The early reports of Morrisons’ annual results concentrate on the £1.3bn property writedown that has pushed Morrisons out to its near £800m loss (The Financial Times £)
Groceries Code Adjudicator Christine Tacon’s evidence to The House of Lords’ sub-committee on agriculture, fisheries, environment has led the Times to conclude that “food suppliers are operating under a code of silence”. Tacon told peers yesterday that the watchdog had found it “difficult to get suppliers to come forward” with evidence of breaches of the industry code of practice since the organisation was established in 2013 (The Times £).
All cigarettes will be sold in plain packets with graphic health warnings from next year after the proposal was supported by MPs despite a government rebellion. More than a third of Conservative MPs voted against the move, but the measure cleared its final hurdle in the Commons by 367 votes to 113 thanks to the support of Labour and the Lib Dems (The Times £).
The Telegraph suggests the plain packaging vote is “a disaster for small businesses”, writing that “far from a blow against Big Tobacco, plain cigarette packaging would cost retailers £550,000 over ten year” (The Telegraph £).
Meanwhile, The Guardian highlights evidence in Australia that plain packaging is having an effect on smoking rates. Tobacco consumption fell 2.9% last quarter and 12.2% over the year, two years after plain-packaging legislation came into effect (The Guardian).
The Telegraph looks at the possible impact of the world’s first Google Shop opening in London, with columnist Vincent Graff not wholly convinced about the merits of the store (The Telegraph).
The strong UK pound could could keep UK in deflation, according to one of the people who sets the country’s interest rate. Sterling’s strength could keep inflation low in conjunction with a tumble in the price of oil, according to Martin Weale, a member of the Monetary Policy Committee (The Telegraph).
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