BUSINESS LIVE: Aviva buys Probitas; Hipgnosis portfolio value cut; Clarkson achieves record year

The CBI has called for a ‘hidden tax’ on mileage to be scrapped in Wednesday’s Budget after figures suggested it was causing some employees to refuse to take their cars on business trips.

Approved Mileage Allowance Payments (AMAP) allow companies to reimburse around two million workers for using their cars or vans for business trips without incurring additional taxes.

The number of reports of suspected fraud lodged by banks will reach one million a year for the first time, the Mail reveals.

Fraud is one of the reasons why people or companies can have their accounts forcibly closed, also known as “unbanking.”

The pound was trading at $1.2677 at 8 a.m., compared to $1.2651 at the previous close.