Today’s news in brief-13/12/24
Hundreds of Harrods workers, including retail, restaurant, and cleaning staff, are set to strike on 21–22 December and Boxing Day in a dispute over Christmas bonuses and working conditions. The United Voices of the World (UVW) union said 95% of its members voted to strike after management refused negotiations. Workers are demanding a £500 Christmas bonus, annual pay rises above RPI inflation, and better transparency over service charges. The union highlighted staff grievances such as shortages and overwork, while Harrods paid £180m in bonuses to its owners and awarded a £2.1m salary to its managing director. Harrods claims only 176 employees will strike, a “fractional minority,” and insists contingency plans will prevent disruption. This marks the second strike at Harrods this year, following UVW’s previous campaigns that secured better pay and leave policies.
UK consumer confidence improved slightly in December, rising by one point to -17 on GfK’s index, signaling cautious optimism. Personal financial confidence increased to -7, with forecasts suggesting improvement to +1 over the next 12 months. The measure of the general economic situation remained flat at -39 but showed a five-point improvement compared to last year. Consumer expectations for the economy in the coming year held at -26. The Major Purchase Index stayed at -16, reflecting improved sentiment compared to 2023. GfK’s Neil Bellamy noted 2024 had fewer swings in consumer confidence than previous years. Black Friday sales helped retailers significantly, with turnover during the week reaching £992m, up 110% compared to the 2024 average.
In The Style reported narrowing losses of £2.7m for the year ending March 2024, an improvement from £7.7m the previous year. However, revenues fell sharply from £46m to £30.4m, with UK sales dropping to £29m. The fashion brand cut its workforce from 179 to 140 and focused on reducing overheads through automation and streamlining tasks. Founder Adam Frisby stepped down as CEO in December 2023 but returned when private equity firm Baaj Capital acquired the business, avoiding administration. Frisby said the company had “turned a corner” and was back on the path to profitability.
