Marks & Spencer to cut 7,000 jobs after Covid-19 hits sales – business live

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Rolling coverage of the latest economic and financial news

7.13am BST

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

Some grim breaking news to start the morning – Marks & Spencer is preparing to cut almost 7,000 jobs.

As previously outlined Clothing & Home trading in the stores remains well below last year, with online and home delivery strong. It is clear that there has been a material shift in trade and whilst it is too early to predict with precision where a new post Covid sales mix will settle, we must act now to reflect this change.

We have also learnt that we can work more flexibly and productively with more colleagues multi-tasking and transitioning between Food and Clothing & Home. The deployment of our leading store technology package developed in partnership with Microsoft has also enabled us to reduce layers of management and overheads in the support office.

In line with our longstanding value of treating our people well, we will now begin an extensive programme of communication with colleagues.

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