The nationals continued to report on how supermarkets were mitigating the impact of Rachel Reeves’ Budget over the weekend. The Mail focused on supermarket bosses’ criticism of the levy, with Sainsbury’s chief executive Simon Roberts calling it “fundamentally difficult and unfair” and Tesco chief executive referring to it as “onerous”.
The Telegraph also highlighted Roberts’ criticism of Reeves’ strategy. “There would have been a much greater benefit if those changes had been phased, with a clear period of time for businesses to plan,” he said.
Inflation on fresh food was imminent at Sainsbury’s as Roberts announced a 5% pay rise for staff, reported the Guardian. Meanwhile, the Telegraph focused on the British Growers Association (BGA)’s projection that Reeves’ tax raid would make Fruit and vegetables 10-12% more expensive to produce.
Retail assistants have accused a gig economy firm of “holding them to ransom” by making them pay a fee if they want to receive their wages within 30 days.
A new payment system brought in by YoungOnes, which supplies “freelance” retail assistants to many well-known high street stores, charges gig workers 4.8% of their earnings to be paid in one minute or 2.9% to be paid in three days. If they decline, they typically have to wait 30 days. Previously the workers were paid in three days, without a charge (The Observer).
The Telegraph reported on Asda chairman Allan Leighton’s first round of cost cuts – involving the departure of 13 regional managers – in a push to revive the struggling supermarket’s fortunes.
Meanwhile, the Issa brothers’ private equity-backed petrol station company EG Group has fired the starting gun on a stock market listing in New York, expected to come as early as this year.
The initial public offering, which could value the business at about $13bn, would allow TDR Capital to cash out some of its investment after more than a decade (FT).
Boots said it enjoyed strong sales before Christmas as speculation over its future continues.
Although its latest update does not include December, the chemist said early signs showed the festive trading period had been ‘solid’.
Sales increased 8.1 per cent for the three months to the end of November as shoppers took advantage of Black Friday deals (The Mail).
Sales of high-end sparkling teas soared over Christmas as sober Brits looked for low & no fizz alternatives. Buckinghamshire-based drinks company Real said sales of its fizz, which includes green tea-based Dry Dragon and Peony Blush (from white peony tea), over Christmas were 72% and 60% up on 2023 levels in Ocado and Waitrose respectively (The Guardian).
Cash withdrawals topped £1 billion at post offices in December, marking the first time on record that this has happened in a single month (The Standard).
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