Clarks cuts 900 jobs and mulls funding options amid coronavirus crisis May 21, 2020 Clarks is preparing to slash 900 corporate roles, the British shoe brand announced today as it confirmed it is in talks with advisers over funding options during the coronavirus crisis. The retailer said it will reduce its global workforce by 900 roles, which will be partially offset by the creation of 200 new jobs. The [...]
Minister: ‘No definitive timeline’ for UK coronavirus test and trace app May 21, 2020 Home Office minister James Brokenshire has warned there is still no set date for the rollout of the UK’s coronavirus tracing app as NHS leaders warn that time is running out to get a track and trace system in place to stop a second peak. Brokenshire said this morning that there was “no definitive timeline” [...]
TheCityUK appoints former MP to head up public affairs and policy May 21, 2020 Former MP Emma Reynolds will join industry body TheCityUK as its new managing director of public affairs, policy and research, as the industry grapples with the coronavirus crisis. The former Wolverhampton North East MP will join the organisation on 15 June, and will have to navigate the pandemic as well as Britain’s departure from the [...]
UK companies tapped capital markets for £30bn at height of coronavirus crisis May 21, 2020 UK companies raised around £30bn in the corporate bond and equity markets at the height of the coronavirus crisis, a report released today showed. From the middle of March to early April, 150 UK companies raised around £30bn on the capital markets in response to the coronavirus crisis, the report said. More than 90 per [...]
Housing transactions collapse in April as lockdown hits UK property market May 21, 2020 Housing transactions plunged in April as the UK property market was brought to a standstill by the coronavirus crisis. The latest data from HM Revenue and Customs showed that the number of residential property transactions last month was down 53.2 per cent compared to April 2019. Housing transactions were also 46.1 per cent lower than [...]
UK economic pain eases somewhat in May but deep downturn continues May 21, 2020 The UK economy thawed slightly in May from its April deep-freeze as the government eased some coronavirus restrictions, survey data has shown. Yet the economy was still in a dire state, according to a preliminary reading of the IHS Markit/Cips purchasing managers’ index (PMI), which measures the health of the private sector. The whole-economy PMI [...]
Pets at Home revenue tops £1bn but retailer warns on profit as stockpiling dwindles May 21, 2020 Pets at Home full-year revenue topped £1bn for the first time in the year to March but the retailer’s share price fell as it warned that a drop in stockpiling demand could impact future profit. The pet shop chain said it expects first-half pre-tax profit to be sharply lower than last year, as the spike [...]
FSCS sets aside £44m to pay London Capital & Finance compensation May 21, 2020 The UK’s Financial Services Compensation Scheme (FSCS) today said it had earmarked £44m to pay claims from a small number of the investors who lost money after the collapse of investment company London Capital & Finance (LCF). The FSCS said it would levy regulated financial firms £649m in the 2020/2021 year that started in April, [...]
Monzo co-founder Tom Blomfield steps down as chief executive May 21, 2020 Monzo co-founder Tom Blomfield is stepping down as chief executive of the challenger bank to take up the role of president. Blomfield will take up the newly created role of president meaning he’ll be stepping back from the day to day operational running of the bank. Monzo’s US chief executive TS Anil will take over [...]
Easyjet to restart flights from 15 June, passengers to wear face masks May 21, 2020 Easyjet today committed to restarting some domestic flights from 15 June, with all passengers and crew required to wear face masks. The budget airline will resume a “small number” of flights mainly on domestic routes in the UK and France where “there is sufficient customer demand to support profitable flying”. Easyjet said it plans to [...]
