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News Tag: Lord Mandelson

March 18, 2010

British jobs secured as Nissan electric car to be built in Sunderland

by Kay Mitchell
Japanese carmaker Nissan has announced it will build its electric car at its Sunderland plant. The announcement will safeguard hundreds of jobs when production begins in 2013 – as part of a £420 million investment from Nissan. Meanwhile, Trevor Mann at Nissan said the Government had played a major part in the carmaker's decision to build ...

February 2, 2010

Cadbury shareholders vote in favour of Kraft takeover

by Kay Mitchell
Cadbury shareholders have today voted in favour of the £11.5 billion ($18.9 billion) takeover deal from US giant, Kraft Foods. Today’s vote brings an end to Kraft’s five-month battle to take control of the 186-year-old British confectioner. Cadbury said it had received valid acceptances of the offer from shareholders representing 71.7% of the company. Commenting on the deal, Kraft ...

August 10, 2009

Scrappage scheme reaches halfway mark

by Kay Mitchell
Official figures released today show that orders for the scrappage scheme have reached 154,927. £300 million was put aside from the Government, along with the matched funding from manufacturers - enough to fund 300,000 transactions. Consequently, over half of the money within the scheme has been spent. The Government’s car scrappage scheme, branded ‘bangers for cash‘ was launched on 18 May and pays ...

May 29, 2009

Car scrappage scheme gives sales a ‘major boost’

by Kay Mitchell
New figures out today show that more than 35,000 vehicles have been ordered through the Government’s car scrappage scheme since its launch on 18 May. The scheme, which was introduced to boost the fall in demand for new cars, pays consumers to get rid of their old cars and replace it with a more environmentally friendly car. The scheme has already ...

May 12, 2009

Minimum wage to rise from October

by Kay Mitchell
The Government has announced that the UK minimum wage will rise by 7p to £5.80 an hour from October, despite warnings to freeze the hourly rate. According to the Government, almost one million people will benefit from the increase and the 7p an hour rise applies to workers aged 22 and over. In the meantime, the rate for 18 to 21-year-olds will increase ...

April 6, 2009

UK parents to get increased working flexibility

by Peter Charalambous
The Department for Business, Enterprise and Regulatory Reform has announced that there will be an extension of current legislation, whereby employees with children under six or disabled children had a statutory right to request flexible working, and this has now been extended to anyone with children under 16. The Trades Union Congress has welcomed the change as it will mean that ...

February 5, 2009

RBS warned over large bonuses

by Kay Mitchell
Business Secretary Lord Mandelson has warned the Royal Bank of Scotland (RBS) about its intention of offering “exorbitant” bonuses to staff. According to a report in The Times today, RBS plans to pay staff tens of millions of pounds in bonuses. In 2007, the investment banking arm of RBS, a division known as global banking and markets (GBM), paid out £1.8 billion ...

February 1, 2009

Post Office to expand banking services

by Kay Mitchell
Business Secretary Lord Mandelson is understood to be in full support of extending financial services at the UK’s 12,000 Post Offices. The Department for Business Enterprise and Regulatory Reform (BERR), led by Lord Mandelson, is in favour of creating a 'People's Bank', which will see Post Office outlets as the backbone of a new national bank. Many believe the move will help to ...

January 27, 2009

Lord Mandelson unveils £2bn package for UK’s struggling car industry

by Kay Mitchell
This afternoon, Business Secretary, Lord Mandelson, unveiled a rescue package of £2.3 billion for the UK’s ailing car industry. The package comes after months of pressure on the Government to take action after the Society of Motor Manufacturers and Traders (SMMT) warned that the industry was "battling" for its survival. Many car manufacturers have been forced to place ...

Mandelson to reveal plans to boost car industry

by Kay Mitchell
Business Secretary, Lord Mandelson, will this afternoon unveil plans to help the struggling car industry since the economic downturn has meant that car sales have plummeted in recent times. However, No. 10 have said that the support is ‘not a bailout’ but is expected to include measures such as guarantees for loans to the industry to assist with short-term finance ...

January 14, 2009

Mandelson unveils plans to kick-start lending for businesses

by Kay Mitchell
Business Secretary Lord Mandelson has today unveiled the Government’s plan to kick-start lending for small and medium-sized businesses to help them weather the economic downturn. The Government has announced measures to guarantee up to 50% of up to £20 billion worth of loans. Companies with an annual turnover of up to £500 million will be eligible for the scheme. Meanwhile, smaller, ...

Plans underway to boost lending to businesses

by Kay Mitchell
Business Secretary Lord Mandelson is set to unveil details of a loan which will kick-start lending to small businesses to help them weather the economic downturn. According to Lord Mandelson, the plans will target ‘genuine business needs‘. It is expected that Lord Mandelson will announce support for up to £10 billion in short-term loans for medium-sized firms to help them with their ...

November 4, 2008

MPs urges banks to pass on interest rate cuts

by Kay Mitchell
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 ...