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Next chief Simon Wolfson paid record £7.4m – and could get far more this year

1 day ago
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The Next chief executive, Simon Wolfson, took home more than £7m last year, his highest ever pay package, and could be handed up to £9.27m this year after the retailer announced plans to increase his basic salary and bonuses.The listed company said it was increasing its pay deal for the long-term leader of the fashion and homewares retailer, which now controls a string of brands in the UK including Gap, Victoria’s Secret, Cath Kidston, Reiss and FatFace, as his remuneration was 30% below the average for FTSE 100 bosses.The directors on its remuneration committee said in the annual report published on Thursday that the changes were also being made as Next’s returns to shareholders had been higher than other leading listed companies over several years.“Given this sustained outperformance, the committee does not consider the current levels of remuneration to be appropriately aligned with performance,” the report said.

It also said pay needed to rise because of “the need to retain and motivate its high-quality management team, to support orderly succession planning, and where necessary, external recruitment”,Last year, Wolfson’s pay rose to £7,4m from £4,9m a year before after he earned £967,000 in basic pay during the financial year, a maximum £1,45m annual bonus and long-term bonus of £4.

7m as well as pension contributions and benefits such as a company car with driver.This year, Wolfson’s basic annual salary is increasing by 3% to £1m but his maximum annual bonus is rising to 200% of salary, up from 150%, and his long-term bonus to 400% of salary, up from 225%.Performance for the long-term bonus will be judged on growth in earnings for each share and dividends.The company said it was ditching its previous measure of total returns to shareholders compared with 20 other listed retailers partly because “many retailers have failed over the past two decades, such that it has become increasingly difficult to compose a basket of appropriately comparable businesses”.The long-term bonus potential of other Next non-executive directors will rise to 300% of salary and the company said it wanted to “reserve the right” to increase their annual bonuses to 200% of salary from 150% at present.

Four out of five Next executive directors earn more than £3m already, including bonuses.Despite warnings of potential inflation and dampening consumer confidence as a result of the Iran war, last month, Next upped its profit guidance by £8m, to £1.2bn, for the year to January 2027 after better-than-expected sales in January this year.It made £1bn of profits for the first time last year.The retailer was created in 1982, when the men’s suiting retailer Hepworths, founded in 1864 by the Leeds tailor Joseph Hepworth, bought the women’s clothing chain Kendall & Sons and set about reinventing it.

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Future of the NHS, saviour of the high street? High hopes for health hub in a Barnsley shopping centre

It is a revolution that might just save the NHS – and the high street. Imagine being able to have your eyes tested, mole examined or get an appointment with a consultant without going to your local hospital – and maybe fit in some shopping or a cinema visit afterwards.That, increasingly, is what people in Barnsley are doing after an unprecedented relocation of medical services from the district general hospital into a purpose-built outpatients centre in the Alhambra shopping centre, which is getting a new lease of life thanks to the experiment.Those involved say the initiative – the first of its kind in the NHS – is trailblazing and revolutionary. After a recent visit, Wes Streeting, the health secretary, described it as “really inspiring”

1 day ago
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Effect of ‘gamechanger’ Alzheimer’s drugs ‘trivial’, review concludes

Drugs that have been hailed as a gamechanger for the treatment of Alzheimer’s disease make no noticeable difference to patients, according to an extensive review.The analysis of clinical trials in people with mild cognitive impairment or mild dementia found that the effects of anti-amyloid drugs on cognition and dementia severity over 18 months were “trivial”, with improvements in functional ability “small at best”.The verdict is a blow to the new wave of drugs that are designed to slow Alzheimer’s by clearing clumps of amyloid protein that build up in the brain. Amyloid plaques are a hallmark of Alzheimer’s disease, along with another protein called tau which forms toxic tangles in neurons.The Cochrane review drew on gold standard methods to assess data from published clinical trials, but was criticised by some researchers and charities for combining results from older, failed drugs with those from newer, more effective medicines

2 days ago
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People in north of England twice as likely to be killed in accidents as Londoners, report finds

People in the north of England are twice as likely to be killed in accidents than Londoners, with accidental deaths clearly linked to deprivation, a report has found.The research, from safety charity the Royal Society for the Prevention of Accidents (RoSPA), highlights vast regional differences in accidental deaths, which have also seen an overall increase.The north-east is the most dangerous region for accidents in England, with a death rate of 44 per 100,000 people, compared to an average of 32 across the country, with the north-west in second place with a death rate of 38 per 100,000 people.Scotland was the most dangerous of the devolved UK nations, with an even higher accidental death rate of 51 per 100,000, while Wales equalled the north-east of England, and Northern Ireland’s rate of 39 per 100,000 was also above the England average.Meanwhile, London was the safest place to live in the UK, with an average of 19

2 days ago
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Sexual harassment is rife on comedy circuit and women lack protections, MPs told

Sexual harassment and abuse on the comedy circuit is persistent and under-reported, with protections available to women often limited or absent, a comedian has told MPs.Performers and campaigners said many female comedians are left to rely on informal warning systems to try to keep themselves safe but added that these systems can expose women to further risks.“Female comedians rely on so-called ‘whisper networks’, a shadow safeguarding system where warnings and experiences are shared on private WhatsApp threads,” Nina Gilligan, a comedian and the co-founder of the industry body Get Off Live Comedy, which provides HR support to those working in the industry, told the cross-party women and equalities committee on Wednesday.Chaired by the Labour MP Sarah Owen, the committee explored the experiences of women in live comedy, the representation of women across the sector and the barriers they face in building a career.The committee has been examining how employment protections apply in freelance and gig-economy sectors, where traditional safeguards are harder to enforce

2 days ago
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Why we washed our hands of Izal | Brief letters

In the 1970s, to save money, a London psychiatric hospital replaced soft toilet tissue with Izal medicated toilet roll (Letters, 13 April). Therapists conducting successful sessions for outpatients with compulsive disorders were surprised by a sudden increase in relapse rates, until they realised that each sheet contained the exhortation “Now wash your hands”. Its use was discontinued. ‌Prof David C SandersMortain, France Izal toilet paper made excellent tracing paper, but it also made a superb sound in a comb and paper. One member of a jokey interval band at the original Concorde Jazz Club in Southampton played an Izal bumphone to great effect!David WittMalmesbury, Wiltshire It’s not all doom and gloom when products are discontinued

2 days ago
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Government’s 1.5m housebuilding target in England is suffering from subsidence | Nils Pratley

This is what the government didn’t want to hear when its target to build 1.5m homes in England during this parliament already looked out of reach. The country’s biggest housebuilder is trimming its purchases of new land because the Iran war has created “a less certain backdrop”.Barratt Redrow’s “disciplined approach” isn’t a downing of tools, it should be said. The company had previously expected to buy between 10,000 and 12,000 plots; now it will acquire between 7,000 and 9,000

2 days ago
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Rachel Reeves to raise windfall tax on low-carbon electricity generators

about 4 hours ago
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Oil price drops below $90 a barrel after Iran says strait of Hormuz is open

about 4 hours ago
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Kenyan firm sacks more than 1,000 workers after losing Meta contract

about 5 hours ago
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UK’s OnlyFans tops $3bn valuation amid talks to sell stake to US investor

about 11 hours ago
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O’Sullivan and Trump no-shows spoil mood before World Snooker Championship

about 3 hours ago
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Lancashire to put matches behind paywall; Rew sparkles for Somerset on rain-hit day – as it happened

about 4 hours ago