'These fiscal rules are not good'

Former Bank of England Chief Economist Andy Haldane says Jeremy Hunt & Rachel Reeves’ fiscal rules are holding back investment and growth, describing them as 'self-defeating on their own terms'.

#Peston

H2-OH-NO!

Mark is correct.👇 Although, special administration is not a given.

There are a lot of vested interests in play.

Beware of brinksmanship.

Shareholders can always change their mind.

MPs summon the boss of P&O to answer questions about working conditions onboard the company’s ferries.

Meanwhile, P&O u-turns. It will now sign a charter which includes a commitment to paying crew the UK minimum wage. But it won’t say when.
Full report: itv.com/news/2024-03-2…

New: the chief executive of P&O Ferries has been summoned by MPs to answer questions about the way it treats its crew.

On 7th May, Peter Hebblethwaite will appear on a panel with executives from other firms which have been named and shamed for failing to pay the minimum wage.

Last Sunday marked the second anniversary of P&O Ferries sacking 786 workers. Two years on nothing has changed.

It has now been revealed that the company is forcing staff to work 12 hours a day, 7 days a week, for up to *17 weeks* at a time.

This cannot be allowed to continue.

The interest rate decision in brief: Bank of England holds but points to signs that domestic inflationary pressures are easing. No hint that cuts are imminent.

And good news for the chancellor. MPC decides his Budget is will stimulate a little growth and very little inflation.

It’s a hold! Bank of England votes for the fifth time to keep rates at 5.25%.

France’s Maritime Minister says it’s “dangerous” and “not moral” for P&O to ask crew to work for 17 weeks without a day off.

The law in France now limits the time crew can work to 2 consecutive weeks.

P&O Ferries hasn’t responded but has said previously its crew are well-rested

A joint investigation between ITV News and The Guardian found contracts and payslips which show P&O Ferries is still paying some crew less than half the UK minimum wage, ITV News Business and Economics Editor Joel Hills reports

itv.com/news/2024-03-1…

New: the president of Brittany Ferries says the French government will sign a decree tomorrow which will force P&O Ferries to pay the French minimum wage.

It’s not clear how long the company will be given to comply.

UK government hopes to implement similar law “in the summer”.

P&O Ferries continues to pay some of its crew less than half the UK minimum wage thanks to a gap in the legal protection for seafarers which the government promised to close.

Full report here:

itv.com/news/2024-03-1…