Job Losses
This coverage examines job losses within the UK retail sector, investigating store closures, restructuring initiatives, supplier impact, and workforce reductions. Reporting highlights trends in employment shifts, cost strategies, and executive decisions — offering insight for HR leaders, operations managers, and business executives dealing with staffing challenges and strategic planning.
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Jan- 2025 -29 JanuaryNews-In-Brief
Today’s news in brief-29/1/25
Lord Wolfson, CEO of Next and Conservative peer, has leveraged his House of Lords position to propose amendments phasing in upcoming National Insurance (NI) reforms. The budget measures, effective April, will raise employers’ NI contributions from 13.2% to 15% and lower the secondary threshold to £5,000 annually. Wolfson supports staggered…
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15 JanuaryNews-In-Brief
Today’s news in brief-15/1/25
Inflation in the UK unexpectedly fell to 2.5% in December, marking its first decline in three months, according to the ONS. The decrease, attributed to reduced hotel and tobacco prices despite rising fuel costs, exceeded expectations, as analysts had predicted inflation would remain steady at 2.6%. While inflation remains above…
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Dec- 2024 -3 DecemberNews-In-Brief
Today’s news in brief-3/12/24
Boohoo has repaid £50m of its £97m term loan following a £39.3m oversubscribed fundraising effort. The move aligns with its turnaround strategy after half-year losses tripled to £27.4m and revenue dropped 15% to £619.8m. CEO Dan Finley called Boohoo “significantly undervalued” as major shareholders, including the Kamani family, boosted their…
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3 DecemberNews
UK retail sales dip 3.3% in November
UK total retail sales decreased by 3.3% year on year in November, against a growth of 2.6% in November 2023, the British Retail Consortium showed. According to the new figures, this was below the 3-month average growth of -0.1% and the 12-month average growth of 0.5%. However, the BRC said…
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Nov- 2024 -28 NovemberNews-In-Brief
Today’s news in brief-28/11/24
Consumer confidence remains subdued as the festive season nears, according to the British Retail Consortium (BRC). While personal retail spending rose slightly to +3 in November from +2 in October, and overall spending expectations stayed at +17, worries about the broader economy persist. Financial expectations improved marginally to -3, but…
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28 NovemberSupermarkets
John Lewis ‘worried’ about increase in National Minimum Wage
John Lewis has told the Telegraph that it is “worried” about the impact of Rachel Reeve’s decision to increase the National Minimum Wage. As part of the budget, the chancellor confirmed that the National Minimum Wage for 18 to 20-year-olds will rise 16.8% from £8.60 to £10, while pay for…
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19 NovemberNews-In-Brief
Today’s news in brief-19/11/24
Morrisons has achieved a significant reduction in its debt, cutting it by £2.4bn as part of a major restructuring. Since the start of 2023, the supermarket’s debt has dropped from £6.2bn to £3.8bn, supported by a £370m ground rent deal with Song Capital. The restructuring extended Term Loan Facilities to…
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19 NovemberEconomy
Retailers warn National Insurance increase could cause job losses
A number of large retailers have warned that the National Insurance increase could cause inflation and job losses, in a letter sent to chancellor Rachel Reeves. Over 70 businesses including Tesco, Sainsbury’s, Next, Amazon, and Boots have written to Reeves, in a letter organised by the British Retail Consortium. The…
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15 NovemberNews-In-Brief
Today’s news in brief-15/11/24
The UK economy stagnated in Q3 2024, with GDP rising just 0.1%, a sharp slowdown from 0.5% growth in Q2. The services and construction sectors saw modest gains, but production shrank. Nominal GDP increased by 0.8%, driven by rising employee compensation. Economic uncertainty, partly due to the upcoming budget, hindered…
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15 NovemberEconomy
BRC warns chancellor Budget could cause inflation and job losses
The British Retail Consortium (BRC) has warned that the latest budget could cause inflation and job losses, in a draft letter seen by Sky News. In the draft, the BRC estimated that the National Insurance changes would increase retailers’ tax burden by £2.3bn annually. It also argued that the number…
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