News Tag: cuts
February 19, 2010
The Unite union has been unsuccessful in its High Court action against British Airways (BA) to stop the airline from imposing cost-cutting measures.
The union claimed it was not properly consulted on the measures, which include a pay freeze and a switch to part-time working for 3,000 staff.
BA cabin crew had been set to take industrial ...
Unite fails in High Court bid over BA proposed cuts
by Kay Murchie
Proposed Child Trust Fund cuts leave parents fuming
by David Masters
January 25, 2010
Over half-a-million affordable homes could be axed from the Government’s building plans over the next ten years, a campaign group has warned.
Proposed public spending cuts have prompted The National Housing Federation to study the figures and come up with a total of 556,000 affordable homes at risk, in favour of a 17.98% reduction the housing budget as hinted at in the ...
Half-a-million affordable homes at risk
by Gill Montia
December 17, 2009
International ratings agency, Standard & Poor's (S&P), has cut Greece's credit rating by one notch, to BBB+ from A-minus.
The downgrade came just a few hours after the Greek government unveiled measures including a 10% cut in public spending.
Last week, credit rating agency, Fitch, also cut Greece’s sovereign debt rating to a decade-low to BBB+ from A- with a negative ...
Greece sees further downgrade in credit rating
by Kay Murchie
November 16, 2009
A survey by the Confederation of British Industry (CBI) and recruitment consultancy Harvey Nash, has discovered that more than half (55%) of British companies are proposing to freeze pay for the second consecutive year.
Furthermore, the survey found that just over one third are planning a modest increase, while just 4% were looking to increase pay by more than the ...
Half of UK employers proposing to freeze pay
by Kay Murchie
November 11, 2009
Russia's largest retail bank Sberbank is to reduce headcount by 25% - or 67,000 jobs by 2014.
However, around 27,000 of the jobs will be axed by the end of 2009, said the bank.
The bank, which is state-controlled, has been hit by the economic downturn and the cuts are part of a modernisation plan.
Denis Bugrov, a vice president and member ...
Russia’s biggest lender to axe 67,000 jobs
by Kay Murchie
October 16, 2009
Nationwide has launched a number of initiatives aimed at helping first-time buyers and homemovers.
For first-time buyers, the building society is discounting its reservation fee by up to £500 and offering a £250 reservation fee discount, plus free legals.
The lender is also extending this offer to its four and five-year fixed rate deals.
The move cuts the reservation fee on a three-year fix ...
Nationwide cuts fees and rates
by Gill Montia
September 17, 2009
Woolwich has announced its second round of mortgage rate cuts this month.
From today, the lender is introducing a one-year tracker mortgage at 1.98% for a 60% loan-to-value (LTV) deal, which comes with a £999 fee.
The Barclays-owned firm is also cutting rates on its two-year 70% LTV fixed-rate deals with a £999 fee, to 3.99%; or 4.09% with a reduced fee of ...
Woolwich launches one-year tracker at 1.98%
by Gill Montia
September 13, 2009
According to the TUC’s general secretary, Brendan Barber, Britain could be faced with a "double-quick, double-dip" recession if future Governments try to cut public sector jobs.
The TUC leader described the outlook as "very precarious" and cuts in public spending could result in over four million people unemployed.
Official figures show that unemployment increased by 220,000 to 2,435,000 in the ...
TUC warns of double-dip recession and 4m unemployed
by Kay Murchie
January 15, 2009
The Bank of England's 0.5% base rate cut has proved unpopular with Brits, according to the results of a new survey.
An online poll by moneysupermarket.com found that over two thirds of 16,000 respondents were angry with the Bank of England's decision, which lowered the base rate to 1.5%, its lowest in over 300 years.
Moneysupermarket.com's head of mortgages, Louise Cuming , ...
Base rate cut angers Britain’s savers
by David Masters
November 4, 2008
Last month, in a co-ordinated move with other banks, the Bank of England’s Monetary Policy Committee (MPC) slashed UK interest rates from 5% to 4.5%.
Central banks in the US, Japan and China have all cut interest rates in the last week in a bid to fight off a recession.
Many analysts believe that the Bank of England and ...
MPs urges banks to pass on interest rate cuts
by Kay Murchie
November 3, 2008
Global shares have risen today on the back of Government intervention after South Korea has become the latest country to announce a stimulus package to boost its economy.
The package, worth around 14 trillion won (£6.6 billion, $10.9 billion), has been announced by the Ministry of Strategy and Finance in a bid to stave off a recession.
Eleven trillion won is to ...
Economies announce rescue packages, shares rise
by Kay Murchie
October 30, 2008
Professor David Blanchflower, a member of the Bank of England’s Monetary Policy Committee (MPC), is calling for aggressive interest rate cuts in order to boost Britain’s economy and stave off the prospect of a deep and prolonged recession.
In response, Chancellor Alistair Darling appeared to be supporting Prof Blanchflower’s call after he stressed that while he ...
MPC member calls for aggressive rate cuts to stave off recession
by Kay Murchie
October 9, 2008
Despite shares recovering in early trading today as investors absorbed the news of a half a point percentage cut in interest rates, stock markets this afternoon have fallen as investors fear a world recession.
On Wall Street, shares dipped despite opening 1.63% higher and this resulted in its counterparts losing ground. In London, the FTSE 100 was down 2.34%, France's Cac 40 ...
Stock markets fall, Iceland suspends trading
by Kay Murchie
August 12, 2008
Official figures have revealed that the UK’s annual rate of inflation has surged to a record high of 4.4% in July. Inflation is now at its highest level since current records began in 1997.
The figure is up from 3.8% in June and is more than double the Government’s target of 2% and above analysts’ forecast of ...
Hopes of future rate cuts dashed as inflation reaches 4.4%
by Kay Murchie
August 6, 2008
This week has seen a round of rate cuts from High Street lenders, as competition appears to be returning to the market.
Royal Bank of Scotland and NatWest have announced interest rate cuts of at least 0.10% on their new fixed and tracker mortgages, while rates on some other deals are being reduced by up to 0.30%.
Abbey is making itself attractive to new borrowers ...
Rate cut round up
by Gill Montia
July 9, 2008
Yesterday's announcement that housebuilder Persimmon has cut around 2,000 jobs since the start of the year has been followed by further gloomy news from Bovis Homes and Redrow, which are also reducing staff numbers.
The firms expect to cut 400 and 550 jobs respectively, blaming the losses on the credit crisis and high mortgage costs.
According to Bovis, the market for selling homes ...
Housebuilders’ woes increase as sales plummet
by Gill Montia
