BUSINESS LIVE: Debt hits £3.1bn in July; Mobico to sell US school bus business; Watkin Jones cuts forecasts

National Express owner Mobico is hoping to sell its North American school bus business.

Mobico, which posted a 28.1 percent rise in first-half profit, is selling the unit as part of a debt reduction programme to be implemented in the second half of this year.

The bus unit generated £1.12bn in revenue in 2023, while the group’s net debt at the end of June was £1.24bn.

Last year, Mobico suspended its dividend and decided not to pay an interim dividend.

Almost £1 billion of the value of BT after a rival struck a major broadband deal.

Shares in the telecoms giant fell more than 6 per cent following news that network provider CityFibre will partner with Sky next year.

The deal will see Sky roll out its broadband to those using the CityFibre network, which serves nearly 4 million homes.

Britain’s public borrowing rose to £3.1bn in July, the Office for National Statistics said, exceeding both official and City forecasts.

The Office for Budget Responsibility had estimated borrowing of just £100m for the month, while economists had forecast it would reach £1.5bn.