Jack's all folks. Tesco's answer to Aldi and Lidl is to be shut down - Sky News

Tesco has revealed that its Jack's discount store experiment is to be scrapped, with seven of the 13 stores to be closed down, while deli counters at hundreds of other sites are to be lost.

The UK's biggest supermarket chain launched the Jack's brand - named after its founder Jack Cohen - in 2018 as part of a bid to learn how it could bring down costs and challenge the discounters Aldi and Lidl who had been taking market share for years.

But it said on Monday that six Jack's stores would now be converted to Tesco superstores, with the remaining seven sites to close in the coming months.

Tesco said that around 130 jobs would be affected, including some head office roles, but it hoped to find them new work within the business.

Image: The stores had 1,800 of their own brand range items

The seven sites listed for closure were:

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• Hull
• St Helen's
• Walton
• Castle Bromwich
• Middlewich
• Barnsley
• Liverpool North

It was also confirmed by Tesco that meat, fish and deli counters at 317 store sites would be closed down due to changing customer demand.

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However, that was not expected to lead to any redundancies as the staff hit would be offered alternative work. The chain said it currently had 3,000 vacancies in all.

Tesco said it would retain counter services at just 279 stores where custom had been maintained.

The company said it was making the changes to "ensure we remain focused and competitive in a fast-changing market".

Its boss in the UK and Ireland, Jason Tarry, said: "We have learnt a huge amount from Jack's and this has helped Tesco become more competitive, more efficient and strengthened our value proposition, including through the launch of Aldi Price Match.

"In turn, this has enabled us to consistently attract new customers to Tesco from our competitors over the last two years and we know they increasingly recognise the value they can find at Tesco.

"With the learnings from Jack's now applied, the time is right to focus on ensuring we continue to deliver the best possible value for customers in our core business."

Image: Experts are predicting a new wave in the supermarket price war this year as household bills soar

Figures released earlier this month by Kantar Worldpanel showed Tesco had outperformed its major rivals over the 12 weeks to Boxing Day.

They suggested that Tesco's market share had hit its highest level since January 2018 at 27.9% but also acknowledged that both Aldi and Lidl had also grown their respective shares of the market.

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2022-01-31 17:22:43Z
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Devon building giant Midas confirms administrator move bombshell - Devon Live

Troubled South West construction giant Midas Group has confirmed that it wants to appoint an administrator in a move which has stunned the region.

The business, one of the UK’s largest privately-owned construction and property services companies, filed notices of intention to appoint an administrator on Friday, January 28.

This was for three companies: Midas Group, its construction arm Midas Construction, and its housing division Mi-Space.

Midas was recently ranked as the ninth largest private sector firm in the South West, by the Western Morning News, with a reported turnover of £291,267,008 and 498 employees.

But rumours have been circulating in recent weeks that the company was in financial trouble, after it announced a £2m loss in 2021 - its first deficit in 40 years of trading.

The company has important construction jobs ongoing throughout the region and has offices in Indian Queens in Cornwall, Exeter, Newton Abbot, Bristol, Newport in South Wales and Southampton.

However, concerns were raised when it emerged that work has ceased on three major Midas Construction hotel projects in Torquay, and that the Coal Orchard development in Taunton had been hit by a dispute with subcontractors.

Midas has now confirmed its intention to appoint an administrator - a process which can save a firm from liquidation and halts pending creditor action.

In a statement, Midas said: “On Friday January 28, 2022, the company filed notices of intention to appoint an administrator in respect of Midas Group, Midas Construction Ltd and Mi-Space (UK) Ltd.

“This does not mean that Midas has entered into administration and the company continues to operate, while the directors work to explore all available options to achieve the best outcome for the business and our people, our customers, supply chain partners and all our stakeholders.

“Midas is committed to pursuing an outcome that will achieve continuity for our live contracts and asks all our valued stakeholders to remain supportive of the group at this time.”

In 2021, Midas blamed much of its losses on the Covid pandemic and in its statement said: “As has been well documented, there have been issues relating to the Covid pandemic, ongoing shortages of materials and labour, and significant cost inflation, which are providing challenges in the construction sector and across the UK economy, which have had a direct impact on Midas’s own operations.

“Over recent weeks we have been working closely with all our stakeholders to attempt to resolve the situation and are continuing to do so.”

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2022-01-31 10:13:03Z
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UK-US extradition treaty branded 'not fit for purpose' over deportation of 'Britain's Bill Gates' - Daily Mail

One law for them: UK-US extradition treaty is labelled 'not fit for purpose' as Priti Patel says 'Britain's Bill Gates' can be deported for US trial over criminal fraud charges

• Mike Lynch, founder of Autonomy, lost UK's biggest ever civil fraud trial Friday 
• High Court judge found Hewlett Packard 'substantially succeeded' in its claim
• Priti Patel ordered his extradition hours later, a move criticised by senior MPs
• Tory MP Tom Tugendhat said Americans much harder to bring to justice in UK 

By Max Aitchison and Brendan Carlin for The Mail on Sunday

Published: 00:57 GMT, 30 January 2022 | Updated: 00:59 GMT, 30 January 2022

The UK-US extradition treaty has been declared 'not fit for purpose' as a British tech tycoon faces removal to America to answer criminal fraud charges.

Dr Mike Lynch, the founder of specialist software firm Autonomy, lost what is believed to be the UK's biggest-ever civil fraud trial on Friday.

The Home Secretary Priti Patel ordered his extradition hours after a High Court judge found Hewlett Packard Enterprise (HPE) had 'substantially succeeded' in its claim against the scandal-hit entrepreneur over the sale of his firm. 

But senior MPs and legal experts were quick to criticise the move. 

Tory MP Tom Tugendhat, chairman of the Commons Foreign Affairs Committee, last night said: 'Mike Lynch's case is another sign that the extradition treaty signed by the Blair government is unequal.

'US prosecutors can force our citizens to America while Americans are much harder to bring to justice in this country.' 

Dr Mike Lynch (pictured), the founder of specialist software firm Autonomy, lost what is believed to be the UK's biggest-ever civil fraud trial on Friday

Mr Tugendhat, who yesterday threw his hat in the ring to be the next leader of the Tory party, called for the treaty to be 'rebalanced'. 

'It's not acceptable to have Brits at a disadvantage,' he added.

Dr Lynch, who was once dubbed Britain's answer to Bill Gates, sold his firm to US giant HPE for £8.3 billion in 2011. 

But the company accused him of masterminding an elaborate scheme to inflate Autonomy's value before the sale.

The multi-billion pound fraud action brought by HPE concluded at the High Court in London on Friday when Mr Justice Hildyard said HPE had 'substantially succeeded' – but he added that the company would receive 'substantially less' than the £3.7 billion it claimed in damages.

Now Ms Patel has agreed to extradite Dr Lynch, the tycoon has 14 days to appeal – which could trigger another lengthy court process.

Dr Lynch, 56, could face up to 20 years in prison if he is found guilty in the US. He has always denied the accusations and signalled on Friday that he would appeal.

The Home Secretary Priti Patel (pictured) ordered Dr Lynch's extradition hours after a High Court judge found Hewlett Packard Enterprise (HPE) had 'substantially succeeded' in its claim against the scandal-hit entrepreneur over the sale of his firm

Robert Dougans, partner and head of dispute resolution at law firm Preiskel & Co, said: 'The treaty is not fit for purpose. It is one-sided. It allows people to be sent to America for things that happened here.

'For me, it's a basic point. I'm British, if I do something here it is for the courts in this country to punish me or not. I do find the jurisdictional overreach of the United States concerning.'

He added: 'Dr Lynch may not be Snow White, but my view is that this is primarily a business dispute.

'He sold a British company in a contract governed by English law with the English courts to police it.

'It strikes me as insane that a prosecution may now happen in the States.'

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2022-01-30 00:57:00Z
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Drink-driver banned from roads after crashing into McDonald's restaurant while three times the limit - Daily Mail

Well they do call it a drive-thru! Drink-driver, 19, is banned from roads after crashing his Volkswagen into McDonald's restaurant while three times the limit

• Taylor Steel, 19, was disqualified from driving for two years after the crash 
• The plumber from Fairfield Way, Ashington, slammed his car into a McDonald's 
• Sussex Police said he took the term 'drive thru' restaurant 'a bit too literally' 

By Joe Davies For Mailonline

Published: 11:50 GMT, 29 January 2022 | Updated: 11:55 GMT, 29 January 2022

A teenage drink-driver has been banned from the roads after crashing his Volkswagen into a McDonald's restaurant while three times over the limit.

Taylor Steel, 19, was disqualified from driving for two years after the crash at Buck Barn services on the A24 near Horsham, West Sussex, at 10.25pm on November 24.

The plumber from Fairfield Way, Ashington, failed a breath test which showed he had 101mcg of alcohol per 100ml of breath — nearly three times the legal limit of 35mcg.

A Sussex Police spokesman said the teenager had taken the term 'drive thru' restaurant 'a bit too literally'.

Taylor Steel, 19, has been banned from the roads after crashing his Volkswagen into a McDonald's restaurant in Horsham, West Sussex, while three times over the alcohol limit

He added: 'In police interview, Steel admitted he had been drinking beer at a pub before the incident occurred, and added he didn't know why he drove the car or where he intended to go.'

As well as the driving ban, Steel was sentenced at Crawley Magistrates' Court to a 12-month community order on January 25.

He will be required to carry out 80 hours of unpaid work and he was ordered to pay £85 costs and a £95 victim surcharge.

Sussex Police said: 'Taylor Steel was driving a VW Golf which ploughed into the building at Buck Barn services, on the A24 near Horsham.

The plumber, of Fairfield Way, Ashington, failed a breath test which showed he had 101mcg of alcohol per 100ml of breath — nearly three times the legal limit of 35mcg

'The 19-year-old plumber, of Fairfield Way, Ashington, failed a roadside breath test for alcohol. 

'People in Sussex can text officers on 65999 with the details of people they suspect of drink or drug-driving, or visit the Operation Crackdown website.

'You can also contact the independent charity Crimestoppers anonymously on 0800 555 111 or report it online.

'If you know someone is driving while over the limit or after taking drugs, call 999.'

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2022-01-29 11:50:02Z
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Staycation frenzy spurs Center Parcs owner to prepare £4bn sale - Sky News

The owner of Britain's biggest chain of upmarket holiday villages is to launch a £4bn auction of the business after recording the most profitable half-year in its history in spite of pandemic-related operating constraints.

Sky News has learnt that Brookfield Property Partners, the Canadian property giant, is paving the way to sell Center Parcs UK potentially as soon as this year.

City sources said this weekend that Brookfield had engaged the accountancy firm PricewaterhouseCoopers to assist with preparations for a sale process.

Investment banks have yet to be formally appointed to handle an auction, and one person close to the process said it was possible that Brookfield would decide to retain the business for a longer period if it did not secure a sufficiently attractive offer.

Center Parcs is one of the most famous brands in the British leisure industry, drawing millions of visitors annually to its five UK sites and the latest addition to its portfolio, at Longford Forest in Ireland.

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Its locations offer a mixture of adventure and leisure activities for families, such as watersports and horse riding, as well as spa packages.

The company opened its first site in the UK in 1987 at Sherwood Forest in Nottinghamshire.

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Last year, it announced plans to spend up to £400m on developing another village at Oldhouse Warren in West Sussex.

In the company's latest financial results for the 24 weeks ended 7 October, Center Parcs said it had recorded record earnings before interest, tax, depreciation and amortisation of almost £120m "despite operating to self-imposed reduced capacity limits".

Its other UK locations are at Elveden Forest in Suffolk; Longleat Forest in Wiltshire; Whinfell Forest in Cumbria; and Woburn Forest in Bedfordshire.

Center Parcs has been a public company in the past, being floated on London's junior AIM market in 2003 before moving to a main market listing two years later.

It was then taken over by Blackstone, the private equity firm, in 2006, before being sold to Brookfield in 2015 in a deal reported to have been worth £2.4bn.

Brookfield briefly explored plans to put Center Parcs up for sale before the pandemic but has only recently revived internal discussions about running a formal process, according to insiders.

Large private equity and real estate investors, as well as pension funds are likely to be to among those who examine bids for the business.

Center Parcs' UK and Ireland operations are owned separately to the European business that also trades under the brand.

The brand dates back to 1968, when the first village opened in the Netherlands.

Run by Martin Dalby, its chief executive for more than 20 years, Center Parcs' shareholders have received hundreds of millions of pounds in dividends since Brookfield bought the business.

An auction of the business, which may not formally kick off for some months, will come amid a deluge of corporate activity in the UK holiday sector, fuelled by a surge in domestic demand during the pandemic.

Park Holidays recently changed hands in a £950m deal after being sold to Sun Communities of the US.

The UK's largest operator, Parkdean Resorts, is expected to trade in the coming months, while CVC Capital Partners acquired Away Resorts, another big player in the sector, last year.

Butlin's, one of the most famous names in the industry, is also up for sale, with Bourne Leisure, its parent company, due to kick off a process shortly.

This week, Sky News revealed that Forest Holidays was also being put up for sale for about £250m - a deal that would land a windfall for the Forestry Commission, which is a shareholder in the business.

Brookfield and Center Parcs declined to comment.

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2022-01-29 11:37:58Z
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Formula One star Lewis Hamilton invests in rapid grocery delivery start-up Zapp - CNBC

A courier for U.K.-based rapid grocery delivery service Zapp.

Zapp

LONDON — British Formula One driver Lewis Hamilton has backed rapid grocery delivery start-up Zapp as part of a larger $200 million investment in the company.

The London-based firm said Friday it raised the fresh cash in a Series B funding round led by venture capital firms Lightspeed Venture Partners, 468 Capital and BroadLight Capital. Existing investors Atomico, Burda and Vorwerk Ventures also took part.

Zapp did not disclose its valuation, and declined to comment on the size of Hamilton's stake.

The involvement from Hamilton marks a rare start-up investment from the F1 racing star. The Mercedes team driver has won seven World Drivers' Championship titles, holding a joint record with retired German driver Michael Schumacher.

Founded in 2020, Zapp's service lets people buy snacks, drinks and essential items from so-called "dark stores," small warehouses built with the sole purpose of preparing online delivery orders. The app promises delivery times of as little as 20 minutes.

British Formula One driver Lewis Hamilton.

Bryn Lennon - Formula 1 | Formula 1 via Getty Images

Zapp is one of many upstart retailers in Europe competing for shoppers' wallets with the promise of superfast delivery. It's competing against some well-funded rivals, including the Turkish company Getir and German firms Gorillas and Flink.

Zapp claims it's different to competitors as its app offers a digital alternative to the convenience store, rather than an online version of a supermarket like Tesco or Sainsbury's. The company currently operates in seven cities including London, Amsterdam and Paris.

"With this new capital we will focus on achieving profitability in our existing markets as well as bringing Zapp to new customers globally," Zapp co-founder Joe Falter said in a statement.

The company said it also plans to spend the new capital on improving its customer experience and supply chain. Last year, Zapp opened a 25,000 square foot distribution center in London to keep goods flowing to its dark stores.

JPMorgan acted as financial advisor to Zapp on the deal, the company said.

Rapid delivery firms have experienced equally rapid growth since the onset of the coronavirus pandemic. Getir was most recently valued by investors at $7.7 billion, while Gorillas scored a $1 billion financing round led by German food delivery firm Delivery Hero, which valued it at over $3 billion. Meanwhile, DoorDash led a $750 million investment in Berlin start-up Flink.

As the space has become more crowded, there have been increasing signs of consolidation, with Getir buying London start-up Weezy and Gorillas snapping up French rival Frichti.

Tech investors and executives are starting to question the long-term sustainability of such start-ups. Tim Steiner, the CEO of retail tech firm Ocado, said Wednesday that he sees "little differentiation between all the players out there," and is unsurprised to see consolidation in the market.

"We don't see it as a winner takes all market," Steve O'Hear, Zapp's vice president of strategy, told CNBC. "Just like the wider grocery market, there is room for different players and historically customers have demonstrated that they value choice."

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2022-01-28 07:00:02Z
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Grenfell: Gove calls for insurance probe as costs soar - BBC News

PA Media

The insurance market is "failing" some leaseholders living in blocks of flats due to premiums "rapidly escalating" following the Grenfell Tower tragedy, the housing secretary has said.

As a result, Michael Gove has called on the UK's financial regulator to review the buildings insurance market.

He said despite progress to remove dangerous cladding, premiums had "increased dramatically".

Some leaseholders had seen insurance costs more than double, he added.

In the letter to the Financial Conduct Authority (FCA), Mr Gove said he had heard from "innumerable" leaseholders about the pressure they face from escalating building insurance premiums on high and medium-rise blocks of flats.

"I have been particularly concerned to hear of cases where insurance premiums have escalated by over 100% year-on-year, leaving residents with crippling costs," he said.

Mr Gove warned a lack of new policies being offered from insurers was forcing people to shop in a limited market place and "in many cases, trapping people with their current provider".

• Unsafe cladding firms ordered to pay to fix homes
• Why is cladding unsafe and what is it costing residents?
• Dozens of blocks still have Grenfell-type cladding

He said that despite progress in removing dangerous cladding, insurance premiums had "increased dramatically for almost all leaseholders in blocks of flats".

"Understandably, many policyholders do not view the market as effectively delivering accessibly priced, widely available insurance," he said. "I share that view, and do not consider this an acceptable situation."

James Dalton, director general of insurance policy at the Association of British Insurers (ABI), said it recognised and sympathised with "the challenges leaseholders are facing".

But he said: "The cost of buildings insurance reflects the significant fire risks associated with many multiple-occupancy residential buildings, which go beyond cladding under a building control system that has been found to be 'not fit for purpose'."

Lack of transparency

Mr Gove said the market lacked transparency and there was not currently any "useful data" to explain insurers rationale behind increasing charges.

In response to the housing secretary, the FCA said it had been monitoring the rising premiums and had written to the bosses of insurers and brokers. It also agreed with Mr Gove that there was lack of data, which created "challenges" in understanding the underlying causes of year-on-year price increases.

FCA chief executive Nikhil Rathi said the regulator would "remind firms of their obligations under our rules", which include that insurers should consider the "costs borne by leaseholders when determining whether a product is fair value".

"This is especially important as most leaseholders pay for buildings insurance through service charges, and cannot shop around to find the best deals," he said.

Mr Dalton said: "We welcome this request to the FCA in the interest of helping resolve the issue for those affected and, alongside our members, will do all we can to assist."

In the wake of the Grenfell fire, which killed 72 people in 2017, flammable cladding and other fire safety defects have been discovered in hundreds of blocks of flats across the UK.

Removing cladding can cost millions of pounds per block, with the cost often being borne by individual flat owners, under the leasehold system in England and Wales.

It has left many with huge bills to fix unsafe homes.

Getty Images

However, the government has promised to pay to remove cladding in high-rise flats, and in January, Mr Gove announced that people living in blocks between 11m and 18m high would also not face the costs of remedial works.

He said businesses who manufactured combustible cladding and insulation "must pay now, instead of leaseholders".

Recent figures show almost five years on from the Grenfell Tower fire, 40% of buildings in England with the same type of cladding have not been made safe.

A total of 481 buildings have been identified with Grenfell-style ACM cladding but as of December 2021, just 289 had remedial works finished.

Mr Gove has asked the FCA to work with the Competition and Markets Authority to review the sector to find out why prices have risen so much.

The FCA said a key factor in the price of insurance policies was the insurers' assessment of risk, which it said had been affected by unsafe cladding.

It also added there was an "increased understanding" of the likely scale of claims associated with flats affected by building defects.

"For example, where in the past a fire event may have been viewed as a risk to only a single unit or its adjacent properties, it is now commonly understood that unsafe building practices may result in significantly greater damage, more associated claims events, and a risk of more tragic events," the regulator said.

"We... want to ensure that products provide fair value, and premiums fairly and accurately reflect risk."

The FCA has been asked to provide feedback within three months, with a final report in six months.

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2022-01-28 09:34:24Z
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Apple's revenue hits another record as it navigates supply chain crunch - Financial Times

Apple posted record revenue of $123.9bn in the fourth quarter of 2021, an 11 per cent gain from a year before as its services business expanded and chip shortages were largely confined to iPad sales.

The iPhone and computer company’s net profit in the last three months of the year jumped 20 per cent to $34.6bn, well above forecasts of $31.1bn. Revenue surpassed analysts’ expectations of $119bn and the $111.4bn reported a year earlier.

Apple’s stock jumped 5 per cent after the release of its results late on Thursday.

Finance chief Luca Maestri told the Financial Times the supply chain problems plaguing broad swaths of the economy cost Apple “more than $6bn” in revenue, a similar amount to the prior quarter. Investors had anticipated the supply headwind to be closer to $10bn based on the company’s previous comments.

Maestri said supply chain concerns were being resolved, adding: “We expect to set a March quarter revenue record and we expect to grow revenue solidly on a year-over-year basis.”

The Cupertino-based tech giant, which briefly attained a market value of $3tn this month, said the iPhone accounted for 58 per cent of total revenues, rising 9 per cent from a year ago to $71.6bn. Analysts had expected $67.4bn in sales.

“The top five selling smartphones in the US and Australia were all iPhones,” Maestri said. “The top four in urban China were all iPhones.”

Revenues in China climbed 21 per cent to $25.8bn, while sales in the Americas rose 11 per cent to $51.5bn and sales in Europe climbed 9 per cent to $29.7bn. Japan was the only soft spot, with sales falling 14 per cent to $7.1bn; sales in the rest of Asia climbed 19 per cent to $9.8bn.

According to research group Counterpoint, Apple’s smartphone shipments in China were up 32 per cent from a year earlier to 50m units, taking the top spot from Huawei after US sanctions throttled component shipments to the Chinese group.

Asked if Apple needed to overhaul its supply chain at all, chief executive Tim Cook said: “I think our supply chain actually does very good considering the shortages.

“It’s a fast-moving supply chain, cycle times are short, there’s very little distance between a chip being fabricated and packaged and going out the factory. So I don’t see it makes [for] a fundamental change in the supply chain.”

Revenue from the services unit, which houses the App Store and digital media purchases, jumped 24 per cent to $19.5bn, above forecasts for a 19 per cent gain. Operating margins for the segment rose to 72.4 per cent, almost double the 38.4 per cent margin on products.

“We have great momentum around paid subscriptions — we now have more than 785m paid subscriptions on our platform,” Maestri said. “That’s 165m up in the last 12 months alone.”

The wearables unit that sells the Apple Watch and AirPods logged a 13 per cent rise in revenue to $14.7bn. Mac sales rose 25 per cent to $10.9bn.

iPad sales were the only category to decline, as Apple prioritised components for the iPhone. Sales of the tablet fell 14 per cent to $7.2bn.

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2022-01-28 00:17:31Z
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Face masks: What do Bury St Edmunds shoppers and retailers think? - BBC News

It is no longer a legal requirement to wear face coverings in many indoor places in England. Despite the relaxation in rules, some retailers and rail firms still recommend customers wear a mask. How do shoppers and traders in Bury St Edmunds, Suffolk, feel about the changes?

'The virus hasn't gone anywhere'

The threat of the Omicron variant has plateaued, according to official data, and Covid infection rates are far lower than the peak of this time last year.

It meant the stricter rules of Plan B introduced in December were no longer needed, said Health Secretary Sajid Javid, who added the country had to "learn to live with Covid".

But for Giles Henderson, owner of Hendo's Fish & Chips, the end of mask wearing was a concern.

"The virus hasn't gone anywhere. It's still prevalent and if anybody catches it they've still got to stay at home and isolate," he said.

"For a business owner, I don't have many staff. If one of them is sick then it can be the difference between me opening and closing."

'We've got to move forward'

Sarah Jane Clarke is the commercial director of women's clothing shop Anna, in Abbeygate Street.

"We'll probably let our customers make the choice. We've had three customers in today and they've all come in with masks," she said.

"But I think it's good, we've got to move forward, haven't we? We've got to try and get things back to normal."

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'I'd rather wear it'

Sheri Frearson, 33, lives near Diss and was visiting the market town.

"I don't have anything against people that don't wear them as that's personal preference," she said.

"But I just think for my own safety and comfort I'd rather wear it, and if other people do, that's great as well."

'Better safe than sorry'

Alan Meredith, 67, lives in Bury St Edmunds. He said he would continue to wear a mask, despite the changes.

"Just for my own protection and other people's, because it's still the case that people have it and don't realise they have it," he said.

"So it's just better being safe that sorry, I suppose."

'It protects everybody'

Richard and Jacky Holland, both aged 75, think the government has missed a trick.

Mrs Holland said: "I think they should have kept masks in place because it protects everybody and it will help all the national health systems, all the doctors and nurses that need help."

Her husband Richard agreed. "I will wear a mask in public and in crowded places. I think it's the sensible thing to do," he said.

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• Gov.uk: Face coverings

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2022-01-27 15:59:22Z
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Cost of living: Food poverty campaigner Jack Monroe welcomes inflation data shake-up - Sky News

Official statisticians are to shake up the way they collect and widen how they present inflation data amid concerns that cost of living headlines fail to reflect the squeeze being felt by the worst off.

The announcement by the Office for National Statistics (ONS) comes as food poverty campaigner Jack Monroe has been drawing attention to the impact of price rises on poorer families.

From later this week, the ONS will resume the publication of a breakdown of how inflation affects different income groups.

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In the longer term, it said it was also developing "radical new plans" to increase the number of price points it measures each month from 180,000 to hundreds of millions.

Ms Monroe tweeted: "Delighted to be able to tell you that the ONS have just announced that they are going to be changing the way they collect and report on the cost of food prices and inflation to take into consideration a wider range of income levels and household circumstances."

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Latest official figures showed inflation hit 5.4%, the highest level since March 1992, in December.

But Ms Monroe took to social media last week to express anger that the measure "grossly underestimates the real cost of inflation as it happens to people with the least".

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She gave examples of the prices of some of the cheapest available staple products such as pasta, rice and peanut butter at her local supermarket being in some cases more than double what they were last year.

Mike Hardie, head of prices at the ONS, acknowledged in a blog post that "everyone has their own personal inflation rate", with some, for example, spending a larger proportion of their income on gas and electricity and others on petrol.

Image: Jack Monroe says the headline inflation measure underestimates the impact of price rises on the poorest

He said that in the past, analysis by the agency breaking down the impact of inflation in different ways, such as by income group or whether people own or rent their properties, had shown only small differences - though this has not always been the case.

During the economic downturn in 2008 and 2009, inflation was higher for low income households, he said.

This detailed analysis was suspended during the pandemic because many items were temporarily available but "given the level of interest in the cost of living and inflation" the ONS will restart the data series from this Friday, Mr Hardie said.

In the future, it will widen the number of price points measured using data sent directly from supermarket checkouts, he added.

"This will mean we won't just include one apple in a shop - picked to be representative based on shelf space and market intelligence - but how much every apple costs, and how many of each type were purchased, in many more shops in every area of the country.

"While it will not show us what each consumer has bought… it will show exactly what has been sold and for how much, giving us even more detail on how inflation is affecting UK households."

An ONS spokesperson said: "We will continue to produce our headline inflation statistics, which are long running and follow international best practice.

"We are committed to ensuring that our statistics are relevant and continue to meet user needs.

"As part of this we are restarting publication of inflation broken down according to how much income you earn.

"We are continuing with longer-term plans to improve our inflation figures by including data from supermarket checkouts which will help us understand people's experience of inflation in a much more detailed way."

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2022-01-26 19:01:18Z
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Bentley pledges £2.5bn for Crewe plant in electric cars move - BBC News

Bentley

Luxury car manufacturer Bentley will invest £2.5bn as it moves towards making electric vehicles.

It aims to produce its first electric car within the next three years, with exclusively electric models by 2030.

The new models will be developed at the company's plant in Crewe, Cheshire, which will also see investment to become carbon neutral, the firm said.

Bentley's CEO Adrian Hallmark said the plans were bold and ambitious and a "milestone moment" for the brand.

"Our aim is to become the benchmark not just for luxury cars or sustainable credentials but the entire scope of our operations," he said.

"Securing production of our first BEV [battery-powered electric vehicle] in Crewe is a milestone moment for Bentley, and the UK, as we plan for a long-term sustainable future in Crewe."

Sales of new cars and vans powered wholly by petrol and diesel are set to be banned in the UK from 2030.

• Bentley reveals plan to go fully electric by 2030
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About 4,000 people are employed at Bentley's factory in Crewe and the firm said it plans to make the plant itself carbon neutral.

Changes will include becoming net-zero with waste and water-use.

Peter Bosch, from the company, said the announcement marked arguably the most important day in Bentley's modern history.

"[It] is a testament to the hard work and skill of our colleagues in Crewe," he said. "The journey really does start now."

Kieran Mullan, the Conservative MP for Crewe and Nantwich MP said the announcement was a vote of confidence in the area and future proofs jobs at the plant.

"I can imagine if you're working in the car industry, there's a lot of uncertainty, a lot of change, and today's news means the workers at Bentley know that their future is secure," he said.

Business Secretary Kwasi Kwarteng said the announcement was excellent news and put Crewe at the cutting edge of Britain's green industrial revolution.

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• Bentley

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2022-01-26 12:42:26Z
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