FTSE 100 virtually flat, as UK borrowing jumps and retail survey disappoints
London’s blue-chip shares index struggles for direction after economic data
FTSE 100 barely changed
UK public finances scarred by pandemic costs
11.22am: Demand short-lived after shops re-open
Retail sales were below expectations in recent weeks, according to the the latest CBI Distributive Trades survey.
Volume of sales was +18 between the end of April and the middle of May, a period when retailers were open but the hospitality and leisure rules had not been fully relaxed.
This was down from +20 previously.
UK CBI Total Distributed Reported Sales May: 43 (prev 30) LiveSquawk (@LiveSquawk) May 25, 2021
This week, accountant EY said staff will work from home for two days a week for good. Rival BDO went further, telling staff to stay at home forever if they wish.
Only investment banks have put their foot down, with Goldman Sachs and JP Morgan telling staff to come in. Charles Hall, analyst at Peel Hunt, said: ‘The current situation is pretty unhelpful. More unemployment in the UK is also a worry for Greencore.’
Stock Watch - Ted Baker
Struggling British fashion group Ted Baker has managed to secure a new financing deal with its banks.
Sales have plunged during the pandemic, necessitating a turnaround plan.