Closing post
Time to wrap up…
Bank of England deputy governor Dave Ramsden has warned that that Britain’s jobs market had weakened and wage growth was normalising, which will help bring inflation back to target.
The gold price continues to inflate, though, hitting a record high of $3,831 per ounce today.
UK carmaker Jaguar Land Rover is close to restarting some manufacturing, after a cyber-attack disrupted production for a month. The move came after the UK government agreed to underwrite a £1.5bn loan for the company, sparking fears of ‘moral hazard’.
Britain’s second-biggest drugmaker GSK has announced the surprise departure of its chief executive, Emma Walmsley, after eight years in the top job.
Rival pharmaceuticals group AstraZeneca has said it will list its shares directly on the New York Stock Exchange in a decision described as a “knock-back for London”.
New pay offer for London Underground workers
A new pay offer has been made to London Underground workers following strikes earlier this month.
The Rail, Maritime and Transport union (RMT) say the new offer was a three-year deal comprising of a 3.4% pay increase in year one and a rise in line with RPI inflation in years two and three.
RMT members took industrial action which brought Tube services to a halt for days this month, causing travel disruption in the capital; talks resumed between Transport for London and the union after the strike ended.
RMT general secretary Eddie Dempsey says:
“This offer will now be discussed by the national executive committee and in consultation with the membership.
“As a result, the union remains in dispute with London Underground subject to the will of the membership under our democratic structures.”
The RPI inflation rate is typically used as a benchmark for pay negotiations, and was recorded at 4.6% in the year to August.
