Shops and pubs cheer as banks tell staff in UK to return to offices

On Jan 20, 2022

The retail and hospitality sectors hope the return of office workers will bring a much-needed boost to their COVID-hit businesses

Banks have told their British staff to return to the office after the government lifted its work-from-home guidance, giving hope of a boost to retail and hospitality companies hit hard by remote working.

Citigroup Inc. (NYSE:C) staff are “expected to be in the office at least three days per week”, the bank said in an internal memo seen by Reuters.

Standard Chartered PLC (LSE:STAN)‘s London headquarters will be open for all staff from Monday 24 January, a spokesperson told Reuters.

Prime Minister Boris Johnson on Wednesday announced the immediate end to the government’s work-from-home rule, adding that other restrictions such as the mandatory wearing of face masks in public venues would be dropped next week.

Goldman Sachs (NYSE:GS) plans to resume office working following the the changed guidelines, a spokesperson told Reuters, while HSBC PLC (LSE:HSBA) said staff would be welcome back in its offices from Thursday for hybrid working.

Business and industry leaders cheered the end of the restrictions.

“Before Christmas the Omicron variant cast a dark shadow over the Square Mile’s recovery. The signs are now much more promising,” said Catherine McGuinness, policy chair at the City of London Corporation.

“We look forward to welcoming City workers back to their offices as soon as possible.”

Clive Watson, chairman of City Pub Group PLC (AIM:CPC), told the Evening Standard: “To get Britain back to work, so to speak, is absolutely vital for hospitality. A lot of businesses, including our own, do rely on people being back at their desks and coming into London. That’s a really key driver going forward.”

Hospitality industry data from CGA on Thursday showed there was modest growth in the last quarter of 2021, with a 1.6% increase in site numbers between September and December – the first quarter-on-quarter growth for more than five years.

The report pointed to a 1.9% increase in venues in both city centres and on high streets, where footfall has suffered since the start of the pandemic.