Marks & Spencer facing mutiny over weak sales performance
Marks & Spencer is expected to reveal a ninth consecutive quarter of falling sales in its clothes and homeware division this week in a move likely to heap further pressure on its struggling boss Marc Bolland. The 54-year-old Dutchman is hoping to convince investors that the retailer’s autumn/winter collection will mark a turning point in its fortunes following three years of underperformance.
Osborne’s new green deal aims to reduce energy bills
George Osborne is finalising a plan to cut household energy bills by up to £75 a year by removing charges to support green power projects and home insulation schemes. The changes are likely to be announced in the Chancellor’s autumn statement which is set to be announced on 4 December. Subsidies for green schemes will in future be paid out of taxes, according to senior industry sources.
Tell the truth over bills, MPs warn energy chiefs
The Energy and Climate Change Committee has demanded that energy firms give precise figures for the price they pay for their gas on the wholesale market, the exact costs for distributing gas and electricity through the National Grid, and the cost of green and social levies imposed by the Government. MPs have also told companies to reveal how much profit they make on typical dual-fuel bills.
Bolland wins the support of billionaire investor
The biggest private investor in Marks & Spencer has given his backing to chief executive Marc Bolland despite the company’s clothing business continuing to struggle. Bill Adderley, the founder of Dunelm, was last week revealed to hold a 3 per cent stake in M&S. He said that “too big a deal” has been made of the retailer’s underperforming general merchandise division.