Monday newapaper round-up: P&O Ferries, Sainsbury’s, Hinkley Point C

by | Mar 28, 2022

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Grant Shapps is writing to the chief executive of P&O Ferries urging him to announce a U-turn on the decision to sack 800 workers without notice, as unions pledged to “ratchet up the fight” after a weekend of protests. The transport secretary is expected to present a package of legislation on Wednesday to close loopholes and ensure ferry companies running regular services to and from the British Isles pay their crew the UK minimum wage. – Guardian
Major investors have launched a campaign calling for Sainsbury’s to help tackle the cost of living crisis by becoming the first supermarket group to pay all its workers the “real living wage” of £9.90 an hour. Legal & General Investment Management, Nest (National Employment Savings Trust), which is Britain’s largest workplace pension scheme, and several MPs have formed a coalition to push for the change after reports that increasing numbers of supermarket workers are having to turn to food banks to feed themselves and their families. – Guardian

The UK’s £23bn new flagship nuclear power plant is at risk of becoming more expensive and being plagued by delays as its developer EDF blamed challenges including the conflict in Ukraine. EDF is carrying out a “new comprehensive review” of the costs and timeframes of Hinkley Point C, which it is building in Somerset with updates expected in the summer. – Telegraph

JP Morgan threw down the gauntlet to the UK retail banking industry by launching an instant-access savings account paying over 50 per cent more interest than existing accounts. The American bank said that customers of Chase, its new British app-based operation, would get a 1.5 per cent return on up to £250,000, but savers must also sign up to its current account. – The Times


The pension funds and investments of more than a million people are to be disinvested from the tobacco industry after Scottish Widows announced it would sell shares and bonds worth £1 billion in cigarette companies. It is screening out any investment in firms where tobacco accounts for more than 10 per cent of sales, so it will divest itself of firms including British American Tobacco, Imperial Brands, Philip Morris and Japan Tobacco. – The Times

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