Tag: warn

UK mortgage approvals hit 13-year high, as firms warn of tough times – business live | Business

A Greggs bakers store in Cardiff, south Wales, at the start of the lockdown

A Greggs bakers store in Cardiff, south Wales, at the start of the lockdown Photograph: Geoff Caddick/AFP via Getty Images

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.

A swathe of UK companies are reporting today that Covid-19 continues to hurt their businesses, more than six months after the UK first imposed restrictions to battle the pandemic.

High street baker Greggs has warned that staff faced reduced hours, and potentially job cuts, as it tries to cut its employment costs.

Greggs, famous for its steak bakes, sausage rolls and new vegan offerings, reports that like-for-like sales in September are only 76.1% of the 2019 levels (an improvement on a ‘slow’ August).

With the government’s furlough scheme wrapping up in a month (replaced by a less generous wage subsidy package), Greggs says it must make cuts:

With business activity levels

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Analysts warn of Boeing talent drain, question company’s long-term strategy | In depth

A cadre of departing mid-level Boeing staff has raised questions about whether the company could find itself short of critical expertise needed to advance future commercial aircraft programmes, say aerospace experts.

Bloomberg reported on 26 September that 170 Boeing vice-presidents and other middle-tier staff, including 70 commercial aircraft employees, have taken buyouts. The first of those will depart the company on 2 October in exchange for one year of salary.

boeing building

Boeing insists staff cuts will not degrade its ability to compete. But some industry experts express surprise at how many skilled workers are leaving, warning that Boeing must be careful not to cut too deep.

“We are witnessing the departure of a critically talented, experienced segment of the Boeing executive workforce. And that you cannot replace easily,” says Michel Merluzeau, aerospace analyst with consultancy AIR.

“The response has reportedly been really strong to the voluntary layoff packages,” he adds. “I

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Local lockdown business grants ‘not enough’, warn lobby groups

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Grants for English firms forced to close in local lockdowns “will not be enough” to bail them out, industry bodies have warned.

The government unveiled the grants – worth up to £1,500 every three weeks – on Wednesday, amid warnings of rising coronavirus infections.

Chief Secretary to the Treasury Stephen Barclay said they would be a “lifeline” for struggling firms.

But the British Chambers of Commerce (BCC) said more help was needed.

This week, restrictions were tightened in Bolton and Caerphilly amid spikes in infections. It follows local lockdowns in other areas including Leicester, Burnley, Hyndburn and Stockport.

But there have been complaints that firms in such areas get no extra support, despite having to shut their doors to the public.

  • UK banks get 100,000 loan applications on first day
  • Social gatherings over six to be banned in England

Mr Barclay said he understood the impact

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