The Royal Mail has today announced it will axe 1,700 jobs and close two mail centres in London under modernisation plans. The company has deemed the job losses necessary and come on top of the 1,700 jobs already lost this year. The latest job losses include 1,000 managers across the UK and come as the [...]
The National Federation of Sub-Postmasters has today warned that 3,000 post offices are at risk of closure. According to George Thomson, the Federation’s general secretary, a ‘double squeeze’ of falling income from Post Office Limited, along with higher staff and utility bills means many post offices are struggling to keep their heads above water. Post [...]
It has been announced that the National Lottery operator, Camelot, has been sold to a Canadian teachers’ pension fund in a deal valued at £389 million. The buyer, the Ontario Teachers’ Pension Plan – simply known as Teachers’ – has stakes in Northumbrian Water and Bristol and Birmingham airports. Teachers‘ beat off strong competition from [...]
The Government has outlined plans for the Post Office to become a ‘people’s bank’ by offering financial products. The proposals, led by Business Secretary Lord Peter Mandelson, will create a ‘People’s Bank’, which will see Post Office outlets as the backbone of a new national bank. According to the Government, the plans will turn the [...]
The planned postal strikes for today and Monday have been called off after the Royal Mail and the Communication Workers Union (CWU) agreed to continue talks but would halt any strike action until the New Year. Details of the agreement reached between both sides are due to be released today. According to TUC leader, Brendan [...]
The second wave of postal strikes started at 0400 BST today. Almost 80,000 delivery and collection staff will walk out for a 24-hour period and follows the walkout yesterday of 42,000 mail centre staff and drivers. The Communication Workers Union (CWU) said it had no choice but to announce the series of strikes after it [...]
Royal Mail is in talks with the Communication Workers Union (CWU) in a bid to avoid the planned national postal strikes this week. However, according to a report by Sky News, Royal Mail said it will call in conciliation service Acas to try to resolve its industrial dispute if unions agree to call off the [...]
The Communication Workers Union (CWU) has today confirmed the dates for the national postal strike. Two 24-hour nationwide postal strikes will start on Thursday 22 October with around 42,000 centre staff and drivers on strike. On Friday 23 October, almost 80,000 delivery and collection staff will walk out for a 24-hour period. The CWU said [...]
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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