Tesco bucks the doom and gloom
Terry Leahy is one of the few smiling faces in London this morning. He has much cause for celebration. Tesco’s half-year profits are up 10 per cent to £1.45 billion despite challenging economic conditions as the chain’s discounting strategy appears to be taking off.
But adding to the debate on the wider economy he says that interest rate cuts are needed to stabilise the banking sector and rebuild consumer confidence.
He said: “Inflation has passed its peak ... and that will leave room for interest rate cuts which I think will be welcomed.
He told Reuters: “Also, though, it's important that we get banks back to doing their job, which is to provide liquidity for the real economy and lending at sensible prices.”
Tesco, he said, still has money to invest.
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