Sainsbury chief reassures customers about Christmas availability; Automakers warn of chip crisis – Business Live UK news

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10.21 AM GMT 10:21

A booming mortgage market and an economic recovery that made it less likely that Covid-affected borrowers will default on loans helped Lloyds Banking Group double its profits in the three months to September.

The group, which owns Halifax and is the UK’s largest mortgage lender, has benefited from increased demand for large homes linked to the “race for space” pandemic, and recent efforts by consumers to take advantage of the stamp duty holiday, which ended last month after a reduction at the end of June.

There was a net increase of £2.7bn in its home loans in the quarter, taking its mortgage lending to £15.3bn over the nine months to September – the strongest rise on this metric at the bank in more than a decade.

It contributed a 96% increase in pre-tax earnings to £2 billion in the third quarter compared to £1 billion in the previous year. That beat analysts’ average estimate of £1.3 billion.

You can read the rest of Kayleena’s story here:

10.06 AM GMT 10:06

Royal Dutch Shell has set a target to halve its emissions by the end of the decade as it revealed worse-than-expected third-quarter earnings despite a global rally in oil and gas markets.

The Anglo-Dutch group, which reported $4.13bn (£3bn) in profit for the fourth quarter, is under pressure to continue paying huge shareholder dividends from its fossil fuel business while cutting its overall greenhouse gas production in line with stricter climate standards. . among its many investors.

However, its new climate goal falls short of the bulk of emissions from the oil and gas it produces, and it is unlikely to satisfy the environmentalists who have urgently called on Shell to reduce its overall impact on global warming.

The worse-than-expected earnings announcement emerged after a major US investor called on the company to dismantle itself to put an end to its “incoherent” strategy and conflicting stance on climate action.

You can read the story of energy reporter Gillian Ambrose here:

10.06 AM GMT 10:06

There was a flurry of corporate results this morning, and here’s a quick report on some of them that stand out.

9.30am BST09:30

Sainsbury chief reassures customers about Christmas service availability

In a normal year, few expect the boss of one of Britain’s largest supermarket chains to write to customers telling them they should buy everything they want this Christmas, including fresh and frozen turkey.

But with a backdrop of supply chain disruption, staff shortages and truck drivers and gaps on supermarket shelves (in some cases disguised as cardboard cut-outs of fruits and vegetables), that’s exactly what Simon Roberts, CEO of Sainsbury’s, has done.

“Following reports that some popular products will be hard to find this Christmas, I want to tell you that we are working hard to make it an unforgettable Christmas,” Roberts wrote in a letter to customers.

I am writing to inform you of what we do in Sainsbury to help you plan and manage your Christmas budget. I also want to assure you that there will be plenty to eat and that we are confident that even if the specific product you are looking for is not available, there will be a good alternative – Simon Roberts, CEO of Sainsbury

Sainsbury says they don’t have to worry about getting a turkey this year, because they’ll have “a lot available” and “expect to sell more fresh turkeys this year than ever before.” But the grocer highlights that frozen turkeys are already in the store in addition to frozen party foods.

George MacDonald (GeorgeMacD)

Simon Roberts, CEO of Sainsbury, wrote to customers about availability at Christmas: “I want to assure you that there will be plenty to eat and that we are confident that even if the exact product you are looking for isn’t available, there will be something good. alternative ‘…

October 28, 2021 Hannah Utley (@huttleyjourno)

Sainsbury’s urges Sainsbury’s customers to feast on frozen foods this Christmas. CEO Simon Roberts says they’ll have “a lot” of fresh turkey, but tells customers if they can’t wait to arrive on December 19th, frozen turkeys are already in store, plus frozen party food. .

October 28, 2021

The lead-up to Christmas is of course the crucial trading period of the year for retail traders, but some of us would be forgiven for not thinking December 25th yet, since it’s not until November…

9.13am BST09:13

For a summary of exactly what the chancellor announced on Budget Day, the Guardian’s Politics Weekly podcast was published, with analysis from the dream team of our political editor Heather Stewart, economics editor Larry Elliott, and columnist and chief economic commentator Aditya Chakraborty.

Listen here:

Additionally, the podcast takes a look at Alok Sharma, the man leading the Cop26 summit.

Updated at 9.15am GMT

9.06 am BST09: 06

Asked about the Office of Budget Affairs’ ruling that Brexit is hurting the UK economy twice as much as the pandemic – 4% cut GDP growth from Brexit versus 2% from Covid – Sunak told the BBC.

“What I do is make sure that we take advantage of the opportunities that Brexit has created, whether my colleagues Liz Truss before and now Anne-Marie Trevelyan, they will do a lot on the trade agenda and we see the benefits it will bring,” Sunak said. commercial agreements.

The chancellor was out of the media this morning, speaking to broadcasters. When asked about rising inflation and pressure on living standards, he insisted that the government make in-budget announcements designed to help household budgets.

Inflation is “largely due to global forces, one of which is the impact of rapid reopening of economies and pressure on global supply chains and the other factor is of course energy prices,” Sunak told BBC Radio 4’s Today programme.

I wish I did, but I don’t have a magic wand that can make those global challenges go away, they’ll stay with us for some time, but where government can make a difference we are, whether it’s tax cuts, the duty to freeze fuel, whether it’s to help people in Energy bills during the winter as we provide support, we are doing the best we can” – Rishi Sunak, Consultant

It is interesting to note that today Sunak again calls changes to global credit a “tax cut,” which many refer to, more accurately, as a change in interest.

Paul Wu (@paulwaugh)

. @RishiSunak is trying so hard that changing the Universal Credit bar is a “tax cut”, mainly because it has few real tax cuts to speak of. And because he raised taxes in general. @Marthakearney rightly chooses it as a change of utility

October 28, 2021 Lizzy Buchan (@LizzyBuchan)

Rishi Sunak tries to describe the changes in the gradual rate of global credit as a “tax cut” as much as he can in # today

October 28, 2021

On Wednesday, Sunak announced a cut in the universal credit rate from 63 pence to 55 pence — the amount of benefits a claimant loses for every pound earned over a specified work allowance. The move was aimed at easing the pull of the overall £20-a-week credit increase this month.

You can read the full story about the global credit rate changes announced yesterday here:

8.15am BST08: 15

The impact of Brexit on the UK economy is worse than Covid – this is the judgment of the head of the British Financial Supervisory Authority.

The head of the Office for Budget Responsibility (OBR) said they believe that the UK’s exit from the European Union will reduce the country’s gross domestic product by about 4%.

But Richard Hughes also said: “We believe the impact of the pandemic will reduce this output (GDP) by another 2%,” in comments sent to the BBC.

“In the long run, the impact of Brexit is greater than the pandemic,” Hughes told the broadcaster.

You can read the full story here:

Updated at 9.16am GMT

7.55am BST07:55

Introduction: Budget Rishi Sunak “will lead to a steady recovery”; Shell profits fall

Good morning, and welcome to our renewed coverage of the global economy, financial markets, the eurozone and business.

Many UK economists and analysts will be furious this morning, after a night spent analyzing numbers from the Chancellor’s budget yesterday.

The Resolution Foundation is, as ever, one of the first to break out of the blocks with its nightly analysis of the government’s economic plans.

Their view: “The chancellor has paved the way for a new, high tax economy – rather than the high-wage economy the prime minister has pledged, or the low tax favored by many Conservative MPs.”

However, the think tank warns that the combination of upcoming tax increases, along with higher inflation and growth could actually lead to a “steady recovery in household living standards.”

The chancellor gave a slightly better-than-expected forecast for public finances yesterday, but the outlook is less positive for people’s personal financial situation. With rising inflation, household income is expected to decline.

We’ll take a look at all the feedback on Wednesday’s budget and review spending for the day.

Meanwhile, oil giant Royal Dutch Shell just reported a 25% drop in third-quarter profit from the previous three months, pushing it to $4.1 billion. The company’s earnings came in less than analysts’ expectations.

The company has also set itself some new emissions targets, pledging to halve the absolute emissions from its operations and the electricity it uses by 2030, compared to 2016.

Shell has already set a goal of achieving net zero emissions by 2050.

schedule of work:

08.45 GMT Germany Unemployment Rate 12.45 GMT ECB Interest Rate Announcement 13.30 GMT ECB Press Conference at 13.30 GMT US Third Quarter GDP Figures 13.30 GMT Weekly Unemployment Claims in the US 21.30 GMT Quarterly results from US companies including Amazon, Comcast and Starbucks

Updated at 9.07am GMT

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