Discount pub chain JD Wetherspoon is on course for a record year, the company has said, after its sales in Easter week were the highest they have ever been.
Sales in the current financial year are likely to reach record levels, Wetherspoon’s said in its third quarter trading update.
Strong sales came thanks to the two recent bank holidays.
The May bank holiday was “exceptionally strong” and on 29 April the chain – known by many simply as “Spoons” – reported its busiest-ever Saturday.
The chairman of JD Wetherspoon, Tim Martin, said the results showed the company’s “positive momentum” after a difficult time for the industry during the last few years affected by COVID-19.
Mr Martin, known as a backer of Brexit and a political campaigner on issues such as VAT, called on MPs to support pubs despite the challenges of inflation.
Image: Then prime minister Boris Johnson with the founder of JD Wetherspoon, Tim Martin
He said in the firm’s financial update: “In order to bear down on inflation, political parties should encourage free enterprise, rather than a reliance on additional regulations.
“A lack of understanding, among some senior politicians, about the need to encourage a successful free market economy, presents a real threat to the future prosperity of the country.
“The company expects profits in the current financial year to be towards the top of market expectations.”
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Slow coronation and pub closures
Despite the bullish bank holiday sales, the coronation weekend was slower for Wetherspoon’s.
A “noticeably quiet Saturday” was recorded by the chain on 6 May.
Overall the firm described its coronation weekend sales as “slightly less strong”, which it suggested was due to supermarket sales being better than pubs, clubs and restaurants as a rainy day forced people inside to watch proceedings at home.
TikTok is putting hundreds of jobs at risk in the UK, as it turns to artificial intelligence to assess problematic content.
The video-sharing app said a global restructuring is taking place that means it is “concentrating operations in fewer locations”.
Layoffs are set to affect those working in its trust and safety departments, who focus on content moderation.
Unions have reacted angrily to the move – and claim “it will put TikTok’s millions of British users at risk”.
Figures from the tech giant, obtained by Sky News, suggest more than 85% of the videos removed for violating its community guidelines are now flagged by automated tools.
Meanwhile, it is claimed 99% of problematic content is proactively removed before being reported by users.
Executives also argue that AI systems can help reduce the amount of distressing content that moderation teams are exposed to – with the number of graphic videos viewed by staff falling 60% since this technology was implemented.
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It comes weeks after the Online Safety Act came into force, which means social networks can face huge fines if they fail to stop the spread of harmful material.
The Communication Workers Union has claimed the redundancy announcement “looks likely to be a significant reduction of the platform’s vital moderation teams”.
In a statement, it warned: “Alongside concerns ranging from workplace stress to a lack of clarity over questions such as pay scales and office attendance policy, workers have also raised concerns over the quality of AI in content moderation, believing such ‘alternatives’ to human work to be too vulnerable and ineffective to maintain TikTok user safety.”
John Chadfield, the union’s national officer for tech, said many of its members believe the AI alternatives being used are “hastily developed and immature”.
He also alleged that the layoffs come a week before staff were due to vote on union recognition.
“That TikTok management have announced these cuts just as the company’s workers are about to vote on having their union recognised stinks of union-busting and putting corporate greed over the safety of workers and the public,” he added.
Under the proposed plans, affected employees would see their roles reallocated elsewhere in Europe or handled by third-party providers, with a smaller number of trust and safety roles remaining on British soil.
The tech giant currently employs more than 2,500 people in the UK, and is due to open a new office in central London next year
A TikTok spokesperson said: “We are continuing a reorganisation that we started last year to strengthen our global operating model for Trust and Safety, which includes concentrating our operations in fewer locations globally to ensure that we maximize effectiveness and speed as we evolve this critical function for the company with the benefit of technological advancements.”
The government has stressed it will cover staff wages and the running costs of the plants until a buyer is found.
Image: The Liberty Steel plant in Rotherham
Speaking to Sky’s Anna Jones, Community Union National Secretary Alun Davies said workers are “concerned” about the developments.
He added: “Today is payday – but because the bank accounts were closed, I think the special managers and the HR team now are working with the unions to get that pay in today or as soon as they can.”
With a bank holiday weekend fast approaching, workers may only receive their wages on Tuesday unless payments are made as a matter of urgency.
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Mr Davies said he is confident that the plants have a future, telling Sky News: “If we use British-made steel for British infrastructure projects, it creates jobs, it grows economies and it gets our economy back on track, which is what this Labour government is trying to do.”
While he said government investment is valuable, the union official cautioned: “If we can find a decent buyer – a reputable steel company that knows what they’re doing – we’re open to all options.
“We’re not going to just say nationalise or part-nationalise, it’s what’s best for the business and gets the business up and running as soon as possible … if the government takes ownership, that is a significant cost to the taxpayer.”
Image: Alun Davies
Mr Davies explained that many workers have been staying at home and on 85% pay, which is having a big impact on their mental health and wellbeing.
In a statement, Community’s General Secretary Roy Rickhuss described it as an “extremely worrying time” for the union’s members – and said jobs must be protected in the event of restructuring or a transition to new ownership.
Calling for 12 months of pension contributions to be secured alongside this month’s paychecks, he added: “Steelworkers at Liberty Steel are highly skilled and hugely experienced; they are quite frankly irreplaceable and will be critical to delivering future success for the businesses.”
Mr Rickhuss said the union has received “firm assurances” that efforts to address pay and pensions are under way – and welcomed the government’s intervention.
“However, in taking control of the business the government has assumed responsibility for our livelihoods and our communities, and we will of course be holding them to account,” he added.
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Bosses at Speciality Steels have said the move to wind up the business is “irrational” as a plan had been presented to courts that would have led to new investment in the UK steel sector.
“Instead, liquidation will now impose prolonged uncertainty and significant costs on UK taxpayers for settlements and related expenses, despite the availability of a commercial solution,” chief transformation officer Jeffrey Kabel added.
On Thursday, a government spokesperson said ministers “remain committed to a bright and sustainable future for steelmaking and steelmaking jobs in the UK”.
The US president has nicknamed the Fed chairman “Too Late” Jerome Powell on social media – and has repeatedly called for his resignation.
But Mr Powell has argued that interest rates can only be lowered when there are clear signs that inflation is returning to its 2% target.
Today will mark his final keynote speech at Jackson Hole before his eight-year tenure at the Federal Reserve ends in May 2026.
Past addresses have been known to move the markets, with reaction often amplified because of lower trading volumes during the summer months.
Figures from the CME FedWatch tool show expectations for a US interest rate cut when policymakers next meet in September are on the decline.
One week ago, the probability of a 0.25 percentage point cut was priced in at 85.4%. But that fell to 82.4% on Thursday – and has dropped further to 73.3% at the time of writing.
It comes as other senior officials within the Federal Reserve, speaking on the sidelines of the three-day summit in Jackson Hole, continued to express caution.
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Beth Hammack, president of the Cleveland Fed, told Yahoo Finance: “With the data I have right now and with the information I have, if the meeting was tomorrow, I would not see a case for reducing interest rates.”
Of particular concern is the impact that Donald Trump’s tariffs are having on inflation – both in terms of costs for businesses, and what consumers ultimately pay.
Just this week, Walmart – the world’s biggest retailer – warned tariffs are squeezing its profit margins and leading to higher prices at the till.