UK merchants stumped up just 14% of the £2.5bn quarterly rent bill due this week, as the high street crisis sparked by the lockdown echoed through the real estate sector. The fall in the rental take to a record low add together to the troubles of Intu Properties, one of Britain’s biggest shopping centre owners, which on Friday faces a cutoff date to convince money lenders to permit a debt repayment holiday. If discussions break down, the owner of the Trafford Centre in Manchester says it could go into administration.
British Airways has told its longest-serving cabin crew they will have to take a 20% basic pay cut and alter operating patterns if they are to be retained, as it plans to lay off up to 30% of its staff. The proposal comes almost two months after BA notified unions of plans to lay off 12,000 staff after the pandemic stranded nearly all passenger flights. BA flew only 485 passenger flights in May, the equivalent figure it flew in half a day in May 2019. The airline is understood to have been burning £20m a day while the vast mass of its fleet has been grounded.
Customers are being cautioned about a severe upsurge in Covid-19-related holiday swindles, including a wave of false caravan and motorhomeU entries aiming those preparing a summer staycation. The alert from UK Finance, the banking industry body, comes three days after the government declared a moderation of the lockdown rules in England targeted at aiding to get the tourism sector back up and moving.
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