After a bout of real bad news about number of vacant retail shops in town and city centres from the British Retail Consortium that was released a few days ago, the announcement made by Marks and Spencer was a bit of reprieve for the retail sector.
It is estimated that more than 10% of the UK employment is provided for by the retail sector and any news that can bolster this should be welcomed. About 140 jobs are to be created in Sheffield as M & S decided to open its retail shop at the Crystal Peaks shopping centre. It will be one of the large store formats comprising of 56,000 sq ft and will sell all the flagship M & S products such as food, clothing, homeware and gifts. The store is expected to open in the next 12 months i.e. by mid-2012.
The fear due to falling share prices in the stock markets around the world and the growing concern about the inflation has resulted in many businesses cutting costs even more. In the past few months, many of chosen to protect their income themselves through income protection insurance. There is also a spate of increased number of people protecting themselves for accident and sickness as more and more companies in their bid to cut and trim employee benefits have stopped paying anything more than the statutory allowance for time taken off due to accident or sickness.
The M & S news has been welcomed by all industry analysts and politicians as there was a fear that the retail sector that provides employment for about 3 Million people was about to get into a downturn. The prolonged summer discount sales have not generated the kind of income expected and with affordability remaining at its lowest levels, many retailers have been forced to absorb the increased costs and compete by continuously discounting their products.
Stuart Boseley, Director of Best Insurance welcomed the announcement and commented that it was always refreshing to see new employment opportunities being created. We are in midst of real employment glut and there are record number of people looking for jobs. Retail is one sector that is generally kind to people with complementary skills and an employer like M & S have the infrastructure to recruit people locally and train them. He added that small announcements such as these are critical for the sentiment but that should not let people to become complacent. It is just not practical anymore to depend on the government to bail people out when they are unemployed and is important to protect incomes using appropriate income protection insurance.
Best Insurance sells income protection insurance from a range of insurance. If customers have monthly outgoings in terms of mortgages, loans or rents, they can choose payment protection insurance, if not they have to go in for a stand-alone income protection insurance. The income protection range comes with several options in terms of excess days and there is normally a product that is available for depending on individual circumstance and disposable budgets people have. The best income protection insurance are those that have very little initial exclusion and low excess and sometimes is not necessarily the cheapest. The best income protection insurance products are those that are underwritten at the point of sale so that when there is a claim, you can be certain that your claim will be paid.
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