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03rd of July 2011
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News Tag: cut back

June 28, 2011

TJ Hughes on verge of administration

by Kay Mitchell
”TJ
Department store chain TJ Hughes has today revealed it is set to enter administration. The Liverpool-based store has more than 50 outlets across the UK and has a headcount of 4,000 – which are all at risk. The company said it will be appointing an administrator over the next week or so, unless a buyer can be found for the business. In March, the ...




May 26, 2011

CBI: UK service sector firms show cautious optimism

by Kay Mitchell
”CBI:
A survey by the CBI has revealed consumer service firms have been hit by a cut back on spending. According to the CBI, firms such as hotels, bars and restaurants, saw evidence of weak demand but are optimistic about future prospects as conditions are not expected to be as challenging in the coming quarter. Meanwhile, business services firms, which include accountancy ...




February 28, 2011

Primark warns of challenging times

by Kay Mitchell
”Primark
Discount clothing retailer, Primark, has today warned of a slowdown in consumer spending, as Britons prepare to cut back amid rising unemployment and higher inflation. According to Primark’s parent group, Associated British Foods (ABF), "a noticeable slowing down of UK consumer demand" is evident despite strong trading in the first three months of the financial year, which included the severe wintry weather at ...




January 4, 2011

VAT rate rises today to 20%

by Kay Mitchell
”VAT
The rate of VAT will today rise from 17.5% to 20% as the Government looks to raise billions of pounds in order to trim the UK’s budget deficit. While many are prepared for the increase, retail sales are expected to be hit as consumers are expected to cut back on their spending over the coming months. According to a report by the Centre ...




September 3, 2009

easyJet closures put jobs at risk

by Kay Mitchell
”easyJet
Budget airline easyJet is to close its base at East Midlands airport and cut services at Luton Airport by a fifth with a view to transferring them to profitable bases in continental Europe. Luton is one of easyJet's biggest bases and operates 16 aircraft and carries almost 5 million passengers each year. Meanwhile, the low-cost airline said it would consult on ...




September 1, 2009

Airline industry suffers amid severe losses

by Kay Mitchell
”Airline
The International Air Transport Association (Iata) said major airlines continue to suffer amid higher fuel prices. According to the industry group, in the first six months of the year, airlines are likely to have lost £3.7 billion. Furthermore, the body said airlines made losses between April and June - the spring season when they would traditionally make 50% of their yearly profits. Many airlines ...




July 16, 2009

American Express suspends UK pension payments

by Kay Mitchell
”American
American Express, the credit card giant, has announced that with effect from 1 July, it has suspended pension contributions for its UK employees. The move, which affects 6,000 members, will see payments stopped for a maximum of 18 months. Many firms have adopted similar measures as the global recession has forced companies to slash costs. However, American Express is the largest company ...




July 2, 2009

Jobs at risk as Virgin Atlantic cuts back services

by Kay Mitchell
”Jobs
Virgin Atlantic is set to reduce its number of flights this winter which will put 600 jobs at risk. The airline, founded by Sir Richard Branson, announced that it was not operating its Heathrow-Chicago daily service for the winter 2009/10 season and is suspending one of its two daily services between Heathrow and Hong Kong. The airline said it ...




June 24, 2009

Owner of Comet chain reports £81m loss

by Kay Mitchell
”Owner
Kesa Electricals, the company that owns Comet, is predicting a challenging year ahead after the group reported a pre-tax loss of £81.8 million in the year to April, compared with a pre-tax profit of £128.8 million the previous year. The company, which also owns the Darty business in France, has been hit by the recession as consumers cut back on big ...




March 30, 2009

CBI: Thousands of jobs to be axed in financial services

by Kay Mitchell
”CBI:
A survey conducted by the Confederation of British Industry (CBI) has revealed that banks and other financial institutions are expected to cut a further 15,000 jobs in the next three months. According to the organisation, approximately 15,000 jobs have already been axed in the industry in the first quarter of this year, which will take the total to ...




February 24, 2009

Brits plan to save by axing insurance cover

by David Masters
Brits plan to save by axing insurance cover
Five million Brits plan to reduce outgoings by cutting back on insurance cover, LV= found in a recent survey. Most popular for cutbacks was home insurance. LV= discovered that 2.2 million households plan to reduce or cancel their home insurance policies to reduce spending. Flood risk insurance is the most likely to be cut, with 29% of people saying this ...




January 27, 2009

CBI: Retail sales continue to fall

by Kay Mitchell
”CBI:
Figures from the CBI have revealed that retail sales volumes have fallen for the tenth consecutive month with durable household goods (such as electrical equipment) and clothing retailers reporting the heaviest falls. The organisation said that volumes will continue to fall as consumers tighten their purse strings as recession bites and unemployment rises. According to the organisation's latest monthly Distributive Trades Survey, ...




December 4, 2008

New car sales plummet as consumers cut back

by Kay Mitchell
”New
Figures from the Society of Motor Manufacturers and Traders (SMMT) show that the economic downturn continues to have a major impact on new car sales. According to the SMMT, new car registrations suffered their steepest monthly fall for 28 years, with expensive sports cars hit particularly badly. Just over 100,000 new cars were registered in November, said the organisation. Car ...




November 16, 2008

US retail sales plummet during October

by Kay Mitchell
”US
According to figures from the US Commerce Department, retail sales in the US fell 2.8% in October, the biggest monthly decline for 16 years. The October fall follows a 1.3% decline in September and is further proof that shoppers continue to tighten their purse strings amid the economic downturn and falling house prices. During the last two weeks, US chain stores, including Macy's ...




October 9, 2008

US shoppers continue to tighten purse strings

by Kay Mitchell
”US
US shoppers tightened their belts even further in September after retail sales for the month were down. Even discount stores including Wal-Mart, the world’s largest retailer, and wholesale club operator Costco, both reported strong sales, but failed to meet Wall Street estimates. Wal-Mart reported a 2.4% gain in like-for-like sales, which was slightly under analysts forecasts of 2.5%. Sales at Costco ...




August 20, 2008

Discount supermarkets gain as consumers cut back on spending

by Kay Mitchell
”Discount
Consumers in the UK continue to cut back as day-to-day living costs continue to rise and as a result, discount supermarkets are benefiting. Figures from TNS Worldpanel show that bargain hunters have helped sales at Aldi, Lidl and Iceland soar. In the 12 weeks to August 10, sales at Aldi rose 19.8% compared to last year, giving it a new ...




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