BUSINESS LIVE: FTSE up; Tesco warns 1,600 more jobs at risk; House price growth strongest since 2005; Virgin Money boosts outlook
Supermarket giant Tesco has warned that a further 1,600 jobs are at risk across the business, as a result of changes to overnight roles.
Tesco announced separate expected job cuts just yesterday as the group outlined ‘efforts to serve customers in the best way possible in a competitive market’.
British house prices jumped by 0.8 per cent in January, marking the strongest start to any year since 2005, Nationwide figures reveal.
The rise beats economist forecasts of 0.6 per cent growth and follows a 1.1 per cent uptick in December, with house prices now 11.2 per cent higher than their level in January 2021.
Challenger bank Virgin Money UK has boosted expectations for its annual net interest margin outlook – a key measure of a bank’s underlying profitability – as it benefits from higher-yielding lending on the back of rising interest rates.
The London-listed firm said its net interest margin will be about 175 basis points in fiscal 2022, following a strong first quarter in which in benefitted from lower cost funds, higher hedge contributions and higher yielding lending mix.
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Robert Garnder, Nationwide chief economist: ‘Reduced affordability is likely to exert a dampening impact on market activity and house price growth’