Direct Line cuts divi

INSUrer Direct Line has slashed its dividend as it hoards cash to guard against any fallout from a No Deal Brexit.

the dividend fell 17.2pc to 29.3p per share, as it increased its reserves to help avoid any disruption if we leave the european Union without an agreement. Chief executive Paul Geddes said that the company will ensure customers who have bought its travel insurance are fully covered after Brexit, which is due to happen later this month.

Profits fell 8.1pc to £ 582.6m as lucrative deals with Nationwide and Sainsbury’s came to an end.