Companies making redundancies in the UK

COVID-19’s impact

Companies across all sectors have been struggling this year as COVID-19 has struck the world’s economy. Businesses everywhere have had it tough but the retail and aviation sectors are the ones being hit the hardest. With social distancing measures and the lockdown limiting the amount of productivity in the workforce, production and service has been difficult to carry out. The huge consequence of all of this for the economy has been a decrease in cash generation, and unfortunately some things are done in response to try and repair the damage.

The main repercussion of the pandemic has resulted in thousands of people in Britain losing their jobs. A large number of companies have announced plans to reduce the size of their workforce. Many firms across the UK have fallen into administration this year, while others are balancing on the fence – many being held up by the government’s job retention scheme.

List of companies cutting workers:

Next

The Next store chain is planning to make redundancies at its head office. The group was forced to close all its stores when lockdown was imposed and lost revenues for the year. The potential amount of money being lost totalled up to around £1 billion.

Airbus

Airbus is to cut 1,700 jobs n the UK as part of global restructure due to reduced production levels. Chief Executive Guillaume Faury warned the company was planning to have a large drop in jetliner output due to the upcoming large cut to the work force.

John Lewis

The retail giant is looking to close more of its stores, make redundancies and remove all of its bonuses. The new chairman reportedly sent a letter to the staff, warning them of potential closures as well as cuts to jobs.

It is said that the letter included implications for some Partners’ jobs which involve companies like Waitrose. It is not known yet how many roles could be affected by recent events.

Personal Finance Podcasts You Should Be Listening To

As media inches closer and closer into the digital age, podcasts are king. They are free, entertaining and an excellent source of information from people with experience and wit. It is important to become financially literate to make sure you can keep your personal finances in order. Here is a list of some entertaining and informative podcasts that are perfect for anyone who is interested in personal finance.

Bigger Pockets Money

Bigger Pockets Money is a podcast that is hosted by Scott Trench and Mindy Jensen. The podcast is a captivating guide to investing with a real focus on properties and real estate. The podcast offers practical advice from financial experts and personal insights from the investing experiences of the hosts themselves. Bigger Pockets Money is a fantastic resource for those who are looking to grow their wealth through real estate investing.

HerMoney with Jean Chatzky

Jean Chatzky’s personal finance podcast allows for a candid conversation about money, specifically related to women. It is extremely important for women to be financially literate so that they can have control of their money, their earnings and their investments – this podcast gives women access to the information they need to boost their personal finance skills. Jean Chatzky is a relatable and informative host, and this podcast is a must-listen for all women!

Millennial to Millionaire

The host of this financial podcast is Paris Grant. He brings a unique voice to the personal finance of the millennial generation. Building wealth is important for the future generations and podcasts are a great way for young people to learn about handling personal finances and growing wealth. Paris Grant offers great practical financial advice and gives idea on ways to build wealth over time by starting early on this personal finance podcast.

Bank of England: Coronavirus V-Shaped Recovery Likely

Despite bleak early forecasts, the Bank of England has announced that a V-shaped economic recovery is seeming increasingly likely. Chief economist, at the Bank of England, Andy Haldane has announced that the British economy is recovering faster than expected. However, with warnings of higher inflation and the threat of unemployment, this recovery could be jeopardised. Official figures published earlier this week showed that the British economy shrunk by 2.2% at the beginning of this year. This represents the sharpest economic downturn since the 1970s. According to those figures, the UK economy was set for the deepest recession in history. Further, with the dwindling of economic activity by 20% in April, the first month of full lockdown, a deep slump was expected. However, earlier this week, during a webinar, Haldane noted: “There is a debate about which letter of the alphabet will best describe the path of the economy, with some scepticism about the V-shaped scenario path in the Bank’s May monetary policy report. It is early days, but my reading of the evidence is so far, so V.” As the rest of the world emerges from lockdown, financial markets have witnessed one of the strongest quarters on record.

From April to June, Wall Street has displayed a dramatic turnaround, aided by emergency financial support provided by the federal government. Since the start of April, the S&P 500 index has risen by almost 20%, demonstrating the largest quarterly increase since 1998. During that same period, the FTSE 100 has resurged by almost 10%, surpassing the peak of 2010, when the market was recovering from the 2008 financial crisis. The Bank of England’s chief economist added that the economic recovery is largely down to consumer spending, which returned faster and stronger than forecasts had predicted. However, with unemployment skyrocketing, the fate of the recovery remains uncertain.

Trafford Centre Owners Intu on the Brink

As the owners of Trafford Centre, and other shopping centres across the UK, Intu are on the brink of administration, we take a closer look at the company.

Intu Property Plc are a British real estate investment trust largely focussed on shopping centre management. As such, the company owns or part owns seventeen sites across the UK, with one shopping centre located in Spain. Previously, the company was known by a number of names, including Liberty International Plc and Capital Shopping Centres Group Plc.

Founded in 1980, Intu started life as life assurance investment company. In 1992, a merger with Capital & Counties, a shopping centre development company, changed Intu’s track.

The Trafford Centre was developed and owned by The Peel Group. It first opened its doors in 1998 and was, at the time, the biggest shopping centre in the United Kingdom. The construction of the Trafford Centre cost a total of £600 million and took almost thirty months to complete.

Intu purchased and took control of the Trafford Centre in 2011. At the time, the property was valued at £1.65 billion.

Located right off the M60 motorway, it is believed that the Trafford Centre is within a forty-five-minute drive to ten per cent of the United Kingdom’s population. Thus, it is visited by around thirty-five million people each year.

Many aspects of the Trafford Centre’s design pay homage to its location. The food court is designed in the form of a steam ship, which is a nod to the Manchester Ship Canal, located a stone’s throw away from the centre.

Designed by The Peel Group, the Trafford Centre is covered in ornate luxury. From 45,000 square metres of marble and granite flooring, to the £5 million main dome, which is said to be bigger than the dome at St. Paul’s Cathedral.

Stock Market crash: Why to invest in UK shares now

At the start of the week, the FTSE 100 index was falling quite considerably. Thankfully, it recovered after a few days and as a result it went up 5.2% from May. If the trend continues, this will be the second straight month of index gains, making it one of the best times to invest in UK shares.

Best time to buy

Equity markets are not at insane heights at this moment. This means that investors should be looking to bank in on certain stocks and hope to make a profit. The markets are not plunging either, which can seem like a risky, if not categorically dangerous, time to invest too. Stock markets are somewhere between the two extremes right now. This indicates that there is room for the FTSE 100 to definitely grow.

In other words, an investor can be confident that the money put into stock markets right now will grow There are plenty of FTSE 100 stocks that make good purchases at this time. For example, cyclical stocks took quite a hit during crash, but now it is looking to be full of potential.

Best UK shares to buy

The UK has plenty stocks, such as Persimmon, which are looking to be very profitable. Real estate places are looking to bounce back from these crashes as their stock forecasts are looking impressive with the relaxing of social distancing rules. PSN has also bounced back from the lows it touched during the crash. Analysts’ stock price forecasts are encouraging, as is its past performance. Other FTSE 100 UK real estate shares are worth considering as well.

Stocks in growing industries, for instance, those of technology-driven companies are very promising. If there was any doubt about the potential of these UK shares, the lockdown has completely removed them. There has been a shift in the industries since the COVID-19 outbreak and a lot of technology has been accelerated due to these forced circumstances.