The 12-day strike planned by British Airways (BA) cabin crew over Christmas has been averted after it was declared illegal in a High Court ruling. The ruling will be welcomed by thousands of passengers who were planning to fly over the festive period. Mrs Justice Laura Cox ruled that the cabin crew’s union, Unite, had [...]
Struggling airline British Airways (BA) has today posted a first-half pre-tax loss of £292 million for the six months to 30 September. The airline admitted during the summer it was fighting to survive and has since been looking at ways to cut costs. It is struggling to stay afloat during the global economic downturn which [...]
Banking giant HSBC has announced plans to axe 1,726 jobs in the UK and comes just 24 hours after Royal Bank of Scotland said it was axing 3,700 branch jobs. HSBC UK chief executive, Paul Thurston, said: “Decisions that affect our people are always difficult, but this restructure is an essential part of the streamlining [...]
The future of Vauxhall and its 5,500 workers have been safeguarded today after the Unite union announced it has reached a deal with Magna, the Candian car parts firm and proposed new owners of Vauxhall and sister company, Germany-based Opel. However, in order to protect jobs at both Vauxhall plants (Ellesmere Port and Luton), the [...]
Defence giant BAE Systems is to reduce its workforce and close one of its sites in Woodford, Cheshire. However the job losses will also affect a number of its other sites. The Confederation of Shipbuilding and Engineering Unions (CSEU) described the news as “bitterly disappointing”. The union’s general secretary, Hugh Scullion, said: “The CSEU will [...]
Network Rail, which owns Britain’s railway infrastructure, is embarking on a cost-cutting programme, which will see the loss of 1,800 positions. The rail operator said it hopes to avoid any compulsory redundancies and said the jobs will be eliminated by April 2011. The firm, which has a workforce of 33,000 people throughout the country, said: [...]
It has been announced that banking giant Lloyds Banking Group is reviewing its decision to close down its Cheltenham & Gloucester (C&G) subsidiary. In June, the mega-bank said it was closing all of its 160 UK C&G branches with the loss of hundreds of jobs but the decision may now be reversed. The u-turn has [...]
Banking giant Lloyds Banking Group is shedding a further 1,200 jobs – just a fortnight after it announced 2,100 jobs would be axed. The job losses now take the total 8,200, since its hasty merger with HBOS last autumn. The bank, which is 43% state-owned, said the latest round of job cuts will be lost [...]
British Airline Pilots’ Association (Balpa) has today announced that pilots of struggling airline, British Airways (BA), have voted overwhelmingly to accept a 2.6% pay cut, which will save the airline up to £26 million a year in running costs. The airline recently admitted that it was fighting for its survival but it is not alone. [...]
More than 2,000 British Airways (BA) cabin crew have rejected the company’s proposals to slash costs by freezing pay and reducing headcount. A deadline of 30 June was set by the company to reach a deal on 3,500 job cuts, a pay freeze and other changes, but no agreement was reached at that time. Speaking [...]
British Airways (BA), which recently asked 40,000 members of staff to work for nothing in a bid to cut costs, has now had a response from its employees. The airline, which recently admitted it was fighting for survival, said 6,940 members of staff applied for voluntary pay cuts, including 800 workers who have volunteered to [...]
Britain’s largest Steelmaker Corus is believed to be axing 2,000 jobs. However, the company is to make a formal statement later today. Reports say that around 500 jobs will go at its Scunthorpe plant, while a further 400 are expected to be lost at its Teesside plant and 800 jobs are at risk at Rotherham. [...]
Lloyds Banking Group is announcing further job losses today with the closure of all its 160 UK Cheltenham & Gloucester (C&G) branches with the loss of 1,500 jobs. Since April, Lloyds has axed almost 3,000 jobs which resulted in the Unite union accusing the banking giant of a embarking on a strategy of “death by [...]
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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