Future of Work

Royal Bank of Scotland warns of Brexit harm as profits double

Royal Bank of Scotland has reported profits of £1.62bn for 2018, more than double the £752m it made a year earlier. RBS chief Ross McEwan called the results “a good performance in the face of economic and political uncertainty”. Mr McEwan said the UK economy faced “a heightened level of uncertainty related to ongoing Brexit […]

2.6 million Brits aim to become their own boss in 2019

New research reveals that more Brits than ever before want to start their own business in 2018.  The survey of 1,000 working British people, carried out by award-winning cloud accounting software provider FreeAgent, found that 8% intend to start their own business within the year of 2019. With over 32 million people currently working in […]

Patisserie Valerie rescue saves 2000 jobs

Patisserie Valerie is being bought out of administration in a deal that will save nearly 2,000 jobs. The management team at the coffee and cake chain has secured backing from investment firm Causeway Capital to take over 96 shops. Sister brand Philpotts has also been sold in a separate deal, saving a further 21 stores. […]

Morrisons faces women’s equal pay action

Supermarket giant Morrisons is facing legal action by women who work in its stores and warehouses. The women, both current and former employees, say they are not paid the same as male workers who are doing comparable jobs. Lawyers say that if the legal challenge is successful, thousands of women could receive back pay averaging […]

Ban zero hour contracts that exploit workers says TUC

People on zero-hour contracts are more than twice as likely to work night shifts, and are paid a third less an hour than other workers, the TUC says. After polling 3,287 workers – 300 of them zero-hour staff – it concluded the “exploitative” system should be banned. It says the flexibility such contracts offer are […]

Sainsbury’s Asda merger faces crunch decision

A key decision that could reshape the UK’s supermarket sector is due shortly, with Sainsbury’s and Asda waiting to hear if their proposed merger can go ahead. Should the deal go through, the combined group would knock Tesco off its perch as the UK’s biggest supermarket chain. But concerns over whether shoppers could face higher […]

Jaguar Land Rover slips to £3.4bn loss as China demand plummets

Jaguar Land Rover booked a loss for the last three months of 2018 as sales collapsed in China. The company booked a £3.1bn reduction in the value of its plants and other investments leading to a £3.4bn quarterly loss, its biggest to date. Carmakers are being hit by stronger regulations and demand for cleaner models. […]

Troubled Thomas Cook considers sale of its airline

Thomas Cook has said it is conducting a “strategic review” of its airline as it seeks to find funds to invest more in its hotels business. The travel firm stressed the review was at an early stage, but would consider “all options” including a sale. The company’s fleet of 103 jets is a mix of […]

Brighthouse to shut 30 shops and cut 350 jobs

Brighthouse is shutting 30 of its shops at a cost of 350 jobs amid tough conditions on the High Street and a clampdown on rent-to-own retailers. The company is closing about 10% of its estate which will take place over the next two months. Brighthouse, which employs about 3,000 people, said it had informed staff. […]

Canadian record retailer spins out Mike Ashley and buys HMV

Canadian firm Sunrise Records has emerged as the buyer of collapsed music chain HMV, beating competition including Sports Direct owner Mike Ashley. The firm will buy 100 stores out of administration, securing 1,487 jobs. But 27 stores will close, resulting in 455 redundancies. Sunrise Records chief executive Doug Putman said he was “delighted to acquire […]