Tesco sales edge lower

Good morning,

Tesco failed to accelerate its sales growth in the first half of this year as the UK’s biggest supermarket warned an “uncertain external backdrop” was squeezing shoppers.

On the bright side, there has been a glimmer of light in amongst Britain’s bleak hiring environment, with new data showing that hiring has inched up in the last month.

And we’ve got the mayor of London in our opinion pages today. Sadiq Khan says the solution to the dilemma around the third runway at Heathrow can be found in east London not west - in Stratford.

So, here’s everything you need to know this morning. We’ll be back in your inbox at noon with Midday Markets.

Matt

Kemi Badenoch rightly singles out the welfare budget as ripe for a raid, although not the triple lock on the state pension.

Critics will point out the incoherence of such an approach, and the onus will be on Badenoch and her team to convince voters, policy experts and, ultimately, the markets that the overall agenda is deliverable, writes City AM Editor-in-Chief Christian May.

The supermarket giant holds a dominant 27.8 per cent share of the UK’s grocery market, far beyond that of rivals Sainsbury’s and Asda, but has seen its growth falter so far this year.

Last year, Tesco posted 4.6 and four per cent sales growth in the first two quarters of the year, compared to this year’s one per cent growth across the first half.

Futures data from IG points towards the blue-chip index falling 0.1 per cent at open. It comes as oil keeps the pressure on markets as it remains well over the three-digit as we enter mid-week.

Stick with us for all the latest economic analysis and news.

The story of the East End is one of total transformation. Twenty-five years ago, one of this area’s most infamous landmarks was ‘Fridge Mountain’ – a massive mound of discarded white goods that was 20 feet tall and almost a kilometre long. Look for it now, though, and Fridge Mountain is nowhere to be seen. In its place stands the Queen Elizabeth Olympic Park, transformed over the last 10 years.

With three times more Brits supporting increasing international rail services over expanding airports, connecting Stratford to Europe is a no-brainer, writes Sadiq Khan.

Once a symbol of Bacchanalian excess, the all-you-can-eat buffet seemed destined for the culinary dustbin. But Anna Moloney discovers a breed of chefs refusing to let go.

Each week, we dig into the memory bank of the City’s great and good. Today, Roland Horne, chief executive of coffee chain WatchHouse, takes us through his eclectic career in Square Mile and Me.

I’ve no problem with paying £180 for my annual TV licence. Gets me Celebrity Traitors and Blue Lights, after all. Plus the Shipping Forecast to wake up to every morning. I could do with more and better sport on the BBC, though. Instead, both its quantity and quality are in decline.

International football breaks are a challenge for ingrained sport-watching habits. Sky’s Sunday afternoon offering suddenly looks skinny without the Premier League, especially when – as last weekend – the Formula 1 Grand Prix starts around breakfast time for European viewers. 

YouTube serves up live sport galore so why can’t the BBC do the same, with a more selective approach that fulfils its public service remit, asks Ed Warner.

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