Thursday, July 31

Business

Ministers weigh contingency plan for collapse of Thames Water
Business

Ministers weigh contingency plan for collapse of Thames Water

The authorities has begun drawing up contingency plans for the collapse of Thames Water amid rising doubts in Whitehall in regards to the capacity of Britain’s largest water firm to service its £14bn debt-pile.Sky News has learnt that ministers and Ofwat, the trade regulator, have began to carry discussions about the potential for inserting Thames Water right into a particular administration regime (SAR) that will successfully take the corporate into non permanent public possession. Such an insolvency course of was utilized by the federal government when the vitality provider Bulb collapsed in 2021, sparking issues that it may price taxpayers billions of kilos.Ultimately, the Bulb administration is more likely to have price the general public purse a much smaller sum, however...
Boots to shut 300 outlets throughout the UK as on-line gross sales develop
Business

Boots to shut 300 outlets throughout the UK as on-line gross sales develop

Boots is to shut 300 of its outlets over the subsequent 12 months. The information comes on the identical day mother or father firm Walgreens Boots Alliance reported Boots had "strong" retail gross sales and recorded progress. While the affected shops haven't been introduced, the corporate mentioned it should "consolidate" branches which are shut to one another. Following the closures there can be 1,900 Boots branches within the UK.It is known there aren't any "proposed" job losses as employees can be provided work at close by Boots outlets and a overwhelming majority of closing retailers are inside three miles of one another.Read extraBanks aren't passing rate of interest hikes on to savers quick sufficient, chancellor warnsCost of residing: Supermarket bosses defend meals c...
Tempo of meals inflation is slowing down – however costs nonetheless surged 15% within the 12 months to June
Business

Tempo of meals inflation is slowing down – however costs nonetheless surged 15% within the 12 months to June

Food inflation within the UK has continued to gradual from April's record-breaking rise - however continues to be up almost 15% 12 months on 12 months, new retail figures present.It means costs are nonetheless growing, simply at a slower tempo than beforehand. There was a 14.6% enhance in meals costs within the 12 months as much as June, analysis from the British Retail Consortium and retail analysts NielsenIQ confirmed - barely down from 15.4% recorded in May.Overall store costs rose 8.4% over the 12 months to June, a slowdown from the 9% recorded within the 12 months as much as May.Last month's figures have been the second-fastest annual enhance ever measured by the commerce organisation for UK retailers, second solely to April this 12 months. The slowed tempo was because o...
Thames Water boss Sarah Bentley resigns with instant impact after giving up bonus over sewage spills
Business

Thames Water boss Sarah Bentley resigns with instant impact after giving up bonus over sewage spills

The chief government of London's water supplier has resigned with instant impact after criticism of her £1.6m pay packet and the corporate's environmental efficiency.Thames Water introduced its chief government Sarah Bentley was stepping down after lower than three years within the position. The announcement comes simply weeks after it was reported that Ms Bentley will obtain pay and perks price £1.6m this 12 months - practically double her annual wage.That is regardless of Thames Water saying she would hand over her bonus as a result of water trade's continued struggles with sewage outflows and leaky pipes.Raw sewage was pumped into the rivers and streams of the capital for greater than 7,000 hours final 12 months. The choice to forgo a bonus had been described as a "flimsy ...