Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
A combination of high inflation and low earnings growth has caused the incomes of UK households to fall by 3.5 per cent in real terms according to the latest figures from the Office for National Statistics (ONS). The annual households earning survey found that the median salary for a full-time worker in the UK increased [...]
At his keynote speech to the Liberal Democrat conference, Business Secretary Vince Cable is today expected to say that shareholders should have more of a say when it comes to bonuses paid to executives. He is also expected to outline plans which will force firms to disclose their excessive pay packages. Mr Cable is expected [...]
Unions have vented their anger at directors today after a report found that the average annual bonus for a director in a FTSE 100 company has soared by 187% in the last decade. The findings were in a report by the High Pay Commission and discovered that top executives received a bonus worth 90% last [...]
Holidaymakers look set to have their summer travel plans disrupted after it emerged today that Virgin Atlantic pilots have voted for industrial action – the first time in the airline’s 32-year history. According to the British Airline Pilots Association (Balpa) union, 97% of its members voted for strike action after pay talks with the company [...]
HSBC, which is Europe’s largest bank, was the recipient of shareholder anger yesterday at its annual general meeting. Shareholders were disgruntled about the level of pay to executives and 20% of investors rejected the bank’s remuneration plan, which included new arrangements for paying board members after last year’s AGM. However, while 80% of shareholders supported [...]
Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has disclosed details of the amount of money it paid to its key staff in 2010. The bank said its 323 key staff were paid a total of £375 million last year – after already divulging its chief executive, Stephen Hester, received a [...]
The Royal Bank of Scotland (RBS) has today revealed its chief executive, Stephen Hester, will receive an extra shares bonus worth up to £4.5 million – taking his total pay package to £7.7 million for 2010. The bank, which is 83% owned by the taxpayer, also unveiled bonus payments for several of its other executives. [...]
It has been confirmed by the Unite union that members of British Airways (BA) cabin crew will be balloted next week, raising fears for further strikes in the New Year. Cabin crew have been involved in a 22-month-old dispute with the airline over cost-cutting measures, which include a pay freeze, a switch to part-time working [...]
Research has revealed that the average FTSE 100 executive is earning 88 times that of the average full-time UK worker. The revelation comes despite the recession where companies have been forced to make major cutbacks. According to Incomes Data Services (IDS), in the year to June 2010, executives in FTSE 100 companies took home an [...]
It has emerged this evening that thousands of London firefighters will strike on Bonfire Night in a dispute over new contracts, their union has announced. The strike, which will take place from 10am on November 5 to 9am on November 7, incorporates Bonfire Night – the fire service’s busiest period. The Fire Brigades Union (FBU) [...]
Under new proposals being drawn up Europe’s top regulators, there are set to be new restrictions on bankers’ bonuses – which are being described as the biggest clampdown ever seen in the banking industry. The proposals are much harsher than regulations in the US, and if introduced, will result in an overhaul of pay policies [...]
Travellers can breathe a sigh of relief this morning after it has been announced that airports operator BAA and the Unite union have reached an agreement which will see the threat of strike action called off. A day of talks yesterday between the two parties at the central London offices of the conciliation service ACAS [...]
Travel chaos is looming after airport operator, BAA, has voted in favour of strike action, the Unite union has announced today. BAA, which is majority owned by Spain’s Ferrovial, owns six airports: Heathrow, Stansted, Aberdeen, Edinburgh, Glasgow and Southampton. These airports would have to close on any strike days, as crucial staff including fire-fighters, security [...]
Holidaymakers could be facing further travel chaos after it emerged that airport operator, BAA, has voted for strike action. The results of the ballot are expected later today and Unite members who include fire-fighters, security staff and ground staff at airports, are in a dispute over pay. BAA, which is majority owned by Spain’s Ferrovial, [...]
From January next year, restrictions on bankers’ bonuses will take effect, the European Parliament has announced today. Under the deal agreed by the EU members last month, cash bonuses will be capped at 30% of the total bonus. 60% of bonuses should be variable and for future payment only, with at least 40% having to [...]
Up to 270,000 civil servants are to stage a 48-hour national strike today in a dispute over redundancy pay. The walkout involves job centre staff, tax workers, coastguards, border agency officials, courts staff and driving test examiners. If a satisfactory outcome is not reached then further strike action could take place later this month, according [...]
Around 100 senior employees at Goldman Sachs in London are capping their 2009 pay and bonuses at £1 million each. The move comes as part of the Chancellor’s super tax, which was introduced to claw back some of the bailout funds used to rescue the banking industry. According to the BBC, the tax represents a [...]
New research from Shelter suggests that in the past year, up to one million UK households have used credit cards to pay the mortgage or rent. According to the housing charity, the findings present a disturbing picture of up to a million people taking “desperate measures” to keep the roofs over their heads. The highest [...]
A set of tough pay regulations are to be introduced which will see UK banks forced to publish the number of employees earning more than £1 million per year. The Walker Review, published by Sir David Walker, is also proposing to provide the Financial Services Authority (FSA) the authority to curb any pay deals in [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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