BUSINESS LIVE: M&S to announce job cuts
BUSINESS LIVE: M&S to announce job cuts; Big business sees no recovery until late 2021; Complaints’ costs drives Amigo Loans to loss
Published: 03:35 EDT, 20 July 2020 | Updated: 04:10 EDT, 20 July 2020
Markets are set to have a tepid start to the week as investors wait to hear the outcome of talks between EU leaders over and unprecedented €1.85trillion EU budget and a coronavirus recovery fund to tackle the crisis.
Marks & Spencer is set to axe hundreds of staff within days in the first wave of a cull that will hit thousands of workers. The strategy, dubbed ‘never the same again’ by M&S at its annual results in May, is expected to bring about a complete overhaul in the business.
Nearly half of Britain’s biggest companies think it will take until the second half of 2021 before business recovers from the coronavirus pandemic, according to a Deloitte survey that casts doubt on hopes for a speedier rebound.
Lender Amigo Loans has recorded a £37.9million loss in the last financial year compared to a £111million profit the previous year, as the company was hit by over £100million in costs related to complaints.
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