Page last updated at 08:11 GMT, Wednesday, 11 August 2010 09:11 UK

John Lewis MD expects 'slow growth'

The managing director of John Lewis, Andy Street, says he does not believe the economy is headed for another slump, or a "double dip".

Speaking to Newsnight, he said he was not surprised by the apparent hesitancy of consumers to start spending again, as he believed they were waiting to see the impact of the government's spending cuts.

The chief of Britain's most famous partnership added that he hoped new enterprises would use the same shared ownership and rewards model as John Lewis, - although he admitted some employees received salaries of up to 75 times higher than the lowest-paid staff.

Broadcast on Tuesday 10 August 2010.

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