BUSINESS LIVE: Kingfisher poaches British Land CFO; Hikma buys Xellia assets; AstraZeneca obtains US approval

The founder of aerospace technology group Melrose Industries is set to list a new company on the London junior stock market.

Former boss Simon Peckham is leading plans to launch Rosebank Industries in the AIM submarket for smaller businesses. And there are talks to raise more than £40m from institutional investors.

Hopes for a rate cut before the election will fade this week as economists warn that lower borrowing costs later this summer are “not a done deal either.”

The Bank of England is expected to keep interest rates at 5.25 percent when its Monetary Policy Committee meets on June 20.

Confidence among British manufacturers is at its highest level in a decade as companies welcome “concrete signs” of economic change.

A closely watched survey of companies has revealed an uptick in companies’ hopes about their growth prospects.