THE boss of Next has insisted the retailer will cut prices by around 2% if the UK crashes out of the EU without a deal as he unveiled a half-year profit rise.

Chief executive Lord Wolfson - an outspoken Brexiter - said the Government's temporary tariff regime means a no-deal Brexit would be likely to reduce the fashion and home furnishing chain's import duty costs by about £25 million, which it would pass on to customers.

He said that these cuts would probably be seen in shops from January onwards if the UK left in a cliff-edge withdrawal on October 31, although he stressed he would rather a deal was secured.

He said: "Britain is in a much better place today than it was in the run-up to the March deadline."

But he said the biggest risk remained the potential for gridlock at ports and urged the Government to publish its plans to keep the flow of UK imports and exports moving in a no-deal outcome.

His comments came as the group reported a 2.7% rise in pre-tax profits to £319.6 million for the six months to July as online sales growth continued to offset high street woes.

Ryanair boss Michael O'Leary has been given a bloody nose by investors after just half agreed to back the company's pay plans.

At the airline's annual shareholder meeting in County Meath, Ireland, on Thursday, just 50.5% supported the bonus plans which could see the founder pocket 99 million euros (£87.5 million).

A Ryanair spokesman said: "Ryanair is, and will continue to, consult with its shareholders and we will report back to them over the coming year on how the board will adapt its decision making to reflect their advice and input on all these topics."

A number of directors on the company board, including US billionaire David Bonderman, were also targeted by a significant portion of shareholders who voted against their re-election.

Many had questioned their independence, due to close ties to Mr O'Leary, however all resolutions passed at the company's annual general meeting.

Advisory groups had recommended shareholders vote against the remuneration report, with Institutional Shareholder Services saying the plans for handing Mr O'Leary 10 million shares if certain targets are met had no "compelling justification".

It added there is "scope for better disclosure on annual bonus targets and outcomes appear slightly mis-aligned with wider company performance".

The setback for Ryanair comes as pilots stage a second straight day of strikes at the airline.

Further 24-hour strikes are planned for September 21, 23, 25, 27 and 29.

Under-pressure Government contractor Kier has swung to a £245 million annual loss after a "difficult" year as it ploughs ahead with a turnaround plan.

The group's result for the year to June 30 compares with pre-tax profits of £134m the previous year.

It has also begun the search for a new chairman to replace Philip Cox, who announced plans to retire after two years in the role.

He will remain in post until a successor has been appointed.

Andrew Davies, chief executive of Kier, said: "Kier experienced a difficult year, resulting in a disappointing financial performance.

"However we are building firm foundations for the future. We have a new management team in place, we have defined our strategic priorities, and we are taking decisive actions to deliver them.

"We have a strong order book, reflecting the strength of the underlying business, the quality of our people and the group's capabilities.

"The re-shaping of the group is designed to reduce its overall indebtedness during full-year 2020 and to restore Kier to robust financial health."