Morrisons’ private equity owners have asked hundreds of staff – from store managers upwards – to invest thousands of pounds of their own money in the business. More than 800 people have been asked to invest in the ailing supermarket in the past few months, middle management level departmental heads asked for £10,000 while the directors of departments had been asked for £25,000 each. (The Guardian)
The pound fell to its lowest level against the dollar since decimalisation in 1971 this morning amid fears that new government’s economic plan will stretch Britain’s finances to the limit (The Times £). The pound has fallen to a record low against the dollar as markets react to the UK’s biggest tax cuts in 50 years (The BBC). The pound has fallen to a record low against the dollar amid a fresh investor rush towards the US currency globally (Sky News).
The number of people visiting UK shops this Christmas could remain almost a fifth below pre-pandemic levels as shoppers struggle with the cost of living crisis, according to forecasts (The Guardian). The squeeze on retailers is set to tighten before Christmas in what is traditionally the industry’s “golden quarter” for sales (The Times £).
Business leaders lashed out at Kwasi Kwarteng’s mini-Budget after the Chancellor failed to outline plans to reform business rates. (The Daily Mail)
Retailers and the hospitality sector have praised Kwasi Kwarteng’s decision, set out in the government’s fiscal package on Friday, to reintroduce VAT refunds for overseas tourists visiting the UK (The Financial Times £). Retailers and the hospitality industry have welcomed the planned return of VAT-free shopping for international tourists, saying it would help to boost sales (The Guardian).
A coalition of retailers, including at Bicester Village and Heathrow Airport, plan to persuade ministers to fast-track the VAT cut for tourists in time for the King’s coronation next year. (The Telegraph)
The chancellor’s freeze on alcohol duty has gone down well with the beer industry, but the wider hospitality sector lamented a lack of announcements on help for hard-pressed pubs, restaurants and bars as they wrestle with the cost of living crisis. (The Guardian)
Pub operators warned that the chancellor’s scrapping of next year’s planned alcohol duty will do little to stem the tide of closures in the absence of targeted support for hospitality businesses. (The Financial Times £)
Retailers have reported that sales fell at a “considerable pace” in the year to September, after a temporary return to growth last month, according to the latest distributive trades survey from the CBI. (The Times £)
Economic growth fell to a 20-month low this month as companies struggled with rising costs and falling demand. (The Times £)
Domino’s Pizza is hiring for 10,000 roles across the UK and Ireland ahead of the World Cup and busy festive season when it expects to make 10m pizzas. The chain is hoping to attract those seeking second jobs as the cost of living squeeze bites. (The Daily Mail)
National Lottery group Allwyn Entertainment has called off plans to list in New York, which would have netted its billionaire owner an estimated £690million. (The Daily Mail)
Forthcoming float Sustainable Farmland Trust offers UK investors access to the vast US agricultural market, where returns are rising and should continue in that vein for some time. With generations of farming expertise built into the business and a 4.5% dividend yield in sight, this Trust should deliver attractive, long-term rewards. (The Daily Mail)
One of the world’s biggest food giants with a supply chain linked to the ecological decline of the River Wye faced claims over similar pollution scandals in the US. Cargill was taken to court 20 years ago in Oklahoma over the same pollution issue it is now linked to in UK. (The Guardian)
The chairman of Marks & Spencer has said the retailer was at risk of disappearing within a decade when he was appointed five years ago. The company’s “enormous” range of clothing stock, ageing stores and relatively low proportion of online sales was a “manifesto for failure”, Norman said, adding: “The genesis of any turnaround is the presentation of the unvarnished truth.” (The Times £)
The FT looks at ‘How Aldi burst into supermarket big league’. It writes: “Most of German-owned Aldi’s market share gains have come since the financial crisis. They are in no small part down to strategic miscalculations by the top four, which chose to prioritise profitability over preserving sales volumes at a time when household incomes were under acute pressure.” (The Financial Times £)
Ocado independent non-executive director Jörn Rausing seems to be bullish on the long-term outlook for the company. On September 15, £7.4mn-worth of shares were bought by Apple III Limited, a company which is fully owned by a trust of which Rausing is a “discretionary beneficiary” according to the disclosure to the market. (The Financial Times £)
A genetically modified purple tomato developed by a British plant scientist will go on sale next year in America after a US food regulator overhauled decades-old rules to launch what is expected to become a new era of GMO products. (The Times £)
English winemaker Nyetimber predicts it is on course for a record harvest despite this summer’s extreme weather. Hot, dry conditions made for a ‘challenging’ period early in the season though it became cooler and wetter later. (The Daily Mail)
While many Brits struggled to cope in the heat this July, UK vineyards were quietly ripening what could be the best crop the UK has ever seen. (The Times £)
The BBC looks at how King Charles III played a decisive role in the renaissance of traditional artisan cheese in the UK. Charles invited cheesemakers and cheesemongers to his country pile along with civil servants from the Ministry of Agriculture and government ministers. The meeting ended with the civil servants agreeing to work with the cheesemakers to draw up a code of practice to ensure good hygiene in small dairies. (The BBC)
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