M&S retail boss wrote to former chancellor George Osborne to defend benefit cuts for staff November 4, 2016 M&S management wrote to former chancellor George Osborne this summer as the business was under siege for cutting staff benefits. In an internal memo seen by City A.M., the retail director of M&S, Sacha Berendji, told staff he wrote to Osborne responding to criticism about cutting premium pay rates for staff. Read more: M&S shells out £100m for pension changes [...]
John Lewis Partnership considers further reforms to staff benefits as squeeze on retailers tightens November 4, 2016 High street stalwart the John Lewis Partnership is considering further curbs on staff benefits as it becomes the latest retailer to fight back against soaring costs for the sector. Documents seen by City A.M. suggest the escalating national living wage could cost the John Lewis Partnership an additional £171m in 2020. Between 2015, when the [...]
John Lewis plans to expand cuts to premium pay ahead of government debate on the national living wage November 1, 2016 NULL
Fifth of workers paid less than recommended living wage October 30, 2016 A fifth (22 per cent) of workers in Britain earn less than the amount deemed to be a living wage, according to research out today. The study, carried out by Markit on behalf of KPMG, discovered that some 5.6m workers are paid less than the £8.25 per hour, or the £9.40 per hour in London, recommended by the [...]
Giving Uber drivers “worker” status is bad news for passengers, the gig economy and the drivers themselves October 28, 2016 Friday's decision to grant two Uber drivers worker status is bad news not just for Uber, but for its drivers, its customers, and the future of the “gig economy” as a whole. It is primarily bad for Uber drivers. We know for a fact that, by vast margins (five to one), they don’t want to [...]
M&S’ Brexit: Marks and Spencer to close its Paris flagship store October 26, 2016 Marks and Spencer is planning to shut its flagship store in Paris, according to reports. The British retailer wants to scale back its international operations to save on costs, Bloomberg has reported. Read more: MPs call for debate on "loopholes" in national living wage legislation The decision will be formally announced by chief executive Steve Rowe [...]
Living wage boost secures inflation-busting pay rises October 26, 2016 Pay packets grew for only the second time since the financial crisis last year, as low-paid workers earned a bumper pay boost as a result of the new national living wage (NLW). Across the UK, pay rose by 2.2 per cent in the year to April 2016, the Office for National Statistics (ONS) said this [...]
Boom time in the City as Brexit gives a boost to professional advisers October 24, 2016 The UK's vote for Brexit has delivered a big boost for City advisers as firms scramble to find out how they should respond to a period of unprecedented uncertainty. Insolvency firm Begbies Traynor found the number of professional services firms in "significant financial distress" had dropped by 10 per cent since the EU referendum, as new [...]
Fenwick family takes out £5m dividend despite warning on new cost pressures October 23, 2016 The Fenwick family has taken a £4.8m from their department store chain while warning about the pressure government is placing on the retail sector. According to accounts for the year to the end of January 2016, the company's sales rose by 1.2 per cent in the past year, reaching £431.7m. Pre-tax profits were up by a quarter [...]
John Lewis opens flagship store in Leeds October 20, 2016 John Lewis has opened a flagship store in Leeds that it says will focus on providing customers with experiences, rather than just goods. The £37m store at the Victoria Gate Development in Leeds has created 550 jobs for the area. Read more: John Lewis warns on job losses due to its commitment to staff pay [...]