Skip to content
Search

Latest Stories

Tesco to axe 4,500 jobs

IN the latest blow to the high street, the UK’s biggest retailer, Tesco plans to axe 4,500 jobs.

The latest move has come as part of the restructuring of its Metro stores.


The company will also cut management numbers.

The UK’s business with a staff of more than 300,000 added it would restructure the stores - medium-sized shops found on the high street and by railway stations in a bid to transport stock more quickly, efficiently to the shelves and reduce the time it is held in the storeroom.

“We will simplify and reduce processes and administrative tasks across all of our 153 Tesco Metro stores”, the company said.

“The changes in our Metro stores will be focused on better tailoring them to how our customers' shop. The Metro format was originally designed for larger, weekly shops, but today nearly 70 per cent of customers use them as convenience stores, buying food for that day.”

Jason Tarry, UK CEO, said: “In a challenging, evolving retail environment, with increasing cost pressures, we have to continue to review the way we run our stores to ensure we reflect the way our customers are shopping and do so in the most efficient way.

“We do not take any decision which impacts colleagues lightly, but have to make sure we remain relevant for customers and operate a sustainable business now and in the future.”

Tesco is also making some small changes in 134 of its 1,750 Express stores, where customer footfall is lower.

Changes in these stores will include a slight reduction in opening hours during quieter trading periods at the start and end of the day, and simplifying stock routines.

More For You

Donald Trump

Speaking from the Oval Office, Trump said, 'What we’re going to be doing is a 25 per cent tariff on all cars that are not made in the US.'

Getty Images

Trump imposes 25 per cent tariffs on foreign-built cars

US president Donald Trump has announced a 25 per cent tariff on imported cars and auto parts, escalating trade tensions with key partners.

The new duties take effect on 3 April and apply to foreign-made cars and light trucks, with additional levies on key auto parts set to follow within the month.

Keep ReadingShow less
Starmer-Trump-Getty

The UK is negotiating a tech-focused trade deal with the US, which could help avoid direct tariff impacts.

Getty Images

UK economy faces pressure from Trump’s tariff threats

THE UK’s economy faces a major risk from US president Donald Trump’s proposed tariffs, the country’s fiscal watchdog warned on Wednesday, citing slow growth and a high debt burden as key vulnerabilities.

Chancellor Rachel Reeves announced cuts to the welfare budget and other spending reductions to meet a key fiscal target aimed at reassuring investors after the 2022 market turmoil under former prime minister Liz Truss.

Keep ReadingShow less
FCA's new five-year plan focuses on economic growth
Nikhil Rathi

FCA's new five-year plan focuses on economic growth

COUNTRY's financial watchdog has launched a new five-year strategy aimed at transforming financial regulation in the UK, focusing on supporting economic growth and improving consumer experiences.

The Financial Conduct Authority (FCA) on Tuesday (25) outlined four key priorities: becoming a smarter regulator, supporting economic growth, helping consumers make financial decisions, and combating financial crime.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

US trade officials in India for talks as tariff deadline nears

US OFFICIALS arrived in India on Tuesday for trade discussions ahead of the implementation of tariffs announced by president Donald Trump.

The meetings come as the US moves forward with reciprocal tariff measures affecting multiple countries, including India.

Keep ReadingShow less
modi-trump-getty
Modi shakes hands with Trump before a meeting at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

India open to tariff cuts on £17.7 bn worth of US imports: Report

INDIA is considering cutting tariffs on more than half of US imports valued at £17.7 billion as part of ongoing trade negotiations, two government sources told Reuters.

The move, which would be the most significant tariff reduction in years, is aimed at countering reciprocal tariffs.

Keep ReadingShow less