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BMW workers vote to strike over pension dispute

Credit: PA

BMW workers have voted overwhelmingly in favour of strike action in a dispute over pensions, the Unite union has announced.

Members of the union backed walkouts by 93%, with 97% supporting alternative forms of industrial action.

Unite said that closure of the BMW occupational pension scheme by the end of May could see some workers lose up to £160,000 in retirement income.

Unite general secretary Len McCluskey said: "BMW needs to reflect on this extraordinary vote in favour of industrial action and the real possibility that its UK workforce will strike for the first time under its ownership in the coming weeks.

"It won't be a step which will be taken lightly, but the vote in favour of action shows a determination by workers who have contributed massively to BMW's record revenues to stand up for their pensions."

Lloyd's of London to set up Brussels base after Brexit

Lloyd's of London wants to maintain a presence in Europe. Credit: AP

Insurance market Lloyd's of London is to establish a subsidiary in Brussels to maintain a presence in Europe once Britain leaves the EU.

The company confirmed the plans as it unveiled its full-year results, with profits flat for 2016 after the firm wrestled with "extremely challenging" conditions driven by pricing pressures.

Its decision to choose the Belgian capital as its preferred site for an EU base was made during a meeting of the firm's franchise board on Tuesday.

It is believed the move will result in around 100 jobs being shifted from London, though that number could rise as the insurance market establishes itself in the Belgian capital.

Lloyd's said it was aiming to start work at the Brussels office from January 1, 2019.

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London Stock Exchange's £21bn merger blocked by EU

Credit: PA

The £21 billion merger between the London Stock Exchange and Deutsche Borse has been blocked by European regulators.

The European Commission said the two exchanges had failed to address competition concerns.

Margrethe Vestager, the EU's competition commissioner, said the merger would have "significantly reduced competition by creating a de facto monopoly".

"As the parties failed to offer the remedies required to address our competition concerns, the Commission has decided to prohibit the merger."

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