The bank said it had decided to push ahead with plans to simplify parts of its business, adding that affected staff would leave in November at the earliest. It will also create 226 new roles, which means the net reduction amounts to 639 jobs, out of a total workforce of 65,000 people.
Not all of these redundancies were inevitable, he added. “Although most of those who were furloughed by their employers are now back at work, there are still many parts of the economy where perfectly viable businesses cannot bring people back because of the ongoing disruption caused by the pandemic. So we need tightly targeted support […]
A government spokesperson said: “We have provided £9.3bn extra welfare support to help those most in need, including increasing universal credit by up to £20 a week, as well as introducing income protection schemes, mortgage holidays and additional support for renters. Meanwhile, since mid-March we’ve supported 3.9m claims to universal credit and made 1.3m advance […]
The analysis comes as pressure mounts on ministers to reveal the details of contracts awarded to private firms worth billions of pounds, including for the purchase of personal protective equipment and for the government’s virus test and trace system.
Alpesh Paleja, lead economist at the CBI, said: ‘The furlough scheme has proved effective at insulating workers and businesses in some of the worst-hit sectors during the pandemic, but these findings reinforce fears that many job losses have been delayed rather than avoided.’
Read more analysis from Laura Kuenssberg here.The chancellor has previously acknowledged young people could be the worst-affected by the crisis when it comes to employment, as they are the age group most likely to be on the government’s furlough scheme – which is set to end in October.
UK businesses cut more than 12,000 jobs in two days Labour urges more support to stem job losses UK economy hit by worst contraction in 41 years The government says its furlough scheme, currently paying 80% of the wages of more than nine million workers, has already stemmed job losses from a sharp economic decline […]
After appointing City advisers in May, the chain is believed to be considering a range of restructuring options. These include a company voluntary arrangement (CVA) insolvency process, which would allow Pret to close unprofitable sites.
Lords’ anger over ‘hypocritical’ Brexit bill Minister: New bill will ‘break international law’ PM defends planned Brexit deal changes Meanwhile, senior Conservative backbencher Sir Bob Neill, who chairs the Commons Justice Committee, is tabling an amendment to try to force a separate parliamentary vote on the three contentious clauses of the bill.
UK ambassador to US resigns in Trump leaks row Leaked Trump emails row: What do we know? But he defended his conduct during his three years in Washington, saying it was the job of diplomats to report in unvarnished terms about the workings of foreign governments and how they could affect the UK national interest.