6:24 am, October 30, 2024
UK gender pay gap reduces to 7% for 2024, ONS data shows
The gender pay gap for UK workers reduced slightly over the past year, according to new data.
The Office for National Statistics (ONS) recorded a gap of 7% between male and female earners in April 2024. It said this declined from 7.5% from 2023 and means the overall gap has reduced by about a quarter over the past 10 years.
The data showed men had full-time median earnings, excluding overtime, of £19.24 an hour, compared with £17.88 for women. It means the average UK female worker earns 93% of what the average man earns each year.
Santander bank cutting more than 1,400 UK jobs
Santander is cutting more than 1,400 jobs across its UK business this year amid ongoing efforts to reduce costs.
The Spanish bank’s chief executive officer Hector Grisi told a press conference on Tuesday that the company is cutting 1,425 jobs in the UK as it pushes forward with efforts to automate more parts of its operations.
It is understood that the job cuts are largely completed and expected to finish by the end of 2024. The company had 21,812 workers in the UK at the end of September, according to its latest financial report.
Porsche adds new lightweight Carrera T model to latest generation of 911
Porsche has expanded its current range of 911 models with a new, stripped-back Carrera T.
Arriving ‘exclusively’ with a six-speed manual transmission, the new Carrera T will be available in coupe and – for the first time – convertible guises. Some 42kg lighter than a standard 911 Carrera, the Carrera T has thinner windows, reduced insulation and – when kitted out with full fixed back bucket seats – tips the scales at 1,478kg.
The Carrera T – which stands for ‘Touring’ – is powered by a 3.0-litre six-cylinder twin-turbocharged boxer engine which delivers 389bhp and 450Nm of torque – a slight boost over the 380bhp from the previous T. It also gets Active Suspension Management and bespoke exterior styling. Prices starting from £111,300 for the Coupe and £121,300 for the Cabriolet.
The markets
The FTSE 100 lost ground on Tuesday after it was dented by a weak performance by oil giant BP.
BP dropped after it reported that profits tumbled by nearly a third in the latest quarter to £1.75 billion, as a slump in refining margins weighed on income. The FTSE 100 finished 66.01 points, or 0.8%, lower to end the day at 8,219.61.
The Cac 40 ended 0.61% lower for the day and the Dax index was down 0.25%. In the US, the Dow Jones opened slightly lower amid a number of downbeat earnings updates, with McDonald’s among those to reveal a weaker quarterly performance. The pound was up 0.16% at 1.299 US dollars and up 0.35% at 1.203 euro.
Minimum wage to rise 6.7% as chancellor plots path to ‘genuine living wage’
The minimum wage will rise to £12.21 an hour next year after the chancellor confirmed a 6.7% increase ahead of Wednesday’s Budget.
Rachel Reeves described the move as a ‘significant step’ towards delivering on Labour’s manifesto promise to introduce a ‘genuine living wage for working people’.
The increase, recommended by the Low Pay Commission, will mean an extra £1,400 a year for a full-time worker earning the main minimum wage rate, known as the national living wage, from April 2025. But it still falls short of the £12.60 per hour UK living wage calculated by the Living Wage Foundation.
Government defeats bid to make GB Energy prioritise cutting bills by £300
The government has defeated attempts to make reducing household bills by up to £300 a strategic priority for its new flagship energy company.
The Conservatives tabled an amendment to the Great British Energy Bill in a bid to ensure Labour delivers on promises it made during the general election. But MPs voted 361 to 124, majority 237, to reject the amendment.
A separate Tory amendment to make it a strategic priority for Great British Energy to meet the Government’s commitment to create 650,000 jobs across the country by 2030 was also defeated.
Tuesday on Car Dealer
Video: Used electric cars RISE in October as all other fuel types lose money
Used car prices dropped 1.1% in October, while electric vehicles (EVs) rose 0.3%, according to Cap HPI. EVs in the £5k-£15k range saw a 0.7% increase, highlighting their value amid cost-of-living concerns. Seasonal price changes expected.
Vertu Motors continues bumper year by acquiring family-run Burrows Motor Company
Vertu Motors has acquired Burrows Motor Company for £12.5m, enhancing its Toyota partnership and adding dealerships across Yorkshire and Nottinghamshire. The acquisition includes valuable freehold properties, and all sites will rebrand to Vertu, supporting strategic growth in 2025.
Volkswagen Group to shut three factories amid falling EV demand
Volkswagen plans to close three European factories, cut jobs, and reduce costs amid high energy expenses and declining demand. Union leader Daniela Cavallo warns of severe impacts on German industry, with potential strikes looming if drastic labor cost measures proceed.
China and European Union agree to further talks on tariffs on imported EVs
The EU will continue talks with China over tariffs on Chinese electric vehicles, potentially delaying planned 35% tariffs. Alternatives discussed include minimum price commitments or Chinese investments in Europe. Both sides seek a World Trade Organization-compatible resolution amid ongoing negotiations.
Weather
A largely dry day with early mist and fog in England and Wales clearing. Sunny spells for many areas; rain will move into northern Scotland later. Highs of 16 degrees.
Dry for most areas tonight with cloud and fog. It’ll turn breezy in Scotland with light rain.
