Slowcoach dividend-cutters will be punished for lagging behind

If ever there was a time to cut dividends, it is probably now. The penalty for most of the 30-plus listed businesses that have decided to pass, cut or delay payouts to investors since the coronavirus outbreak has been more carrot than stick. AJ Bell has totted up how much — £500m of dividend cuts and deferrals announced on Monday, nearly £1.5bn since the end of February from the likes of Marks and Spencer to Marston’s. A bevy of businesses said they were considering a cut in the future.