Rishi Sunak will need to do something radical to avoid a surge in unemployment

The build up in savings is very much skewed to higher income earners, with quite a bit of financial distress lower down, where many households have been borrowing more or eating into savings just to survive. Their consumption may take a long time to come back.

In any case, if I were Sunak, I’d be biding my time on both VAT cuts and the sort of free cash handouts proposed by the Resolution Foundation as a way of getting households to spend again. These measures may well be needed later when the furlough scheme expires at the end of October.

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Failed brands try to fashion a new life online

Laura Ashley’s new owner is Gordon Brothers, the restructuring specialist, which is typically drafted in to shift the leftover stock for defunct brands. 

Its view, according to Nick Taylor, a senior managing director, is that e-commerce is only one pillar of its wider strategy that he calls “asset-less”. He wants to expand its portfolio of licences and franchises and strike more wholesales deals.  

“Through strategic licensing arrangements and specialist companies, a brand can delegate many of a retailer’s complexities, obligations, sourcing, distribution, and logistics,” Taylor says. 

It is not just the recent wave of brands that have sought a life

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Deutsche Bank fined $150m for ignoring suspicious Epstein payments

Deutsche Bank allowed billionaire paedophile Jeffrey Epstein to make a string of suspicious payments to women without proper checks, a damning investigation has found.

The German lender failed to step in when Mr Epstein was wiring money to co-conspirators, Russian models and women “with Eastern European surnames”, the New York Department of Financial Services (DFS) said. He also paid for women’s school tuition, hotels and rent.

Rather than carrying out detailed scrutiny, the DFS said that compliance workers used internet searches to check that the women paid by Epstein were over 18.

Deutsche has now agreed to pay a $150m

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Ads for purpose, product topped Q2’s most empowering ranking

Dive Brief:

  • Frito Lay’s “It’s About People” spot ranked No. 1 on Ace Metrix’s list of the most empowering ads of Q2 2020, according to findings shared with Marketing Dive.
  • Tide’s “Get It Clean” ranked No. 1 on Ace Metrix’s list of the most “prodtastic,” a metric that looks at when the product advertised generates an emotional response from viewers.
  • The ads that stood out most during the quarter either focused on purpose or product, according to the findings. Interestingly, 37% of ads examined during the quarter ranked high on the empower metric, a significant uptick against a 12.5% historic
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