John Lewis co-operative model "not a solution"

John Lewis has reported an 8.7% fall in annual profits and has cut its bonus for the first time in three years.

The firm said this year's Partnership bonus would be £165.2m, or 14% of salary.

The Partnership is owned by its 76,500 staff, who receive a share of any profits at the end of the company's financial year.

Ed Mayo, from Co-operatives UK, told the BBC: "We are unlikely to move to an all out John Lewis economy".