Business News: Nissan to axe 20,000 jobs but sunshine helps brighten outlook of UK's High Streets
Pub group Marston’s has posted a strong rise in profits, helped by cost savings and digital upgrades. Half-year operating profit jumped 20 per cent despite flat revenue. Debt is down, margins are up, and like-for-like sales surged 10.5 per cent in recent weeks. The company says it’s confident in hitting full-year targets.
Nissan to axe 20,000 jobs - but impact on Sunderland plant unknown: More Business in Brief
- Wickes has made a strong start to 2025, too, with sales up nearly seven per cent year-on-year. Retail revenue rose 9.6 per cent, driven by volume growth, and strong garden, timber and décor sales. TradePro and DIY sales were both up, with market share continuing to grow. The firm says it's on track to meet profit forecasts despite cost pressures.
It’s not often we get to say this, but today feels unusually upbeat for the UK economy. Wickes and Marston’s have both reported strong results, helped along by decent management, favourable weather and Easter timing.
The High Street also enjoyed a sunny sales bump, giving retail a rare moment of cheer. Even the travel sector is flying high: On The Beach says it’s gearing up for a record summer, with bookings and profits both on the rise as customers continue to “prioritise travel”.
Meanwhile, global tensions may be easing - for now. Donald Trump’s so-called “total reset” with China saw markets surge, and Washington talking to Beijing again is no small thing.
But let’s not mistake a few rays of light for a change in climate. Unemployment here has crept to a four-year high, driven by companies putting hiring on hold.
Nissan, citing weak sales, is axing 20,000 jobs worldwide. And when it comes to Trump, today’s calm could easily be tomorrow’s storm. He remains a walking source of economic unpredictability.
So yes, there’s reason for cautious optimism. But the UK is not basking in any economic sunlit uplands just yet.
- Virgin Media O2 is merging its business arm with Daisy Group in a £1.4bn deal. The new telecoms firm will serve around 700,000 customers. Virgin will own 70 per cent of the venture, Daisy the rest. They expect to save £600 million through the tie-up.
- Nissan plans to cut nearly 20,000 jobs worldwide as part of a major cost-cutting drive. That’s more than double the number it first announced in November. The move follows weak sales and could affect 15 per cent of its global workforce. It’s unclear if staff at Nissan’s Sunderland plant will be hit.
- UK unemployment edged up to 4.5 per cent in the three months to March. Wage growth also slowed, with regular pay rising 5.6 per cent year-on-year. After inflation, that’s a 2.6 per cent increase in real terms.
- The sunniest April on record has given UK retail sales a big boost - up seven per cent on last year. Easter helped, with strong demand for food, DIY and gardening gear. Even clothing sales picked up after months of slow growth. Figures from the BRC show spending was well above the yearly average.
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