BUSINESS LIVE: inflation dips to 0.2%; Housebuilder Redrow Reveals Falling Revenue; Zara owner returns to profit
Inflation fell last month as the government’s Eat Out scheme and falling air fares depressed prices. According to figures from the Office for National Statistics, the CPI measure fell from 1 percent in July to just 0.2 percent in August.
Homebuilder Redrow saw its annual pre-tax profit drop 66 percent to £ 140 million, while annual revenues and completed sales fell nearly 40 percent, but still pledged to renew dividend payments next year.
Inditex, the parent company of fashion retailer Zara, returned to quarterly earnings in the three months from May to July, despite a 31 percent drop in sales as the coronavirus crisis kept consumers away from downtown shopping areas.
Britain’s largest union, Unite, has warned mass layoffs could take place unless the government extends its leave plan, which expires next month. Millions of lovers will learn whether they will still have a job after October 31.