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BUSINESS LIVE: M&S to announce job cuts

BUSINESS LIVE: M&S to announce job cuts; Big business sees no recovery until late 2021; Complaints’ costs drives Amigo Loans to loss

Markets had a tepid start to the week as investors wait to hear the outcome of talks between EU leaders over an unprecedented €1.85trillion EU budget and a coronavirus recovery fund to tackle the crisis.

Marks & Spencer shares are on the slide today after it is reportedly set to axe hundreds of staff within days in the first wave of a cull that will hit thousands of workers. 

Meanwhile, controversial lender Amigo Loans is also lower after unveiling a £37.9million loss in the last financial year, compared to a £111million profit the previous year, as the company was hit by over £100million in costs related to complaints.

Elsewhere, nearly half of Britain’s biggest companies think it will take until the second half of 2021 before business recovers from the coronavirus pandemic, according to a Deloitte survey that casts doubt on hopes for a speedier rebound.