Chancellor to discuss food prices with CMA May 23, 2023 Today the Chancellor Jeremy Hunt will meet with food manufacturers to discuss the cost of food and explore ways to ease pressure on households. The government says Hunt will raise concerns about high prices of food in the UK and discuss measures the government and industry could put in place to help households. Hunt said: [...]
Tesco: Outgoing chair John Allan to offload stake in mentoring firm days after quitting the supermarket May 22, 2023 Tesco chairman John Allan will reportedly sell his 20 per cent stake in a blue chip mentoring company days after he announced his departure from Britain’s biggest supermarket. The outgoing boss’ latest moves comes after he announced he’d leave Tesco amid claims that he behaved inappropriately towards women, though Tesco said it found no evidence [...]
Big Mac beef: LGIM takes aim at McDonald’s for ‘overuse’ of antibiotics in meat production May 22, 2023 Asset management giant Legal & General Investment Management (LGIM) is set for a showdown with McDonalds this week as it leads a fight against the firm’s use of antibiotics in its meat production.
Consumer confidence continues to recover as double-digit inflation fails to deter Brits from splashing cash May 19, 2023 Consumer confidence in the year ahead is continuing to recover despite persistent cost-of-living pressures, a long-running survey suggests. GfK’s Consumer Confidence Index rose by three points in May to minus 27, the fourth monthly increase in a row from January’s minus 45. Confidence in personal finances over the coming 12 months saw a “robust” five-point [...]
Asda accused of ‘fire and rehire’ in row over pay cut plans for 7,000 May 18, 2023 Asda and a union representing 7,000 workers have entered into a furious row, after the supermarket giant was accused of “inexcusable” pay cut plans. The chain rejected claims it is going to cut the pay of 7,000 low-paid retail workers, insisting it is in the middle of a consultation to remove an “anomaly” in the [...]
900 City of London Corporation staff to strike this month – with Tower Bridge, Barbican and Old Bailey impacted May 18, 2023 Workers at tourist attractions across London are to strike in a dispute over pay. The GMB union said 900 of its members employed by the City of London Corporation will walk out on May 25 at attractions including Tower Bridge, Barbican, museums, gardens, parks and markets after voting overwhelmingly in favour of industrial action. The [...]
Sign of the times: Super Noodles sales boost FTSE 250 outfit May 18, 2023 Premier Foods reported stronger annual profits in its preliminary results this morning, with a 13 per cent jump in pre-tax profits for the year ending in April to £137m, as strong brand performance helped the manufacturer weather supply chain disruption and high costs. The company, the maker of brands such as Mr Kipling, Ambrosia, Custard [...]
Recession? Try a Rolex: Watches of Switzerland revenue up again May 17, 2023 Luxury watch retailer Watches of Switzerland’s revenue rose 22 per cent in the final quarter but the luxury watchmaker warned that there would be a slight sales dip in the first quarter of the next financial year. In the quarter to April, revenue rose 22 per cent to £371m on a reported basis. At constant [...]
No Cowgill, No Problem: JD Sports nears billion-pound profit May 17, 2023 JD Sports announced record profits this morning despite a challenging economic environment and the exit of longtime chief Peter Cowgill
UK must solve labour issues and cut red tape to help ease food inflation, lobby group warns May 16, 2023 The UK government must address labour shortages and make sure regulations don’t weigh food producers down to help ease food price inflation, an industry lobby group has warned. Downing Street hosted a Farm to Fork event at No10 with retailers, traders and producers invited, as Rishi Sunak announced greater protections for farmers in future trade [...]