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• Reeves to announce ‘megafunds’ shake-up of local government pension scheme

Luxury fashion group Burberry has announced a turnaround plan that aims to revitalise its sales and cut costs.

Burberry’s new CEO, Joshua Schulman, told the City this morning that his ‘Burberry Forward’ plan will “reignite brand desire”, improve performance and drive long-term value creation.

We recognise there is much to be done in the short term, and we are acting with urgency. We are confident we can get back to generating £3 billion in annual revenue over time, while rebuilding margins and driving strong cash generation.

“Everything will go through the pools rather than through local authorities.

This will deliver the megafunds that have eluded the UK for too long.”