Business news in brief
Careful consideration urged on future of offices
Employers are being urged not to rush into decisions about the future of their offices as new research suggested people have different views on the future world of work as a result of the coronavirus crisis. A survey of almost 2,500 adults by the Prospect union found that around two in five wanted to return to offices, one in four preferred working from home, while others hoped for a form of “hybrid” working. Young workers were most likely to want to return to offices, the study indicated. Prospect said its polling also revealed a lack of consultation from employers about future working patterns, with only 22 per cent of workers reporting that they had been asked about their preferences. PA
Banks prepare to launch 5 per cent mortgages
Mortgage lenders are gearing up to launch a wave of ultra-low deposit deals onto the market. Several big high-street names have already confirmed their intention to take part in a new government-backed 5 per cent deposit scheme, which was unveiled in the recent Budget. Lenders who are jumping on board the new
scheme include Lloyds, NatWest, Santander, Barclays, HSBC UK and Virgin Money. Some lenders are expected to reveal further details about what they will have to offer in the coming days. The new mortgage guarantee scheme aims to increase the appetite of lenders across the UK for high loan-to-value lending (LTV) to creditworthy customers. PA
Abuse towards shop workers ‘worsening since Covid’
Violence and abuse towards shop workers is “endemic” and has worsened since the beginning of the coronavirus crisis, MPs have heard. A survey of 2,700 retail workers found that 88 per cent were verbally abused last year, 60 per cent reported threats of physical violence, and 9 per cent said they had been physically assaulted, Usdaw head of research and economics Joanne Cairns told the Commons Home Affairs Committee. Ms Cairns told the committee the issue is a “major concern for us”, adding: “This has been endemic for some time and it has worsened since the beginning of the Covid crisis.” She said safety measures required as a result of the pandemic have overtaken the most common triggers in previous years, with some 85 per cent of incidents related to issues such as queueing, social distancing and the requirement for masks. PA
British Land looks to retail parks after Covid rent-hit
One of the UK’s biggest commercial landlords has signalled a shift towards retail parks as it managed to collect just over half the retail rent it was owed for the last three months. British Land said that it had collected 54 per cent of rent from its retail customers that was owed for the period to the end of March. The low rate was offset somewhat by its office estate, where 96 per cent of renters paid what they owed, taking the average to 76 per cent for the quarter. It means that over the last year, British Land has only collected 82 per cent of its rent, mainly because of the retail estate. The hit to the retail sector over the last year has put some companies in dire financial straits, and spawned a slight shift at British Land. PA
JPMorgan first quarter profit up sharply
Bank JPMorgan Chase saw its first-quarter profit jump nearly five-fold from a year earlier, as the improving economy allowed it to release roughly $5bn (£3.6bn) from its loan-loss reserves that it had stored away in the early weeks of the pandemic. America’s largest bank by assets said yesterdayy that it earned $14.3bn, or the equivalent of $4.50 per share, in the year’s first three months. That’s compared to a profit of $2.87bn, or 78 cents per share, in the same period a year earlier. AP