Monday newspaper round-up: Exit strategy, retailers, John Lewis
The government must set out its lockdown exit plans to restore confidence among British businesses that have become increasingly bleak about the economy’s future, a leading employers’ group has warned. The Institute of Directors said its 28,000 members were “clamouring” for information so they could start drawing up return-to-work plans. Jon Geldart, its director general, said it was in everyone’s interests to kickstart the economy again once it is safe to do so. - Guardian
It will take the UK economy three years to fully recover from the fallout of the coronavirus pandemic, according to a leading forecasting group. As the damage for jobs and growth unfolds, the EY Item Club said it would take until 2023 for the the economy to return to the level reached at the end of last year due to the depth of the crisis. – Guardian
The number of customers allowed in shops will be limited and browsers will be kept apart with markings on the floor under reopening guidelines for when the lockdown is lifted. Guidance from the British Retail Consortium (BRC) outlines measures that will be taken to keep staff and consumers safe. – Telegraph
The tottering travel industry has been plunged into fresh crisis after ministers discussed plans for a 14-day quarantine for tourists and overseas business travellers. Hoteliers and airlines already reeling from global shutdowns and a collapse in demand could be hammered by the decision, which is likely to discourage swathes of holidaymakers from going abroad and shut out millions of tourists who would otherwise come to Britain. – Telegraph
The John Lewis Partnership is exploring whether it should bring in an outside investor to help to finance and launch a joint venture that would reduce its reliance on retailing. It is also considering never reopening some of its less viable department stores after the national lockdown ends. The steps are understood to be part of radical plans by Dame Sharon White, 52, the partnership’s chairwoman, to accelerate strategic changes in response to coronavirus. All 50 John Lewis stores have been closed since the March 23 lockdown, while its Waitrose grocery stores continue to trade. – The Times
Deloitte has sounded the alarm over an increased risk of fraud in property valuations as a dearth of transactions renders valuations “subjective”. The auditor identified property valuations as the area having the “greatest potential for fraud” in its audit of the financial accounts of Capital & Regional, the listed shopping centre owner. In the Capital & Regional annual report, Deloitte noted the “significant assumptions” used in calculating valuations and said there was a risk that they could be “subject to undue influence by management”. – The Times