David Cameron backs Tesco 20,000 job plan

By Dan Colombini

- Last updated on GMT

Related tags: Economy, Tesco

The Prime Minister said Tesco's plan spelled good news for the UK economy
The Prime Minister said Tesco's plan spelled good news for the UK economy
Prime Minister David Cameron has backed Tesco’s plan to create 20,000 new jobs in the UK over the next two years as the firm responds to its shock profit warning at the start of the year.

Cameron praised the firm for its commitment to creating jobs during tough economic times and described the announcement as “fantastic news​”.

He said: "This is a massive confidence boost for the UK economy. Tesco is one of the world’s leading companies and the biggest private sector employer in this country.

“Its commitment to creating jobs and opportunities for young people at what is a difficult time for the economy is fantastic news for the UK as a whole and for those people they will help into work.”

Hundreds of existing stores

The retailer will also invest significantly in additional staff hours and training and the new jobs will reflect a substantial programme to refresh hundreds of existing stores, improving space and layout, according to a Tesco statement.

It will also be expanding its apprenticeship programme to provide 10,000 apprenticeships, with a significant proportion for new starters.

The news just two months after Tesco announced its first profit warning in 20 years, which saw £5bn slashed from the groups share value.

UK CEO Richard Brasher said:

In unprecedented economic conditions like these, major businesses have a big responsibility to step forward, invest and create jobs.  Today’s announcement is a huge shot in the arm for the UK economy.

“At the core of this investment is our determination to deliver the best shopping experience for our customers, bar none.  We will invest in more staff on the sales floor at busy times, greater expertise and help in the crucial areas of fresh food, and enhanced quality and service across our stores at all times.”

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