Marks and Spencer's entire workforce will miss out on a bonus this year, according to the high street stalwart's annual report.

Steve Rowe, the chief executive, is among the thousands of staff who will not get the annual payout after failing to hit targets.

However, despite missing out on the bonus, the boss's total pay packet for the year jumped by 48 per cent to £1.7 million, compared with £1.1m a year earlier.

The rise was due to a long-term bonus payout of £621,000 relating to targets hit in 2016.

Despite holding back the bonus from all staff this year, the retailer's board decided to give Mr Rowe a £24,500 pay rise to his basic salary of £810,000 - although the company point out he has not received a basic pay rise since 2016.

READ MORE: Marks and Spencer to close 25 food stores under estate rethink

He also got a car and chauffeur as part of his pay package and a £203,000 pension contribution, taking his total retirement fund with the company to £4.6m.

Chief financial officer Humphrey Singer, who joined last year, was also given a pay rise for next year of 2%, taking his basic pay to £612,000 but he misses out on a car and chauffeur, according to the annual report.

The company also said it would be reviewing pension payouts to senior executives following widespread criticism throughout the corporate sector of bosses receiving far superior pension payouts compared to their staff.

Mr Rowe this week revealed that M&S is making progress in its estate overhal.

Infographic: Marks and Spencer in Scotland

It came as the company said underlying pre-tax profits fell 9.9 per cent to £523.2m for the year to March 30, down 9.9% from £580.9m the previous year.

Mr Rowe said there were "green shoots" of a turnaround, but added that performance was not consistent and had been hit by its store closure programme and wide-ranging revamp plan.

Shares closed at 243.1p, down 1.10% or 2.7p.

The chief of banking giant Lloyds has been called before MPs over the bank's executive pension policies.

Chief executive Antonio Horta-Osorio has been invited by the work and pensions committee to give evidence regarding its pay policies.

Mr Horta-Osorio and remuneration chair Stuart Sinclair have been asked to speak before the committee, amid criticism over the size of its executive pension payments.

A Lloyds spokeswoman said: "We have received the letter and will respond in due course."

The competition regulator has taken steps to block Sainsbury's and Asda from reviving their failed merger bid for at least 10 years.

The Competition and Markets Authority (CMA) stated its intention on Thursday to make an order which will prevent the companies by law from forming a tie-up.

It is set to ban the supermarkets from acquiring an interest in each other for at least 10 years, which is a standard CMA prohibition period.

Asda's US owner Walmart will also be banned from acquiring any interest in Sainsbury's.