Pub operators welcomed the chancellor’s decision to freeze alcohol duty on draught beer and cider but warned that a tax rise on other alcoholic drinks could hurt demand as the sector grapples with an economic slowdown (The Financial Times £).
The price of a bottle of wine will rise by about 45p, with increases for spirits as well, as draught beer was the only drink spared in the budget. Jeremy Hunt promised a “Brexit pubs guarantee” by freezing the duty charged on draught pints (The Times £).
Luxury retailers rued a ‘missed opportunity’ to entice tourists to the UK. High-end names including Harrods and Burberry wanted the reinstatement of VAT-free shopping for international tourists, which ended in January 2021 (The Mail).
The UK remains on track for a “disastrous decade” of stagnant incomes and high taxes, despite cuts to public services, the Resolution Foundation said in its analysis of the budget on Wednesday (The Guardian).
The head of the John Lewis Partnership has drafted in an extra pair of hands to try to arrest the slump affecting the department stores-to-supermarkets group (The Times £).
UK retail group John Lewis has appointed former Hovis boss Nish Kankiwala as its first chief executive, as the group shakes up management to deal with rising costs and losses (The Financial Times £).
Dame Sharon said she will work with Mr Kankiwala to ensure “the partnership thrives for another century”, adding that the appointment will allow her to focus on strategy and “big commercial choices” (The Telegraph).
The appointment comes just days after White said she has found it ‘quite hard to recruit men’ and faced a backlash for hiring and promoting women (The Mail).
The Telegraph warns in an opinion column that John Lewis faces an existential crisis. The paper writes that the private equity veteran’s appointment may herald even more radical overhaul.
The appointment comes as the staff-owned partnership is set to announce its second ever full-year loss, with workers expected to miss out on their annual bonus for the second time in three years (The Guardian).
Autonomous delivery robots will hit the streets of Greater Manchester this week as the Co-op partners with the self-driving logistics company Starship Technologies to bring its six-wheeled bots to a seventh British city (The Guardian).
British American Tobacco is facing pressure to move its primary listing to New York after a top-five shareholder said it “makes no sense” for the cigarette maker to remain on the UK stock market (The Financial Times £).
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