Chancellor Jeremy Hunt is planning a big package of spending cuts and tax increases in Thursday’s Autumn Statement after being warned that UK public borrowing will be about £70bn larger than expected (Financial Times £).
The head of the UK’s largest business lobby group has warned chancellor Jeremy Hunt that he risks pushing corporate Britain into “hibernation” and curbing business investment if the Autumn Statement does not include reforms to nurture economic growth (Financial Times £).
Jeremy Hunt is unlikely to step in with business rates relief in this week’s autumn statement, dealing a blow to firms that have said they are facing a cocktail of bill rises next year (The Sunday Times £).
Britain’s foremost business lobby group has urged Jeremy Hunt to use this week’s autumn statement to shake up immigration rules to support companies struggling with chronic staff shortages and a looming recession (The Guardian).
The CBI has told the government that it risks another decade without growth if ministers do not pursue contentious reforms to immigration and planning policy to kick-start the economy (The Times £).
Business confidence has plunged to its lowest level in 13 years as Britain braces for what could be its longest recession on record (The Telegraph).
Marks & Spencer is braced for its energy bill to rise by £100m next year, as its boss Stuart Machin launched an impassioned plea to Jeremy Hunt to help the high street (The Mail on Sunday).
M&S boss Stuart Machin writes a business editorial in The Mail on Sunday arguing the the government must end the business rates ’daylight robbery.
Marks and Spencer is expecting a substantial discount on the final price of its investment in Ocado Retail after performance at the online grocer deteriorated (Financial Times £). The notes to the group’s half-year accounts, published this week, show that M&S has slashed the “fair value” of the remaining amount payable to Ocado for its half-share in the joint venture to £60.5m, from £172m last year.
The Wall Street investor that owns Morrisons has taken the unusual step of shielding the supermarket’s £6.5bn debt pile from soaring interest rates, as climbing borrowing costs put pressure on leveraged buyouts (The Sunday Telegraph). Clayton, Dubilier & Rice locked in lower interest rates during the spring and summer months on its acquisition debt, according to City sources, anticipating that central banks would be forced into steep rate rises. Three-quarters of Morrisons’ bonds and bank loans are now either fixed or hedged.
Supermarkets set to beat pubs in World Cup battle (Daily Mail). Tournament wrong-foots retail and hospitality bosses, who have never dealt with a winter competition.
A feature in The Sunday Times (£) looks at how McDonald’s became bigger than ever in the UK. “The fast food giant has put lean years behind it, with its shares hitting record highs”.
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