'
Marks & Spencer (M&S) is nearing a deal with one of Britain's biggest high street lenders to overhaul its banking arm as a financial services and loyalty 'superapp'.
Sky News has learnt that M&S and HSBC, whose UK arm owns M&S Bank, are close to announcing a new long-term relationship agreement that will pave the way for an overhaul of the business.
M&S Bank has more than 3m customers, offering personal loans, travel insurance, store payment cards and a buy now pay later credit product.
Sources said the long-running talks between M&S and HSBC had focused on concluding a deal before the expiry of their current contract in the coming weeks.
Nationwide faces mounting calls to give members say on Virgin Money takeover
The Nationwide building society is facing growing calls to give its 16 million members a say on its proposed £2.9bn takeover of high street rival Virgin Money in what would be the biggest UK banking deal since the financial crisis.
It is just under two weeks since the building society shocked the City when it said it had reached a preliminary agreement to pay Virgin Money shareholders 220p a share, a 38% premium on the lender’s share price at the time.
The move, if given the go-ahead, would create Britain’s second-biggest savings and loans group and propel Nationwide into the big league of retail banking with 700 branches and combined assets of about £366.3bn.