John Lewis boss Sharon White has warned that staff may not receive a bonus for this year – and admitted that even she was hesitating over spending amid the uncertain economic outlook. She told the CBI conference that everyone was feeling ‘quite a bit poorer’ and that while consumers were hoping for the first normal Christmas in three years, many were tightening their belts. (The Mail).
UK prime minister Rishi Sunak has ruled out any Swiss-style alignment with EU laws in order to strike a trade deal with the bloc, instead promising that the existing Brexit arrangements could “deliver enormous benefits for the country” (The Financial Times £).
Rishi Sunak has “unequivocally” ruled out aligning with EU laws in a Swiss-style post-Brexit deal as Eurosceptic Tories criticised Jeremy Hunt (The Times £).
Keir Starmer will say that UK businesses must wean themselves off “cheap labour” and that a low-pay model for growth is no longer working for the British people (The Guardian). The Labour leader is expected to say to the Confederation of British Industry conference that his party will be “pragmatic” about the shortage of workers and not ignore the need for skilled migrants.
Tesco has become the latest grocer to ration eggs due to supply issues (The Guardian).
A fish processing facility in Grimsby employing almost 200 workers is under threat of closure after its owner said Brexit and the coronavirus pandemic had made it too challenging to operate (The Guardian).
One of Europe’s leading meat companies is to build a £100m production facility in the UK as the country’s appetite for bacon surges (The Financial Times £). Danish Crown will build the plant in Rochdale, north of Manchester, creating more than 300 jobs in the second half of next year, the company said.
Supermarkets are “taking advantage” of drivers with rip-off fuel prices, according to a motoring group, which is demanding a 5p a litre cut for both petrol and diesel (Sky News).
Waitrose is putting heat pumps in all its supermarkets as it brings forward net-zero plans in an effort to tackle spiralling energy prices (The Telegraph).
Large companies in the food and tobacco industries paid nearly three quarters of supplier invoices late in the first half of 2022, according to government payment data (The Times £).
The UK’s gambling regulator oversaw a “poorly managed” competition process to decide the next National Lottery operator, a report by a cross-party group of MPs has concluded (The Financial Times £).
Revenues at Compass, the world’s biggest catering company, have beaten pre-pandemic levels thanks to a growing number of businesses opting to outsource food services for the first time to head off soaring inflation (The Financial Times £).
The boss of Compass Group has claimed that the FTSE 100 catering giant has emerged from the pandemic “a stronger and more resilient business” after its revenues raced past its 2019 levels in the final quarter (The Times £).
The return to the office has boosted business at Compass after lockdown hammered its staff canteens (The Mail).
The Tempus shares column in The Times (£) has Compass as a ‘hold’, arguing that global appetite for the caterer may wane. “The shares may tread water in the face of a downturn in large global economies.”
The business editorial in The Times (£) also takes a closer look at Compass after it served up ‘healthy figures’. “Investors who tucked into the Covid cash-call can have few complaints.”
UK restaurants are going bust at a faster rate than during the Covid crisis owing to a “toxic mix” of surging energy costs, staff shortages and falling bookings (The Guardian).
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