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 [...]
It has been confirmed that British Airways (BA) and Spanish airline Iberia have reached a preliminary merger agreement. Merger talks took place between both companies yesterday and the deal is understood to give Iberia 45% and BA 55% of a newly merged company. The combined firm would create Europe’s third largest airline and have 419 [...]
Virgin Atlantic is set to reduce its number of flights this winter which will put 600 jobs at risk. The airline, founded by Sir Richard Branson, announced that it was not operating its Heathrow-Chicago daily service for the winter 2009/10 season and is suspending one of its two daily services between Heathrow and Hong Kong. [...]
Sir Richard Branson, founder of Virgin Atlantic, is urging ministers not to step in and bail out British Airways (BA). BA, along with many other airlines, has been struggling amid the economic downturn which put many airlines out of business last year. Earlier this month, BA admitted it was fighting for survival and asked 40,000 [...]
Europe’s largest no-frills airline, Ryanair, has posted its first annual loss, which it attribute to rising fuel costs, lower fares and the write-down on the value of its stake in Irish rival Aer Lingus. The airline made a net loss for the 12 months to the end of March of €169 million, compared with a [...]
Virgin Atlantic has bucked the trend among airlines after reporting that it has almost doubled profits. In the 12 months to the end of February, pre-tax profits rose to £68.4 million, compared with the £34.8 million reported a year earlier. The announcement comes as many airlines continue to experience a slump in demand with many [...]
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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