Britain's shift towards a services-dominated economy is accelerating, pushing manufacturing's share of economic output to a historic low and setting the nation apart from its global peers, Reuters reported. Recent data show the make-up of the world's sixth-biggest economy is changing fast, driven by global trends but also domestic factors such as Brexit and increasingly London-centric growth.
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British supermarket chain Asda Group Ltd. is set to face a crucial stage in its equal pay fight with workers in what could form the tip of an £8 billion ($10.6 billion) iceberg of claims against the biggest U.K. retailers, Bloomberg News reported. Just days after a recent victory for Next Plc employees, a hearing at Manchester’s employment tribunal on Monday will decide whether the jobs of more than 60,000 Asda retail workers, who are mostly women and paid lower hourly rates, were of equal value to the disproportionately male warehouse staff.
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The U.K. payments industry is still fighting for changes to fraud-reimbursement rules with just a month to go before they’re enacted, even after a significant U-turn by regulators this week, Bloomberg News reported. In an 11th-hour push, the Payments Association wrote to City Minister Tulip Siddiq on Friday, calling for the maximum reimbursement for victims of authorized-push-payment fraud to be cut to £30,000 ($39,000) — a “more appropriate” amount that would still cover 95% of fraud cases, the group said.
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The UK is making further tweaks to water company insolvency laws as fears grow that debt-laden Thames Water will run out of money next year, Bloomberg News reported. The government is updating the special administration regime for water monopolies in England and Wales and is cracking down on executives heading up companies that leak sewage into rivers and the sea in a new bill introduced to parliament on Thursday.
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U.K. retail sales ticked up in August after better weather boosted food sales, according to a report by KPMG and the British Retail Consortium, the Wall Street Journal reported. Total retail sales for the four weeks to Aug. 24 increased 1% on year, compared with 0.5% growth the prior month and a three-month average growth of 0.4%, the report said. Growth was once again driven mainly by food purchases. In the three months to Aug. 24, food sales increased 2.9% compared with the year-prior period. Nonfood sales over the same period decreased 1.7%.
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