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Sunday Papers: Freeze minimum wage, urge bosses

And Carillion is under pressure to inject funds amid growing pension concerns.

 
Sunday Papers: Freeze minimum wage, urge bosses

Top stories

  • The Sunday Times: Warning of job losses, bosses are calling for a freeze in the minimum wage amid the latest signs that Brexit fears are holding back investment by businesses.
  • The Sunday Telegraph: Stricken building contractor Carillion is facing growing calls to launch an emergency fundraising as it threatens to plunge further into financial crisis.
  • Mail on Sunday: Frankfurt is expected to be the major winner in moves by City banks to shift jobs out of London as a result of Brexit.
  • The Sunday Telegraph: British families are signing up for a lifetime of debt with almost one in seven borrowers now taking out mortgages of 35 years or more.

Business and economics

  • The Sunday Telegraph: The influence of overseas drugs giants in the UK healthcare system could come under scrutiny after it emerged that foreign firms are the driving force behind a judicial review challenge to new NHS drug pricing powers.
  • The Sunday Telegraph: Barclays is battling investor pressure to pursue a spin-off of its high street operations from the bank’s investment banking arm.
  • Mail on Sunday: Billionaire Mike Ashley is facing renewed calls to draft in executive heavyweights to help run his £3 billion empire as the City braces for a profits collapse.
  • The Sunday Times: GLG, one of London’s best-known hedge funds, and one of Canada’s largest pension plans, Canada Pension Plan, are among the biggest losers from a dramatic recovery at Premier Oil.
  • Mail on Sunday: Members of Nationwide Building Society have been urged to reject a £3.4 million pay deal for new boss Joe Garner.
  • Mail on Sunday: Car finance firms are fitting ‘kill switches’ that immobilise vehicles if drivers miss a payment.
  • The Sunday Times: Premier Foods, the maker of Mr Kipling cakes, will unveil another disappointing set of figures this week amid growing pressure on its chief executive.
  • The Sunday Times: The co-founder of Jack Wills has taken the preppy fashion retailer back to profitability two years after he returned to save it from a costly logistics gaffe.
  • The Sunday Telegraph: Bosses at Vue cinema chain are in line for a blockbuster windfall worth hundreds of millions of pounds as it heads towards a bumper sale or float.
  • The Sunday Times: Amazon is stepping up its assault on America’s $780 billion grocery market with plans to deliver meal kits to customers’ homes.
  • The Sunday Times: ITV is poised to anoint the easyJet boss Dame Carolyn McCall as its new chief executive.
  • The Sunday Telegraph: Iceland's foreign minister has opened the door for Britain to rejoin a European trade club that would put it on a fast track to sign dozens of ready made deals after Brexit.
  • The Sunday Telegraph: Canadian fund West Face Capital, an activist investor, has raised questions about the sprawling transatlantic operations of FirstGroup, fuelling speculation that it is planning to push for a break-up of the giant bus and rail operator.

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12 comments so far. Why not have your say?

Approveds

Jul 16, 2017 at 09:10

Bosses who are calling for a freeze in the minimum wage need to be investigated. Very often those same people have inflated incomes for themselves and their fellow directors. And this has nothing to do with Brexit.

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Donald Chan

Jul 16, 2017 at 09:48

A freeze on the minimum wage is probaly economically justified. The high incomes for top executives is probably not justified. Yes, nothing to do with Brexit.

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geoffrey mulford

Jul 16, 2017 at 10:44

A bosses wet dream is that all their staff would work for nothing. But if everybody worked for nothing he would have no customers because no one would have any money to spend on goods and services.

We could probably do with higher wages and a bit more inflation to erode away some of the debt.

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uncommercial

Jul 16, 2017 at 11:00

Spot on Approveds! Bosses give themselves 10% per annum increases year after year. Then they have the gall to say staff should have income fixed in cash terms and hence eroded by inflation. They'd have some credibility if their own incomes had been frozen for the last ten years.

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steggets

Jul 16, 2017 at 11:04

If you can't afford to pay the minimum wage you don't have a viable business.

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Codger

Jul 16, 2017 at 11:21

Agree with all the comments.

I have never understood why poorer people are only motivated by being paid less whilst the bosses are only motivated by being paid more.

And, are these some of the same bosses who mis-sold ppi; mis-stated their accounts or bribed their customers?

Today, FTSE 100 directors often take very little personal risk because they are paid more in one year than the average person earns in a lifetime.

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Bill Fowler

Jul 16, 2017 at 11:30

Seeing it already on the High Street, companies installing self-service tills to avoid paying minimum wage - nothing new but it is happening where before they employed lots of youngish staff and Europeans. Industry will just ramp up automation - are we not lucky that robots are not consumers so capitalism does depend on human consumers. That is all a lot of people are going to be - unless they have some creative skills.

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Donald Chan

Jul 16, 2017 at 13:36

Bill, I hope you do what I do and avoid the DIY tills where possible. It's the same with phone calls - we should resist where possible. We will never have the same freedom of choice when dealing with robots. Part and parcel of this is highlighting the wage/wealth gap. Steggets, of course you don't have a viable business if you cannot afford to pay the minmum wage. It is a legislative requirement. This is why you have to be careful increasing it.

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David Chapman

Jul 16, 2017 at 13:49

Absolutely Bill and Donald - self service tills are used to cut staff and appeal only to those who do not appreciate the consequences of their actions

I will always use a manned till [ sorry for the sexism ] I also appreciate the human contact !

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uncommercial

Jul 16, 2017 at 16:36

It's not a viable business just because it pays what the government says is the minimum wage. It's not a truly viable business unless it pays workers enough to live on. Otherwise either the workers can't cope, except perhaps for a short time, or the state has to top up incomes. Which really means businesses are being subsidised by the state. Which fits badly with evading corporation tax. And George Osbone's living wage was just a PR stunt, as it bears no relation to any independent evaluation of a wage that is enough to live on. Moreover, you can't really set living wage as an hourly rate, which is one of the problems of zero hours.

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Donald Chan

Jul 16, 2017 at 16:41

Define viable.

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uncommercial

Jul 16, 2017 at 19:33

A viable business is one that can remain solvent without subsidy, or which receives subsidy for specific social goals.

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