Tesco takes it all

The 1-minute read to get the money news you need with expert adviser commentary.

Super sales

Tesco saw its profits surge in the first half of the year - they’re up 29% from the same period in 2019. The supermarket giant says it doubled its delivery capacity to 1.5 million slots per week. Supermarkets have emerged as the clear winners of the lockdown, when home-bound shoppers went big on everything from dried pasta to loo roll.

Curfew bites

Restaurant and pub takings are suffering since the 10pm curfew came into force two weeks ago. Overall, hospitality sales are down 21% according to online system S4labour. We’re ordering slightly less food and far fewer drinks, and London has been worst affected. Business leaders, MPs, and London mayor Sadiq Khan have called for the government to reconsider the curfew.

New rules

Lenders won’t be allowed to send “thuggish” letters filled with legal jargon and block capitals, under new rules proposed by the Treasury. Following the efforts of campaigner Martin Lewis, letters will have to be easier to understand, and tell people where to get free debt advice. The rules are expected to come into effect in December 2020.

Affordable homes binned?

Up to 30,000 affordable homes might not get built, if planning reforms go ahead. Currently, every new development must include affordable housing, but the government’s proposal would let developers off the hook. According to the Local Government Association, the most expensive areas of the country would get half as many affordable homes.