Legal & General

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As of 23:15 24 Sep 2018
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L&G boss in language apology

Today Programme

BBC Radio 4

Legal & General logo

For students of business jargon, there was a fascinating exchange on the BBC's Today Programme earlier.

Legal & General's chief executive Nigel Wilson was being interviewed by business presenter Dominic O'Connell about the firm's half-year results, which referred to a "reduction in positive investment variance".

"What does that mean in plain English?" came the not unreasonable question.

"The returns we got from some of our investments on the stock market were less in the first half of the year than last year."

"Why don't you just say that, then?"

"I have just said it."

"But in the release, it's pretty hard to understand."

Mr Wilson apologised, saying it was "the language of our industry".

"It's the language that we've used constantly over 10 years in our releases," he added.

Once more in English...

Legal & General has reported a 7% rise in first half profits but you might need the brain of Stephen Hawking to understand the results. Luckily, BBC Today business presenter Dominic O'Connell is on hand to translate:

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Kettering Tesco store sold for £52m

Kettering’s Tesco Extra has been sold for £52m - but it will remain as a superstore.

As first reported by the Northamptonshire Telegraph, the food store and petrol filling station in Carina Road, previously owned by Aviva Investors, has been sold to Legal & General Investment Management.

Legal & General Investment Management also owns the Grosvenor Centre in Northampton and opposed the Rushden Lakes development, which opened in the summer.

Tesco store logo
Getty Images

Matt Jarvis, Fund manager at Legal & General, said: “The store attracts a strong customer base and footfall and, as such, is an attractive acquisition for us."

He added that it will continue to operate as a Tesco Extra.

The 100,000 sq ft 24-hour store, which employs well over 100 staff, underwent a major refurbishment in 2009 which included an extension to the car park and an increase in sales floor space and storage areas.