IN BRIEF

A year after the Bank of England cut the base rate to 0.25%, people who switch mortgages could save thousands. Moneyfacts has calculated borrowers on an average variable rate of 4.6% who switch to the average five-year fixed rate of 2.8% would save £146.48 a month on repayments – a saving of £8,788.80 over five years.

The AA yesterday sacked executive chairman Bob Mackenzie for gross misconduct. He became boss in 2014 after leading a management buy-in. Non-executive director John Leach replaces him.

British American Tobacco is being investigated by the Serious Fraud Office over bribery allegations. The firm said it was running its own investigation into claims of illegal payments made to politicians in East Africa.