The City roundup video: Next profits down £25m - more bad news ahead for UK retail?

Video: Simon Neville provides a run-down of the day's major news from the City

A man walks past a Next store on Oxford Street on June 3, 2014 in London, England. (Dan Kitwood | Getty Images)

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Next kicked off what’s expected to be a host of profit warnings for high street fashion brands.

The retailer, which has done better than most in recent times, said profits will be £25 million lower than first thought.

Boss Lord Wolfson said won’t be having any kneejerk flash sales to clear extra stock unlike rival M&S, which reports its own set of results next week.

Standard Life’s head of investments, Keith Ski-ock, warned the FTSE won’t improve until companies start spending the cash on their balance sheets and European prospects improve.

Finally, John Lewis is to spend £13 million doing up its home department in Oxford Street and has predicted more customers will use click and collect than will use home deliveries.