Thursday newspaper round-up: Credit card spending, River Island, Royal Mail, EDF
Credit card spending has overtaken cash for the first time, according to data from UK retailers. This means notes and coins have been demoted to the third most popular method of payment. The figures from the British Retail Consortium (BRC) – whose members are responsible for £180bn of sales – come amid warnings that millions of adults would struggle to cope in a cashless society. – Guardian
The crown estate has opened the first leasing round for offshore windfarms in a decade to usher in a new generation of wind projects expected to eventually generate an investment of £20bn. The business intends to auction off new seabed rights in the waters around England and Wales to wind power developers. The leasing scheme allows up to 7GW of electricity generation capacity – enough to meet the needs of more than 6m homes. – Guardian
The outgoing boss of River Island said the family-owned fashion chain was committed to the high street despite a fall in sales and profits. Chief executive Ben Lewis, nephew of the retailer’s founder, said: “We maintain our investment in stores. We believe in the future of the high street. We’ve opened stores, we’ve upgraded stores, we’ve enlarged stores.” – Telegraph
The main trade union at Royal Mail has served notice for a strike ballot among 110,000 workers. The Communication Workers Union is in dispute with the postal delivery company over issues including threats to the universal service obligation, which means that post is delivered at uniform prices across Britain six days a week, and claims that the “four pillars agreement” reached between the union and Royal Mail last year has been breached. The agreement includes pay rises, new pension proposals and a pledge to reduce weekly working hours from 39 to 35 by 2022, dependent on productivity improvements. – The Times
EDF, the French electricity company, has insisted that its nuclear reactors are safe, despite admitting that six contained components that fail to meet industry standards. EDF, which is leading the project to build Britain’s new nuclear plant at Hinkley Point in Somerset, also conceded that sub-standard parts had been found in a new-generation reactor under construction in Normandy. - The Times