• Privacy policy
  • T&C’s
  • About Us
    • FAQ
  • Contact us
  • Guest Content
  • TLE
  • News
  • Politics
  • Opinion
    • Elevenses
  • Business
  • Food
  • Travel
  • Property
  • JOBS
  • All
    • All Entertainment
    • Film
    • Sport
    • Tech/Auto
    • Lifestyle
    • Lottery Results
      • Lotto
      • Set For Life
      • Thunderball
      • EuroMillions
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
The London Economic
No Result
View All Result
Home Business and Economics

Primark rejects Rishi Sunak’s £30 million bonus amid signs of encouraging sales

The move will heap pressure on other businesses to turn down the £9 billion handouts from the Treasury.

Jack Peat by Jack Peat
2020-07-12 12:34
in Business and Economics
Credit;PA

Credit;PA

FacebookTwitterLinkedinEmailWhatsapp

Primark is expected to reject around £30 million in bonus payments for bringing furloughed staff back into work amid signs of encouraging sales.

The high street retailer has been praised for doing its bit to protect the public purse after it moved to shun the £1,000 bonus for its 30,000 staff.

The move will heap pressure on other businesses to turn down the £9 billion handouts from the Treasury, which the Chancellor admits will go to many companies that are already back up and running after lockdown.

Profits

Last year it made profits of more than £900 million, with owner Associated British Foods (ABF) saying sales have been “encouraging” after reopening sites, despite predicting a major hit to profits.

Only eight of the 375 Primark stores have not yet reopened, with reports of “reassuring” trade from stores which have welcomed customers again.

It said sales in the first week of reopening in England and Wales were “ahead of the same week last year” after raking in £133 million from customers.

“Not necessary”

Rishi Sunak used his mini-Budget last week to announce more extraordinary steps to prop up the economy.

Every business that brings back one of the 9million furloughed employees on a decent wage and keeps them on the books until January will also get £1,000 – even if they were already back at work before the policy was introduced.

A spokesman for Primark’s parent group ABF said: “I can confirm that Primark does not intend to take advantage of support under the Job Retention Bonus announced by the Chancellor this week.

RelatedPosts

Trump unveils $499 gold mobile phones for ‘real Americans’

No ‘millionaire exodus’ as a result of Labour policies, study finds

Shops could be forced to accept cash in future

Liverpool to introduce tourist tax from June

“The company removed its employees from government employment support schemes in the UK and Europe in line with the reopening of the majority of its stores.

“The company believes it should not be necessary therefore to apply for payment under the Bonus scheme on current circumstances.”

According to the Sunday Times, William Hill has joined Primark in rejecting the bonus payments.

Related: Don’t ignore the economic evidence in the same way you ignored the science

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

SUPPORT

We do not charge or put articles behind a paywall. If you can, please show your appreciation for our free content by donating whatever you think is fair to help keep TLE growing and support real, independent, investigative journalism.

DONATE & SUPPORT

Contact

Editorial enquiries, please contact: [email protected]

Commercial enquiries, please contact: [email protected]

Address

The London Economic Newspaper Limited t/a TLE
Company number 09221879
International House,
24 Holborn Viaduct,
London EC1A 2BN,
United Kingdom

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

← Isolation and despair: The human cost of the UK’s asylum laws ← Bishop of Manchester defends tweets criticising Dominic Cummings
No Result
View All Result
  • Home
  • News
  • Politics
  • Lottery Results
    • Lotto
    • Set For Life
    • Thunderball
    • EuroMillions
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Privacy policy
  • Contact us

© The London Economic Newspaper Limited t/a TLE thelondoneconomic.com - All Rights Reserved. Privacy

-->