Business London Press

Rail strikes cancelled on Poppy Day

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25/10/2022

Rail union RMT said it will not strike on November 3 after being made aware that the Royal British Legion’s Poppy Day was the same date.

Workers will now walk out on November 5,7 and 9 as part of a long-standing dispute over salaries, jobs and working conditions.

Network Rail members said they will strike for all three dates but staff at 14 other railway companies will only walk out on November 5.

About one in five trains are likely to run, with large areas of Great Britain with no rail services at all.

In separate disagreements, London Underground and Overground workers will walk out on November 10.

Four unions are involved in the strikes: RMT, the main rail union; Aslef, representing train drivers, Transport Salaried Staffs’ Association (TSSA), the union for white-collar staff in the transport industry and Unite, representing some grades in some train operators.

RMT general secretary Mick Lynch said: “The dishonesty of Network Rail bosses has reached a new low in this national rail dispute.

“On the one hand, they were telling our negotiators that they were prepared to do a deal while planning to torpedo negotiations by imposing unacceptable changes to our members’ terms and conditions. Our members are livid with these duplicitous tactics, and they will now respond in kind with sustained strike action.”

Tim Shoveller, Network Rail’s chief negotiator, said: “A two-year eight per cent deal, with discounted travel and a new extended job guarantee to January 2025, is on the table ready to be put to our staff. Unfortunately, the leadership of the RMT seems intent on more damaging strikes rather than giving their members a vote on our offer.

“Me and my team remain available for serious talks and continue to negotiate in good faith. Our sector has a £2 billion hole in its budget with many fewer passengers using our services. That reality is not going to change anytime soon.”

Three quid from the Grid for off-peak use

News
Energy

Helen Greaney

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20/10/2022

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Three quid from the Grid for off-peak use

Householders are being offered £3 per kilowatt hour to use electrical appliances late at night.

The National Grid is attempting to reduce demand as it works on plans to avoid blackouts this winter.

National Grid warned this month that homes could face three-hour power cuts if Russia blocks gas supplies into Europe and Britain experiences sustained cold weather, increasing the amount that households use for heating.

The electricity system operator says that avoidance of appliances in the evening could save customers up to £100 a year.

As businesses consume far more energy than domestic customers, their savings could be much higher.

In response to inevitable challenges, the Grid is encouraging households to take part in its new demand flexibility service, which launches in November.

So far, Octopus and Ovo Energy – the scheme pilots – have signed up.

This winter, customers are facing record energy bills.

The Energy Price Guarantee, announced by the prime minister in September, was initially due to last for two years from October 2022 to September 2024. However, the new chancellor announced on 17 October 2022 that it would now only last sixth months ending at the end of March 2023.

Cornwall Insight predicts the price cap will be above £4,000 per year – when the support package is now expected to end next April, after Chancellor Jeremy Hunt slashed its timeframe.

Business community remembers London legend Tony Berry

Helen Greaney

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19/10/2022

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Business community remembers London legend Tony Berry

Londoners have paid their respects to the long-term director of Tottenham Hotspur, Tony Berry.

He passed away iaged 81 after a long illness.

Hailed one of the businessman of his generation, Berry’s drive and determination led him to chair a company worth one billion pounds.

He quickly grew recruitment company Blue Arrow in the eighties and acquired more businesses including Brook Street.

Blue Arrow soon became a FTSE 100 company and the biggest recruitment business in the world.

He later became chair of Berry Recruitment Group, which turns over £70 million annually across 40 offices in England and Wales.

Football fans will also recognise Berry as a stickler for Tottenham Hotspur, enjoying a stint as club chairman in 1991-92.

The dad of two was born in Edmonton, London, where he captained the cricket club for a number of years, and met wife Marion on one of its tours.

His son Spencer said: “So many people attended the funeral to pay their respects – there was standing room only.

“We heard so many wonderful stories about him from all sorts of people.

“He was diagnosed with cancer around 20 years ago but it didn’t stop him. He had always been a man in a hurry.

“He loved meeting new people and buying companies, and realising their potential was a defining part of his success.”

Among those to pay tribute was Claude Littner, of TV’s The Apprentice who said: “Every so often you meet someone special. Tony Berry was special.

“He was always friendly, welcoming, funny, clever and a true gentleman. Friends for 30 years, wish it could have been longer.”

Police reopen roads after ‘suspicious package’ found

Helen Greaney

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19/10/2022

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Police reopen roads after ‘suspicious package’ found

The City of London Police have reopened roads near Bank Station after resolving an incident regarding a “suspicious package”.

Queen Victoria Street, Queen Street and Princes Street were among those roads closed this morning after reports of an unattended item at Mansion House.

The area also includes the City of London Magistrates’ Court and several major banks.

Bank Station was also temporarily shut, with office workers nearby unable to enter their buildings until noon.

Just before midday, the police said the incident had been resolved and cordons were in the process of being lifted.

Transport for London said Bank station was “closed due to a security alert at street level” but Monument Station was not affected.

Chief Inspector Nikki Gander, from the City of London Police, said: “Officers were called to a report of a suspicious package near Mansion House at 10.06am this morning. This is currently being investigated and precautionary cordons and road closures have been put in place.”

The incident comes a day after police were forced to close roads around Cannon Street Station, when a man climbed onto the roof of Starbucks on Wallbrook and threw rocks.

Houses prices soar £36,000 in 12 months

Helen Greaney

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19/10/2022

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The average cost of a home in the UK has jumped by more than a typical British annual pay packet in the last year, according to new figures.

House prices have risen by around £36,000, according to the Office for National Statistics, putting another obstacle in the way of those looking to buy their first home.

The average price of a UK home in August was £296,000, while the average cost of a house in England is £316,000 forcing many to rent properties rather than buy.

The rising demand for housing teamed with soaring inflation – which rose to 10.1% in September 2022 from 9.9% in August, returning to the 40-year high hit in July – has seen landlords scrambling to increase rents.

Private rental prices paid by tenants in the UK has risen by 3.6 per cent in the 12 months to September 2022.

Surging energy price rises coupled with continued Bank of England interest rate rises have been expected to hit household finances, and there were signs that the housing market was losing momentum.

The stamp duty cut announced in September was intended to benefit first-time buyers by making property more affordable, but the market uncertainty caused by the mini-budget led to significant mortgage rate hikes, forcing lenders to pull their products and making them available again but with higher rates.

Experts warn winter energy bills will remain high despite promising dip in gas prices

Helen Greaney

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18/10/2022

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Gas prices have dropped from 16 to 12 per cent in the last month, but that won’t mean normal energy bills this winter, experts predict.

On the spot market, gas is trading at £2.32 per therm in the UK – that’s a sharp increase from the £7.88 per therm recorded in August.

Benchmark futures fell 9.9%, helped by mild weather and a steady inflow of liquefied natural gas. Europe has been topping up its supplies to over 90 per cent to ease fears over supply shortages as the colder months hit.

However, futures markets experts say that prices will be forecast at more than £4 per therm in the UK from next February.

But with the Russian conflict still ongoing and winter temperatures hard to predict, there are concerns for 2023. The continent has become increasingly dependent on costly liquified natural gas from the US and Gulf states to meet its energy needs.

The government’s Energy Price Guarantee, which limits the price that suppliers can charge for each unit of energy, may still cost billions of pounds, despite being cut from 24 to just six months.

Cornwall Insight has predicted the energy price cap will be more than £4,0000 per year by April so households will face huge energy bills next Spring following new chancellor Jeremy Hunt’s slashing of the support package.

Many countries have pushed for a price cap, but the bloc has not yet reached consensus on whether to cap the price of gas for end users.

Several countries, including Germany and Netherlands, fear it could exacerbate the energy crisis by failing to address the EU’s fundamental supply issues.

The measures will be discussed by European Union leaders at their summit on October 20-21 as they seek to alleviate the impact of Russia’s steep gas supply cuts on companies and consumers

Meanwhile, the IEA warned that Europe must slash its gas consumption by more than 10 per cent to prevent the risk of power rationing this winter.

Bank of England offers safety net in volatile energy market

Energy
News

Helen Greaney

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17/10/2022

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A new £40 billion scheme will enable energy firms to apply for loans to secure their commercial futures amid unstable wholesale costs.

The Energy Markets Financing Scheme (EMFS) launched by the Bank of England and The Treasury, aims to help firms facing short-term finance issues.

Record gas prices were reached in the summer following Russia’s invasion of Ukraine.

The EMFS will allow commercial banks to provide larger credit lines to approved energy firms that are unable to meet extraordinary margin calls due to large moves in energy prices.

Energy companies usually sell power in advance to secure a fixed price but to guard against default, must maintain a minimum margin deposit before they supply any power.

But the soaring costs of gas have left companies struggling to find funds to cover it.

The government hopes the intervention will help boost wider confidence in the energy market, and could help reduce the eventual cost of energy for businesses and consumers.

Loans will be available to those playing a current significant role in UK energy markets including generators, shippers and suppliers. They must have an entity which is ofgem-licensed.

Firms have to prove they are facing large liquidity needs from margin calls when hedging their energy price risk.

However, the Bank of England also said that under its scheme conditions, energy firms are not allowed to issue dividends, share buybacks, return of equity, discretionary bonus payouts, or make changes to senior management wages.

Newly-instated chancellor Jeremy Hunt, said: “A resilient energy market is vital as we all grapple with the consequences of Putin’s horrifying invasion of Ukraine.

“Today we are continuing to act to ensure the market itself is secure, significantly reducing any risk of market failure.”

State-owned firms and energy firms owned by financial institutions and commodity trading houses cannot apply for the scheme.

More than 700,000 OAPS returning to work amid cost-of-living crisis

News

Helen Greaney

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17/10/2022

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More than 700,000 OAPS returning to work amid cost-of-living crisis

New figures reveal that more than 733,000 retired people will go back to work as cost-of-living bills escalate.

A third of those quizzed by My Pension Expert said that rising inflation and sharp rises in living costs had derailed their plans for retirement as they would no longer be able to sustain their desired lifestyle.

Inflation in the UK has spread to every corner of the economy with the cost of unavoidable living expenses from food, fuel, housing and energy prices – accelerating at the fastest pace in more than 40 years – and expected to rise more in 2023.

Research by the advisory firm said that six per cent of the nation’s retired people (12.2 million) would be looking to top up their pension pots as they lose value in real terms.

Less than half of respondents said they felt OK about their current financial plans.

Andrew Megson, executive chair of My Pension Expert, said: “As the cost-of-living crisis bites harder, we’re seeing a worrying spike in ‘unretirement’. It’s a hugely important issue – after working and saving for decades, having to re-enter the workforce will be a bitter blow to many retirees.”

UK employers have also expressed worry at the number of workers opting out of company pension schemes, which is set to rise due to financial pressure, according to research from fintech workplace pension provider, Cushon.

Its poll found that almost half of businesses (45 per cent) with more than 500 employees report that some workers are already leaving pension schemes, whilst 40 per cent have reported employees reducing their contributions to survive the cost-of-living crisis.

In 2011, the government abolished the default retirement age to give people longer, healthier lives.

Those over 65 can claim a state pension while still working, and have the added benefit of not having to pay National Insurance.

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