News in brief: Bonus boost for John Lewis staff, Business credit leap buoys the economy, Taylor Wimpey profits take off
John Lewis Partnership is to award its 81,000 staff an increased bonus of up to 16% of their salary next Thursday after a strong uplift in its annual profits.
The John Lewis department store and Waitrose supermarket owner handed its employees a bonus of 14%, equal to seven weeks’ pay last year. But this is expected to be raised to between 15% and 16% for the year to January 26. John Lewis revenues grew 17.2% last week, while Waitrose was up 9.4%.
Business credit leap buoys the economy
The biggest jump in business credit for more than two years buoyed the economy in January, according to figures from the Bank of England. Lending data showed £1.9 billion in loans to businesses at the beginning of 2013, the highest amountsince November 2010 and ending a lengthyrun of declining credit and a boost for the Bank’s Funding for Lending scheme. Mortgage approvals dipped 1.6% to 54,719 in a month affected by heavy snow.
Taylor Wimpey profits take off
The UK’s biggest housebuilder, Taylor Wimpey, capped a week of stellar results from the industry today as it unveiled a 106% rise in pre-tax profits to £185.3 million for 2012. Wimpey, which nearly went bust in 2009, sold 10,886 homes last year and halved its debt pile to £59 million. The firm is “cautiously optimistic” for this year as sales improve in the South and Midlands. Shares added 0.8p to 81.9p.
