Hopes for an economic rebound have been lifted by signs that the collapse in retail sales and recruitment may be short-lived (The Times £). Good weather and “pent-up demand” for shopping saw an uptick in the number of consumers in physical stores during May (Sky News).

The contractions in UK retail sales and consumer spending eased in May as some lockdown measures were relaxed, but both still recorded the second-sharpest fall on record after April’s low as swaths of the economy remained closed (The Financial Times £). Britain’s retailers suffered a second successive slump in monthly sales during May as the coronavirus shutdown took its toll on the high street (The Guardian).

Britain’s audit watchdog has dropped a probe into a high-profile accounting scandal at Tesco in which the retailer overstated its 2014 profits by more than £250m (The Financial Times £). The accountancy watchdog has dropped its five-year investigation into an accounting scandal at Tesco that left a black hole in the supermarket group’s figures (The Times £). Britain’s audit watchdog has ended a six-year investigation into Tesco’s accounts in relation to the supermarket’s £260m overstatement of profits between 2012 and 2014 (The Daily Mail).

The co-founder of Iceland, has acquired a majority stake in the frozen foods retailer for the first time since it was established 50 years ago. (The Times £)

Pubs have urged the government to clarify “half-baked” plans to reopen beer gardens, amid confusion over whether some will be permitted to serve drinks before the end of the month. (The Guardian)

More than half of Boris Johnson’s cabinet are pushing for Downing Street to cut the two-metre social distancing rule to contain coronavirus, in a move that would provide a huge boost to the hospitality industry. (The Financial Times £)

UK landlords face widespread loss of rental income from restaurants, as some of the biggest chains prepare to close sites or use insolvency procedures to push through rent cuts. (The Financial Times £)

The Restaurant Group has entered talks with its landlords over closing restaurants and cutting rents through a company voluntary arrangement. (The Times £)

Investors raised their glasses yesterday to the prospect of pubs reopening their doors within a fortnight, lifting shares in some of Britain’s leading chains and brewers to their highest levels in months (The Times £). Pub groups were on the rise as investors cheered moves to reopen the hospitality sector (The Daily Mail).

 

 

 

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