Author: Scott Dylan

HSBC’s economic team has raised concerns over Labour’s proposed ‘New Deal for Working People.’Raising the minimum wage to align with living costs may trigger higher business expenses and job cuts.The Bank of England remains cautious about lowering interest rates amidst persistent inflation.Labour’s intended public investments could be offset by existing Conservative spending plans, according to IPPR.Potential positive outcomes include boosted employment and productivity if Labour’s proposal is successful.HSBC economists Elizabeth Martins and Emma Wilks have issued a warning regarding Labour’s plan to implement a ‘genuine living wage’ within its first 100 days if elected. Replacing the minimum wage with a…

London has seen a marked drop in productivity as remote work continues post-pandemic, according to a recent ONS report.The capital’s productivity per hour worked has fallen to its lowest level since 2009, highlighting significant challenges in the current work environment.London has experienced a significant decline in hourly output, with productivity per hour worked reaching its lowest level since 2009. From 2019 to 2022, London’s productivity fell by 2.7%, while the North West saw a rise of 7.9% over the same period. Economists attribute this decline to the pandemic’s lasting effects, particularly the shift to remote working, which has hampered productivity…

Inditex Group has expanded its retail presence by securing significant store deals with Landsec in prominent UK shopping centres, including debut locations and flagship stores.Pull & Bear is set to open its first store in Wales at St David’s in Cardiff, utilising a formidable 8,500 sq ft across two floors.The company is also establishing substantial spaces for Pull & Bear and Bershka at Bluewater shopping centre, Kent, each covering 10,000 sq ft.A major flagship Zara store, occupying 46,000 sq ft, will launch at Leeds’ Trinity, taking over the former Topshop unit.These developments align with Landsec’s strategy to focus on creating…

McDonald’s has decided to discontinue its AI-based drive-thru order systems, reflecting broader trends and challenges faced in the fast-food industry’s pursuit of automation.Initially rolled out in collaboration with IBM in 2021, over 100 locations across the US adopted the technology.Despite the trial’s termination, McDonald’s has assured that AI will remain integral to its future strategies, with final decisions anticipated by the year’s end.Other major fast-food chains, such as Wendy’s and Taco Bell, are also exploring AI-driven solutions to improve efficiency and cut labour costs.The technology has encountered significant issues, including incorrect orders and the need for substantial human intervention.McDonald’s has…

Labour’s proposed changes to the living wage sparked significant concerns among economists and business leaders.Labour intends to reform the Low Pay Commission to consider the cost of living in wage recommendations.HSBC economists warn that the higher minimum wage may lead to job cuts and sustained inflation.Rachel Reeves announces a global investment summit to attract foreign investors post-election.Labour aims to reset trade relationships with the EU for better economic stability.Labour, led by Sir Keir Starmer, plans to restructure the Low Pay Commission to account for the cost of living when recommending wages, and to eliminate age bands for minimum wages, ensuring…

Frasers Group, under the direction of Mike Ashley, has embarked on a strategic £80m share buyback initiative.The company has entered a non-discretionary agreement with Barclays to facilitate this buyback.Scheduled during the closed period, the buyback aligns with the timeline for reporting the year’s financial results.A total of up to 10 million shares may be repurchased, with a cap of £80 million on total expenditure.The announcement follows a period of increased profits and revenue for Frasers Group.Frasers Group, led by Mike Ashley, has unveiled its latest financial manoeuvre in the form of a share buyback programme valued at up to £80…

Reform UK has unveiled its 2024 manifesto, aiming to overhaul the economic and public sector landscape. With bold promises, the party seeks to alleviate the tax burden on individuals and businesses.As part of its extensive agenda, Reform UK plans to exempt seven million people from income tax by raising the tax threshold, alongside significant changes to public services and business regulations.Tax Reforms to Benefit MillionsReform UK, helmed by Nigel Farage, intends to raise the minimum income tax threshold from £12,600 to £20,000. This change aims to exempt seven million individuals from paying income tax. Additionally, the higher rate threshold is…

Superdry’s restructuring plan has successfully gained court approval, marking a significant step in its financial turnaround.The plan, first introduced in April, includes rent reductions for 38 UK stores and a £10 million equity raise.Creditors and shareholders have overwhelmingly supported the measures, with 99% voting in favour of the proposal.The restructuring entails delisting from the London Stock Exchange, with the final trading date set for 12 July.Superdry Chairman, Peter Sjölander, expressed gratitude to stakeholders, emphasising the plan’s role in future growth.Superdry has achieved a substantial milestone with the court’s approval of its restructuring plan, indicating a crucial advancement in its ongoing…

The Cordwainers Footwear Awards 2024 marked its tenth anniversary, celebrating emerging talents in the footwear sector.Sixteen students from prestigious schools competed for top honours at the event held on 13 June.George Nikiforakis claimed the first prize, with Ethan Robinson as the runner-up, both from London College of Fashion.Sophia Webster received the Sue Saunders Award for Excellence, acknowledging her significant contributions to the field.The awards included categories such as Sustainable Development and Sneaker/Athleisure.The Cordwainers Footwear Awards 2024 was held at Saddlers’ Hall, London, marking a decade of recognising burgeoning talent in the footwear industry. This year’s competition saw sixteen finalists from…

Alessandro Michele has unveiled his debut collection for Valentino ahead of schedule.Entitled ‘Avant les Débuts’, the collection was launched during Milan Men’s Fashion Week.The collection includes an extensive range: 171 ready-to-wear looks and 93 images of shoes and accessories.Michele, inspired by Valentino’s rich archive, aims to revisit the brand’s legacy from the 1970s and 1980s.Originally set for an October release, Michele brought the collection forward to prioritise “sharing”.Alessandro Michele, an Italian designer renowned for his transformative tenure at Gucci from 2015 to 2022, has made a striking debut at Valentino. Having assumed the role of creative director in April, Michele…