Northern Rock Announces Job Loses
In a move which has been on the cards for some time it was today announced that 1,300 staff will be losing their jobs at Northern Rock. While it is hoped that 800 will take redundancy a further 500 will be leaving of their own accord in line with plans announced at the time of the government bail out.
While the news is a blow to the region the figure of 1,300 is a lot less than the original forecast of 2,000 job loses. Announcing the move Ron Sandler, executive chairman of the group, admitted that it was a difficult but necessary move as the restructuring of the group nears completion. Those who have followed the Northern Rock saga will know that many mortgage clients have been transferred to other banks and this has necessitated the need to reduce the staffing levels.
There has been little news of late but the bank had been ahead of the strict schedule drawn up by the Treasury with regards to the repayment of more than £20 billion in loans from the tax payer. Whether the recent fall off in business levels across the industry has affected the loan repayment schedule remains to be see.
Share this..
Related stories
UK petrol prices could rise 15p a litre in 2010
The Petrol Retailers Association has set the cat amongst the pigeons with a suggestion that UK petrol could rise by up to 15p a litre purely and simply because of tax changes and a continuing upward trend in the price of oil. Aside from the fact that the VAT has now returned back to 17.5% there is further speculation we could see an increase to 20% after the election. The government is also set to...
Read MoreUK government announces shared maternity leave
The UK government has today revealed that new mothers will be able to split their maternity leave between themselves and their husband effectively giving the opportunity for fathers to take six months maternity leave from their work. Despite the fact this is an issue which has been ongoing since 2004 when the Conservative party first suggested such a move it has not been well received in the busin...
Read MoreChance to avoid Fines over late Tax-Returns
HM Revenue and Customs (HMRC) have offered taxpayers who have failed to file tax-returns a window of a few weeks to submit them, and has warned that if they fail to do so they will face large fines. The normal procedure for HMRC is to issue fines of 100pc of the tax due to those who fail to file tax-returns, but in a special initiative they have offered taxpayers who have failed to submit retu...
Read MoreIs the OBR truly independent?
The Office for Budget Responsibility (OBR) is again in the news today after outgoing chairman Sir Alan Budd confirmed that the running costs for the OBR will be in the region of £1.5 million a year and the office will still use UK Treasury forecast data and around 100 Treasury staff. The very fact that this close relationship with the Treasury is to continue in the future is a major bone of conte...
Read MoreHoliday companies starting to feel the chill of the UK exchange rate
As we enter January, one of the more important months in the holiday sector, we are already seeing reports that the collapse in the UK exchange rate against the likes of the dollar and the euro is affecting the future destination of UK travellers. Indeed many travellers have only now realised the substantial reduction in their spending power overseas and more and more seem to be reconsidering thei...
Read More