6:39 am, July 21, 2025
Retail profit warnings more than double as high street pressures mount – report
Profit alerts among retailers more than doubled in the second quarter as consumers reined in their spending and firms faced soaring wage costs, according to a report.
The latest report from EY-Parthenon also revealed that overall profit warnings among UK-listed firms jumped by a fifth year-on-year in the second quarter. The data showed that seven UK-listed retailers, including supermarkets, cut profit guidance between April and June.
Britain’s retail sector has come under significant pressure since last autumn’s Budget move to hike National Insurance Contributions (NICs) and the minimum wage, both taking effect in April. But EY said the high street was also facing tough consumer spending challenges, with shoppers cutting back and focusing on value.
Southern Water boss should refuse ‘outrageous’ pay rise – environment secretary
The environment secretary has urged Southern Water’s chief executive to turn down a pay rise worth hundreds of thousands of pounds, saying it was not ‘merited’.
Lawrence Gosden, who has led Southern Water since 2022, was awarded £691,000 as part of a long-term incentive plan this year on top of his fixed pay of £687,000, according to the company’s annual report. It is understood that he has only received half of this payment this year, taking his total pay to more than £1m.
Asked on Sunday about Gosden’s pay, environment secretary Steve Reed told the BBC’s Sunday With Laura Kuenssberg it was ‘outrageous’ and implored Southern to ‘think about how this looks to their customers’.
Skoda goes with popular vote for new colour schemes
Skoda’s Octavia vRS has gained two new colours following a public vote hosted across the Czech brand’s social media platforms.
Skoda launched a poll asking members of the public to vote for two shades out of a shortlist created specifically for the new Octavia vRS. While votes indicated that Chili Red and Plum Blue were two key choices, they were pipped to the post by Space Violet and Water World Green, which will now become exclusive colours to the firm’s performance model.
In total, Space Violet topped a poll on X with 43 per cent of the vote, while Water World Green won its challenge on Instagram with 33 per cent of entrants confirming it as their favourite new shade. The two colours are now available to order with the Octavia vRS as a £855 optional extra.
The markets
Stock prices in London closed higher on Friday, with markets maintaining the optimism that prevailed after US President Donald Trump said on Wednesday that it was “highly unlikely” that he would fire Federal Reserve chair Jerome Powell.
The FTSE 100 index closed up 19.48 points, 0.2%, at 8,992.12. The FTSE 250 ended up 131.83 points, 0.6%, at 21,898.26, and the AIM All-Share closed up 3.85 points, 0.5%, at 772.78.
The pound was quoted higher at 1.3444 dollars at the time of the London equities close on Friday, compared to 1.3414 dollars on Thursday.
Government to launch new water ombudsman to boost consumer protection
Steve Reed is set to announce tougher protections for consumers amid declining trust in the water industry.
The environment secretary will commit to setting up a new water ombudsman with legal powers to resolve disputes, rather than the current voluntary system that is thought to lack teeth.
The changes, which will expand the role of the Consumer Council for Water (CCW), will bring the sector into line with other utilities by creating a legally binding consumer watchdog.
Labour nationalises second train company
The nationalisation of a second train company by the Labour Government has been completed.
Operator c2c, which runs services between London Fenchurch Street and south Essex, was taken into public ownership on Sunday. It had been controlled by Italy’s state-owned rail company Trenitalia since 2017.
DfT (Department for Transport) Operator, which manages services under public control on behalf of the UK government, said tickets previously purchased will remain valid. It added that fares are ‘not changing as a direct result of the transfer’.
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Weather
Today will bring cloud and heavy rain to the north and west, especially across Scotland and Northern Ireland, reports BBC Weather. Elsewhere, expect sunny spells and scattered, potentially thundery showers.
Tonight, showers continue in the north and west, while clearer skies in other areas gradually give way to increasing overnight cloud.
