UK PMIs: Reopening boom brings surge of activity for British businesses April 23, 2021 A flurry of new orders swept through British businesses in April as the country eased Covid restrictions, according to a survey released today which pointed towards a rapid economic rebound. The preliminary ‘‘flash’’ reading of the UK Composite Purchasing Managers’ Index (PMI) rose to 60.0 in April from 56.4 in March. This signalled its highest [...]
Biden’s proposal to double capital gains tax turns fragile rebound on its head April 23, 2021 Any economic recovery became a lot harder after last night’s selloff in US markets on reports that President Biden was looking to increase the rate of capital gains tax to 39.6 per cent for those Americans earning $1m a year or more, up from the current rate of 20 per cent, with some wealthier individuals [...]
UK retail sales surge higher in March ahead of lockdown easing April 23, 2021 Retail sales continued to recover in March with a monthly increase of 5.4 per cent as the nearing of Covid restrictions loosening boosted consumer spending. This exceeded a prediction from economics of a monthly increase of 1.5 per cent, data from the Office for National Statistics showed on Friday. Sales were 1.6 per cent higher [...]
Co-op to axe team manager roles in shake-up affecting 2,000 jobs April 22, 2021 Convenience store chain Co-op has announced plans to overhaul its worker structure, in a move that is expected to impact around 2,000 staff members. The retailer will reportedly axe the team manager role across most of its sites, although no compulsory redundancies are expected to be made. Instead, Co-op will offer those affected by the [...]
Shopper, drinker and diner numbers recover as UK retailers and hospitality firms reopen April 22, 2021 Restaurant and pub reservations soared and shoppers headed back to the high street in vast numbers as coronavirus restrictions on outdoor hospitality and retailers lifted. The latest data showed that UK seated diner reservations on Saturday reached 60 per cent of the levels seen on the equivalent day in 2019, pre-pandemic. Figures were even higher [...]
Boozy Brits stock up on hangover cures as pubs in England reopen April 21, 2021 Britons stocked up on hangover “cures” in the week that English pubs were allowed to resume outdoor trading. Figures showed sales of painkillers surged in the week beginning 12 April as pubs reopened their beer gardens for the first time in months. Data from pharmacy chain Superdrug showed that co-codamol sales surged 64 per cent [...]
Hammerson completes retail park exit with £330m sale to Canadian private equity player April 21, 2021 Property giant Hammerson has confirmed that it has sold seven retail parks to private equity firm Brookfield in a £330m deal that completes the retail landlord’s exit from the struggling sector. The £330m price tag represents an eight per cent discount to the 31 December book value of £357m, and the deal concludes Hammerson’s disposal [...]
Next CEO Lord Simon Wolfson’s pay jumps 28 per cent despite profit plunge, shut stores and furloughed staff April 20, 2021 Next boss Lord Simon Wolfson's pay jumps 28 per cent despite profit slump, closed stores and furloughed staff
Primark owner restores dividend as high street stores reopen April 20, 2021 The owner of Primark today said it would restore its dividend and pay back furlough money as it issued an upbeat outlook following the reopening of retail stores. Associated British Foods (ABF) halted its payout last year due to the outbreak of Covid-19, which sparked an almost £1.5bn hit to its first-half Primark sales. The [...]
Tesco slapped with £7.56m fine for selling out-of-date food April 20, 2021 Tesco was slapped with a £7.56m fine for selling out of date food at three of its stores by a Birmingham judge on Monday. The judge at Birmingham Magistrates’ Court also ordered the supermarket giant to pay a victim surcharge of £170, alongside the prosecution costs of £95,500, Birmingham City Council said. The penalty was handed [...]