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BUSINESS LIVE: inflation dips to 0.2%; Reform profits fall 66%

BUSINESS LIVE: inflation dips to 0.2%; Housebuilder Redrow Reveals Falling Revenue; Zara’s owner returns to profit

Inflation fell last month as the government’s Eat Out scheme and falling airfares pushed prices down. The CPI measure has dropped from 1 percent in July to just 0.2 percent in August, according to figures from the Office for National Statistics.

Homebuilder Redrow saw its annual pre-tax profit drop 66 percent to £ 140 million, while annual sales and completed sales fell nearly 40 percent, but still pledged to renew dividend payments next year.

Inditex, the parent company of fashion retailer Zara, returned to quarterly earnings in the three months from May to July, despite a 31 percent drop in sales as the coronavirus crisis kept consumers away from downtown shopping streets.

Britain’s largest union, Unite, has warned massive layoffs could take place unless the government extends its leave plan, which expires next month. Millions of leave workers will learn whether they will still have a job after October 31.