UK firms cut staff levels amid covid-19 crisis as cough medicine prices spike – business live

Rolling coverage of the latest economic and financial news

Earlier:

11.24am BST

Supermarket chain Morrisons has announced its tripling its bonus for UK staff this year.

Usually staff get a 6% bonus over the next 8 to 12 weeks, but now (following the surge in demand from shoppers), all frontline workers will receive a 6% bonus on their earnings for the next 12 months.

Morrisons is paying staff a special 12-month ‘thank you bonus’ for sterling work during coronavirus outbreak. Full time staff will be entitled to £1,050 vs £350 average last year. Another retailer doing the right thing.

11.06am BST

The ONS’s new coronavirus-impact report shows that online prices rose by 1.1% last week.

That may not sound much, but it’s actually a steep increase — the UK’s inflation target is for the cost of living to rise 2% over a year.

Overall prices up 1.1 per cent on the week.

That’s quite a rate of inflation for heaivily used goods…..

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https://www.theguardian.com/business/live/2020/apr/02/markets-us-jobless-claims-covid-19-economy-recession-coronavirus-business-live