UK hospitality suffers ‘lost Christmas’ as cash reserves dwindle; US jobless claims rise – as it happened

UK pubs, bars and restaurants saw hefty drop in trading over Christmas and New Year, while more Americans filed new jobless claims last week

• Latest: US jobless claims rose last week
• Hospitality firms suffer lost Christmas'
• ONS: 3% of workers off due to Covid
• Food and accommodation firms see cash reserves dwindle
• Pub chain Mitchells & Butlers saw trading slide
• Marks & Spencer and Tesco report strong trading this morning
• ASOS sees volatile trading and supply chain problems

UK housebuilder Countryside has announced the departure of its chief executive, and warned that trading is weaker than expected.

Shares in Countryside have tumbled 16%, after it reported that operating profits have more than halved year-on-year in the last quarter.

Trading in the first quarter of our new financial year has been below the Board's expectations. We expect to update the market on progress with the review of developments in 8 to 10 weeks.

Trading recovered particularly strongly through December, with like-for-like store sales in the run up to Christmas returning to similar levels to those delivered in December 2019.