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Steel workers to accept pay cut as part of Tata deal

Greybull Capital agreed a deal with Tata earlier in April Credit: PA

Steel workers will accept a temporary pay cut as part of the deal to sell Tata Steel's Long Products business in Scunthorpe to Greybull Capital.

Unions announced on Tuesday workers had voted in favour of the 3% cut along with changes to terms and conditions.

Earlier in April, Greybull Capital helped save 4,400 UK steel jobs by agreeing a deal with Tata to buy its Scunthorpe plant.

Unions Community, Unite and GMB oversaw the ballot on Tuesday.

Steve McCool, Community's National Officer, said: "I fully appreciate this has been an extremely difficult decision, but be in no doubt this result represents another major step forward towards our objective of securing a sustainable future for Long Products".

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Inflation rises to 0.5%, highest level for 15 months

Credit: PA

The rate of Consumer Price Index (CPI) inflation rose to 0.5% in March from 0.3% in February, its highest level for 15 months.

The Office for National Statistics said the rising cost of clothes and air fares had pushed up the cost of living.

Inflation still remains historically low, with the Bank of England predicting it will remain far below the Government's target of 2% for some time.

Co-op bank's losses double to £610 million

The Co-operative maintains its future is in good shape Credit: PA

The Co-operative Bank posted an annual loss of £610 million, more than double the figure the previous year.

It follows misconduct costs and the sale of riskier assets in an attempt to return the bank back to health.

The Co-op was pulled from the brink of collapse in 2013 after a £1.5 billion capital black hole was uncovered.

Chief Executive Niall Booker said the bank's future looked in good shape, despite expecting more losses next year.

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