British novelists criticise government over AI ‘theft’
Surprise fall in UK inflation to 2.5% eases pressure on Rachel Reeves
UK inflation unexpectedly fell in December, handing some breathing space to the chancellor, Rachel Reeves, after a week of turbulence in financial markets.With the government under pressure on the economy, figures from the Office for National Statistics showed the consumer prices index eased to 2.5%, below a reading of 2.6% in November, meaning prices rose at a slower rate.City economists had forecast inflation would remain unchanged on the previous month
Dip in UK inflation will come as a relief and opens way for interest rate cut
December’s unexpected decline in the inflation rate, to 2.5%, is a fillip for the chancellor, Rachel Reeves, opening the way for an interest rate cut next month.While much of the bond market sell-off in recent days has been driven by global concerns, part of it related to fears that the UK was sliding towards “stagflation” – a nasty combination of slow growth and sticky prices.December’s consumer price index (CPI) reading of 2.5%, down from 2
Frasers Group says two-thirds of retail staff are still on zero-hours contracts
The owner of Sports Direct has confirmed that two-thirds of its retail workforce remain on zero-hours contracts ahead of new legislation designed to limit their use.Frasers Group told MPs who are examining plans to strengthen protection for employees that 11,500 staff were on the contracts, which do not guarantee any weekly working shifts, and did not receive compensation even if shifts were changed at the last minute.MPs on parliament’s business and trade select committee also heard that three-quarters (4,000) of the 5,200 people employed at the group’s main warehouse in Derbyshire are agency workers who can be let go without notice, more than eight years after the company promised MPs it would move them on to permanent contracts.The testimony came from Andy Brown, chief people officer at Frasers Group – which owns House of Fraser, the luxury streetwear chain Flannels, Evans Cycles and Sports Direct. He admitted the pace of change was “certainly not fast”, with an average 200 people a year shifting from agency to permanent contracts over the past three years
New year downers are becoming normal at JD Sports | Nils Pratley
It wasn’t a full-on profits warning – more of a 5%-ish trim to forecasts. But JD Sports’ trading update will feel particularly disappointing to its shareholders because this was the second January in a row that the sportswear retailer has delivered a new year downer on profit expectations. The spiel was also identical, more or less.A year ago, the group blamed “more cautious consumer spending” and “an elevated level of promotional activity during the peak trading period”. On Tuesday it cited “a challenging and volatile market that saw increased promotional activity” as revenues fell 1
Wellcome Trust charity criticised over £11m in payouts to investment team
The Wellcome Trust, the UK health research charity, has been criticised for paying its investment executives more than £11m last year, more than 10 times as much as its own governors.The pay packets, which included £5m for Wellcome’s chief investment officer, Nick Moakes, were awarded after its investment portfolio rose in value, generating more funds for its mission of tackling health inequalities.Wellcome’s investment portfolio returned 5.2% in the year to 30 September, or 3.5% after inflation, and is now valued at £37
Warhammer maker Games Workshop plans fourth UK factory as sales boom
In Nottingham, an army of tiny warriors is on the advance. Space Marines, Weirdboyz, Chaos Knights – and very small paint pots – are grabbing more territory as Games Workshop confirms plans for its fourth factory and buys land for two more to meet demand for its fantasy figurines.It is the latest win for the designer and maker of miniature wargames – including the hit Warhammer franchise – which joined the FTSE 100 list of the UK’s leading companies shortly before Christmas. Its valuation has more than tripled in the past four years to just over £4.2bn – making it worth more than the airline EasyJet, the property firm British Land and the B&Q owner Kingfisher
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