VAT for hospitality to rise to 12.5 per cent tomorrow September 30, 2021 Hospitality bosses have called for a freeze on increases to VAT, as the tax on pubs and restaurants will rise to 12.5 per cent tomorrow. The 12.5% rate will replace the reduced 5% rate that has applied to hospitality businesses since July 2020. It marks a step in the Treasury’s goal to return the tax [...]
H&M reinstates divided payments as profits triple on back of global recovery September 30, 2021 Swedish retail giant H&M nearly tripled its profit during the past quarter on the back of a “strong recovery” in sales as restrictions eased across the globe. H&M told shareholders this morning that it had reinstated its dividend for the first time in 18 months as a result. It reported a pre-tax profit of £520m [...]
M&S pledges to be fully net zero on carbon emissions by 2040 September 30, 2021 Supermarket Marks & Spencer has committed to becoming fully net zero in carbon emissions by 2040, a decade ahead of a national government target. The retailer set out plans for rapid decarbonisation of its operations that will cut its carbon footprint by a third by 2025, from a 5.7m tonne 2017 baseline. M&S has reset [...]
Better-than-expected recovery for Guinness maker Diageo despite supply chain woes September 30, 2021 Guinness maker Diageo reported this morning strong recent trading with a better-than-expected recovery in Europe despite mounting supply chain woes. Shares in the FTSE 100 listed group are up by nearly 3 per cent. The group, which also makes Gordon’s gin and Smirnoff vodka, said it was seeing a solid start to its new financial [...]
Analysis: What the fuel crisis is all about and what may happen next September 30, 2021 Despite the government urging people to stop “panic-buying” petrol and return to their normal pattern of purchasing, pumps have run dry in some forecourts. Here Morning Wire helps you to understand what is happening and who is involved. So who are the biggest players? The UK’s biggest operator is the Motor Fuel Group. Other companies [...]
Furlough ends today: 1m Brits in limbo as thousands of firms face bankruptcy September 30, 2021 Uncertainty looms for the future of almost one million furloughed Brits as the government’s £70bn support programme ends today, after helping out millions of workers across the UK over the last 18 months. Economists have warned that although many may find work in recovering sectors such as hospitality and travel, there is also likely to [...]
112 jobs at risk at Virgin Money as it closes 31 stores across UK September 30, 2021 Virgin Money has announced plans to close 31 stores as it adapts to changing customer demand, the company said this morning. “Virgin Money regularly reviews the ways customers use its stores, as well as its online, mobile and telephone channels, so that it can adapt its services to meet changing customer demand,” the firm said. [...]
All aboard: Searches for homes near London stations soar September 30, 2021 The rush back to the office has inspired a jump in searches for homes close to London stations that give them a quick commute into the City. House hunters were keen to have speedy access to Central London, as the momentum behind the office return ramped up, according to data from RightMove, shared with CityAM. [...]
Staycations could inject over £9bn into economy September 30, 2021 A continued demand for staycations could see more than £9bn injected into the UK’s tourism economy. Barclays estimated that, should a preference for UK holidays continue at the same rate in 2022, it would add up to £9.2bn to the domestic tourism market. While many Brits will be eager to swap Cornwall for Portugal next [...]
High Court dismisses challenge by Caffè Nero landlord September 29, 2021 The High Court has dismissed a challenge from one of Caffè Nero’s landlord’s over the company’s restructuring. After Covid hammered the coffee chain’s trade, it sought approval to enter a company voluntary arrangement (CVA) with the support of more than 90 per cent of its creditors. A small number of landlords were not happy with [...]