M&S reports strong festive sales but says tax rises will lead to cost cuts

Marks & Spencer has hailed a “good Christmas” with strong sales of food but warned it would have to find new ways of to cut costs in the face of the government’s tax increases.The UK retailer said sales at established food halls rose 8.9%, making its the top-performing high street grocer over Christmas, according to the analysts Kantar. Equivalent clothing, home and beauty product sales grew by 1.9% in the 13 weeks to 28 December, even as the clothing market fell 2% before Christmas

Greggs boss defends price hikes amid anger over cost of sausage roll

The boss of Greggs has blamed wage, tax and food cost rises for a 5p hike in the price of its sausage rolls, after it faced a backlash over the decision.The UK’s biggest bakery chain has increased the price of its flagship product to £1.30, as part of an average 4% price rise on key items including coffee and doughnuts.The increases, introduced just after Christmas, were labelled “disgraceful” by shoppers with some saying they would stop buying the sausage rolls if prices rose further.Roisin Currie, the chief executive of Greggs, said the price rises were driven by the chain passing on increases to its wage bill, with two-thirds of Greggs workers handed a 6

Tesco enjoys ‘biggest ever Christmas’ as shoppers switch from rivals

Tesco has recorded its “biggest ever Christmas”, with the UK’s largest supermarket chain landing its biggest share of the festive shopping trolley since 2016.The grocer revealed that sales at established UK stores rose 4% in the six weeks to 4 January, with fresh food performing particularly strongly and clothing and homeware sales also up.Tesco now controls 28.5% of the grocery market and gained share from premium and discounter rivals over the 12 weeks to 29 December, according to the analysts Kantar.Ken Murphy, the chief executive of Tesco, confirmed increases to national insurance payments for employers announced in the budget would add £250m a year to the retailer’s wage bill

Royal Mail to celebrate The Vicar of Dibley with 12 special stamps

The Royal Mail is issuing 12 special stamps to celebrate the 1990s BBC comedy series The Vicar of Dibley.Eight stamps depict memorable scenes from the sitcom, including a guest appearance by former ballerina Dame Darcey Bussell, while four stamps show a Dibley parish council meeting.The Vicar of Dibley starred the comedian Dawn French as the chocolate-craving Rev Geraldine Granger and ran for three series from 1994 to 2000, followed by four special episodes between 2004 and 2007.The Royal Mail’s director of external affairs and policy, David Gold, said: “The superb writing and the warmth and idiosyncrasies of its characters made The Vicar of Dibley one of the most loved TV comedies of all time. We celebrate the series with new stamps revisiting some of the show’s classic moments

Rachel Reeves heads to China to build bridges, but a new golden era of relations is impossible

Rachel Reeves will fly with a delegation of City grandees to China this week as Labour seeks closer economic links with Beijing as part of its quest for growth.With the outlook increasingly rocky at home after a run of soft economic data, the chancellor is sorely in need of a positive story to tell.She appears determined to normalise the UK’s relationship with the communist superpower, despite mounting security concerns and a backdrop of growing geopolitical tension.In the past few weeks alone, the UK has expelled an alleged Chinese spy and friend of Prince Andrew, Yang Tengbo, while the US Treasury has accused Beijing of hacking into staff computers. Meanwhile, a lawyer for Shein – the online retailer founded in China and which is lobbying over a potential £50bn London float – was accused of “wilful ignorance” over its supply chain practices by British MPs

Permanent job vacancies in UK shrink at fastest pace for four years

Vacancies for permanent jobs in the UK declined at their fastest pace for four years last month, according to a new survey that adds to the gloomy economic mood.Amid febrile markets and weak economic data, the monthly jobs report from the consultancy KPMG and the recruitment firm REC shows many firms reluctant to hire.The employer survey suggested vacancies for permanent roles had declined at the fastest pace since August 2020, when the UK was in the grip of the Covid pandemic. Temporary vacancies also fell in December.The labour market was slowing for much of 2024