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Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The...
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Monday 17th December 2007
A new pension rescue package has been welcomed by campaigners across the UK.
As many as 140,000 workers are set to benefit from the new £2.9 billion rescue scheme that has been put together by work and pensions secretary Peter Hain to help those who have lost out after their companies went bust.
Under the terms of Mr Hain's plan, 90 per cent of the value of those pensions will be restored, bringing them into line with workers covered by the Pension Protection Fund.
Mr Hain, describing the announcement as providing a "just and final settlement", added: "Although the government has been criticised over this matter, these are huge amounts and it is right that we have been able to maximise the return from residual assets in the schemes which collapsed so that the public purse has had value for money too."
Campaigner Peter Jackson told the BBC: This is just brilliant news."
He added: "I will now receive what I was due, which is a huge difference to what I would have received if the government had not acted."
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