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5 Things You Need To Know, Today, on Monday 20th March 2023
5. John Lewis is considering a potential change to its employee-owned business structure, upending more than 70 years of tradition.
The group, which also owns Waitrose, is currently fully owned by its staff, who receive a share in the profits but in the face of tougher trading, the firm is said to be exploring the idea of selling a minority stake.
4. The average price of homes coming on the market in Britain stabilised in March and activity is picking up towards more normal pre-pandemic levels after last year's "mini-budget" upheaval, a survey showed.
Property portal Rightmove said asking prices for homes rose by a monthly 0.8% in March after the weakest February in records going back to 2001 when they flat-lined.
3. Central banks have moved globally to keep credit flowing after an unsettled period in the US banking sector and the Credit Suisse merger.
Six central banks, including the Bank of England, announced they would boost the flow of US dollars through the global financial system. The US dollar liquidity "swap line" arrangement will run from today.
2. Fifteen years of wage stagnation has left British workers £11,000 worse off per year, according to research from the Resolution Foundation think tank, which focuses on low-to-middle income households.
It also found typical UK household incomes have fallen further behind those in Germany. In 2008, the gap was over £500 a year, now it is £4,000.
1. Troubled bank Credit Suisse has been rescued by its Swiss rival UBS in a government-backed deal.
Credit Suisse shareholders were deprived of a vote on the deal and will receive one share in UBS for every 22.48 shares they own, valuing the bank at $3.15bn (£2.6bn).