The man in charge of Tesco's huge UK business has defended the firm's commitment to "create 20,000 new jobs" in 2012.
Britan's biggest retailer, which already employs 290,000 staff across Britain, announced the initiative this morning, saying the intention was to improve the in-store customer experience.
Commentators have responded with scepticism, wondering whether the jobs are "re-announcements" or simply the movement of staff between different locations.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
But Tesco's UK boss, Richard Brasher, told Sky News: "We are not counting people who move around our business....These are real net new jobs, and that's what we stand behind".
Tesco shares have dropped 20% this year after the firm reported weak sales at its UK stores during 2011. The company has since prioritised the core British business after several years of expansion in Eastern Europe, Asia and the US.
BS
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
-
How to invest in copperIt may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
