Primark sales surge towards £2bn in post-lockdown rebound September 7, 2020 Primark owner Associated British Foods (ABF) said today that sales at the high street chain had surged in the fourth quarter as shoppers rushed back to the high street after lockdown. Despite the three-month lockdown period, ABF said Primark was on course to make a profit of £350m this year, the top end of previous [...]
US stocks open higher as Wall Street eyes more records August 19, 2020 Wall Street opened higher on Wednesday and looks to be heading for another day of new all-time records. The S&P 500 closed at an all-time high yesterday after recovering all of the losses suffered during the coronavirus crash and was up once again on Wednesday morning by a further 0.28 per cent to 3,399 points. [...]
John Lewis may convert department stores into affordable housing July 30, 2020 John Lewis is considering converting some of its store estate into housing in an attempt to strengthen its services business as the high street battles the impact of the coronavirus crisis. The retailer, which owns the department store chain and Waitrose, said it is exploring the concept of new mixed-use affordable housing with third parties. [...]
Retail restraint: John Lewis and Primark decline government help to play the long game July 16, 2020 For retail, the story of Covid-19 has been one of survival. Inevitably, the sector has looked to the government for assistance. Even the most hardened devotee of the free market has seen the Treasury’s coffers as a life belt to help companies get through the worst of the pandemic. Change and adaptation can come later. [...]
Number of jobs available in London plummets due to coronavirus July 15, 2020 The number of jobs available in London during the second quarter plummeted as the coronavirus crisis took hold. In April, there was a 72 per cent drop in the number of job vacancies with just a one per cent decrease in job seekers across the period, according to Morgan McKinley research. By the end of [...]
Firms may still be taxed even if they return furlough money July 14, 2020 Businesses may still be taxed on the furlough scheme funds they receive even if they return the cash to HMRC. At the start of the coronavirus lockdown the government introduced the job retention scheme, which pays 80 per cent of salary costs for furloughed staff. Last week Chancellor Rishi Sunak announced the “job retention bonus” [...]
John Lewis to join Primark in rejecting government jobs retention bonus July 13, 2020 Department store chain John Lewis is expected to join Primark in rejecting the government’s offer of a job retention bonus. The chancellor last week announced that firms could claim a £1,000 bonus for each worker they bring back from furlough and continue to employ until at least January. John Lewis, which last week announced the [...]
The City View: With Stefan Boscia July 12, 2020 Subscribe to The City View Podcast: Apple / Google / Spotify / RSS In today’s podcast, Andy Silvester is joined by City A.M.’s political reporter Stefan Boscia as we review the Sunday papers in light of the summer statement – and look ahead to tax rises, deficits and the political ramifications. Andy also discusses the Facebook boycott, Primark’s decision not to take [...]
Liberal Democrats secure coronavirus briefing with Bank of England governor Andrew Bailey July 12, 2020 Liberal Democrat MPs will get a briefing from Bank of England governor Andrew Bailey on Thursday in order to get a more “realistic” view of the British economy. The closed door meeting will give the party’s 11 MPs a chance to quiz the Bank of England boss about the UK’s economic recovery prospects and the [...]
Primark set to reject Treasury’s furlough bonus payment July 12, 2020 Primark will reportedly reject a £30m bonus handout unveiled in the Chancellor’s summer statement. The retailer has said it will not claim the £1,000 payment for every worker it brings back from furlough, according to the Sunday Times. Last night gambling firm William Hill also reportedly indicated it would also reject the furlough bonuses worth [...]