90,000 jobs at risk: Whitehall bloodbath looms as Boris Johnson orders ministers to sack a fifth of all civil servants May 13, 2022 Tens of thousands of Brits in Whitehall and elsewhere may lose their job as Boris Johnson has tasked ministers with cutting around 90,000 civil service positions. The Prime Minister told his Cabinet yesterday afternoon that the service should be cut by a fifth. Johnson made the demand during an away day with ministers in Stoke-on-Trent [...]
Tesco chief Ken Murphy collects £4.7m: 224 times overall pay of median staff member May 13, 2022 Ken Murphy, the chief of supermarket giant Tesco, received a £4.74m pay packet for the past year, the group has revealed in its annual report. The report, which was filed on Friday morning, said Murphy’s bumper total pay deal was 224 times the overall pay of the median member of staff at Tesco. It comes [...]
Lloyds chair says junior staff will be first in line when bank’s £399m bonus pot is handed out May 12, 2022 The chair of Lloyds Bank has said the company plans to prioritise its junior staff when reviewing pay packages as employees struggle with the rising cost of living. At the bank’s annual general meeting on Thursday, Robin Budenberg said: “Our colleagues, especially at a more junior level, are impacted by the rising cost of living [...]
UK pension holders in for a shock as thousands face unexpected tax charges due to exceeding lifetime allowance May 12, 2022 Thousands of pension savers potentially face tax charges as they have more than the lifetime allowance sitting in their personal pensions, figures indicate. Around 2,300 people have been paying into personal pension schemes exceeding the lifetime allowance of £1,073,100, according to HM Revenue and Customs (HMRC) data. InvestingReviews.co.uk obtained the figures from HMRC following a [...]
Royal Mail bets big on 500 drones for 50 new aerial postal routes across UK in push to make air deliveries take off May 12, 2022 With the creation of 50 new “postal drone routes” over the next three years, Royal Mail said it plans to increase its use of drones for deliveries. Under a partnership with logistics drone company Windracers, and subject to Civil Aviation Authority approval, the move will provide faster and more convenient services for remote communities, said [...]
UK economic growth slows as GDP records 0.8 per cent between January and March May 12, 2022 The UK economy grew by 0.8 per cent between January and March, down from growth of 1.3 per cent in the previous three months, the Office for National Statistics has said. Darren Morgan, director of economic statistics at the Office for National Statistics (ONS), said: “The UK economy grew for the fourth consecutive quarter and [...]
Lifting off from the Highlands: Scotland to be launchpad for Europe’s first-ever microlauncher rocket May 11, 2022 Europe’s very first microlauncher rocket will be launched in Scotland. Lifting off from Space Hub Sutherland, in the Highlands, the Prime orbital space rocket has been unveiled by Orbex, a spaceflight company. The firm will now press ahead with testing, allowing “dress rehearsals” of rocket launches and the development of launch procedures. Orbex recently revealed [...]
Cost of borrowing surges as overdraft rates hit record highs: Credit card fees back to the ’90s May 10, 2022 Data covering quoted household interest rates on consumer credit products released by the Bank of England this week reveal the rising cost of borrowing for UK households, With the Bank hiking interest rates by 0.25bp last Thursday and inflation expected to show a climb yet again for April, the fresh data demonstrates the difficult decisions [...]
US-UK trade deal ‘never going to happen’, warns former Bank of England bigwig as he says high inflation is down to Brexit May 10, 2022 Most of the UK’s inflation is a direct result of Brexit, according to a former heavyweight at the Bank of England. Former BoE policymaker Adam Posen, said that around 80 per cent of the reason why the IMF expects UK’s inflation to remain high is directly linked to Britain’s departure from the EU. The economist, [...]
Govt accused of ‘turning its back’ on workers after promised Employment Bill is nowhere in Queen’s Speech May 10, 2022 The Government has come under fire for “turning its back” on workers after a long-awaited and promised Employment Bill was not included in the Queen’s Speech. Unions and Labour criticised Prime Minister Boris Johnson, accusing him of “fobbing off” working people. Unions have been expecting legislation for years, saying a Bill is needed to tackle [...]
