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Study: Pay rises to be 'stuck' at two per cent until 2016

Pay rises are likely to be "stuck" at two per cent until at least the end of the yar, after being at the same level for 14 consecutive quarters, according to a new report.

Pay analysts XpertHR said the median wage rise had stayed the same for the longest timespan since the end of 2006.

Wages have been 'stuck' at two per cent for 14 consecutive quarters Credit: PA

Analyst Sheila Attwood said current low levels of inflation meant workers were still getting "real-term" increases in wages.

We expect the stability in the level of pay awards to remain, with two per cent likely to be the going rate for pay awards through to the end of the year.

With RPI inflation forecast to remain below this level in 2015, employees will continue to receive a real-terms increase in wages.

– Sheila Attwood, XpertHR


Government plans to sell off Green Investment Bank

The government is set to announce plans to sell off the Green Investment Bank to private owners.

The Edinburgh-based bank has invested £2 billion of taxpayers' money in 50 green infrastructure projects and funds since its launch in 2012.

The decision to privatise the project has been branded "reckless" by critics.

The Green Investment Bank has invested £2bn in green infrastructure projects Credit: PA

Business Secretary Sajid Javid will announce the plans at the bank's annual review event in London.

In a speech, he is expected to say that the move would "free" the bank from limitations on borrowing.

But Green Party MP Caroline Lucas called the plans "rash and irresponsible".

At precisely the time when we should be leading the world in the fight against climate change our Government appears to be in retreat.

The Government should keep at least a majority stake in the Green Investment Bank to ensure investor confidence is upheld and the commitment to low-carbon lending remains.

– Caroline Lucas MP

Workers '£100 a week worse off than before recession'

UK workers are almost £100 a week worse off than before the credit crunch hit because of the country's poor productivity levels, a new report claims.

A financial study by the TUC union found that if average earnings had grown at the rate they had been increasing in the years leading up to 2008, workers would be bringing home an average of £95 a week more.

Poor productivity has hit workers' wages, the TUC says Credit: PA

Productivity is 16 per cent below its pre-recession trend, the study adds, thanks to eight years of economic under-performance and "weak" business investment growth.

Ahead of the budget on July 8, TUC general secretary Francis O'Grady urged the government to reconsider plans to cut spending and take action to boost productivity.

The Government's failure to get productivity growing again has hit workers in the pocket, leaving them £100 a week worse off.

A new round of extreme cuts will do nothing to increase productivity and will harm growth and wages.

We need strong, sustainable growth which can only be delivered with a major programme of investment in skills, infrastructure, innovation and high-quality public services.

– Francis O'Grady, TUC

Anger at delay in fixing 'missing' payments issue

Complaints have continued to flood in to NatWest and RBS after a technical glitch meant hundreds of thousands of payments went 'missing' from customer accounts.

Bosses at the Royal Bank of Scotland have warned customers they may have to wait until Saturday to see their money - but hundreds of people have expressed anger at the delay.

Complaints have continued to flood in via Twitter and Facebook Credit: PA

Around 600,000 transactions - including tax credits, disability payments and wage packets - were delayed by the problems at the two banks, which also affected Ulster Bank and Coutts.

Fuming you mess up our accounts then send a text to say your charging for being overdrawn... You have caused stress to thousands of people including myself. You should give compensation out to everyone who is effected.

– Janet Jones via Facebook

I am still waiting for money to be paid in to my account. This caused so much hassle to me yesterday.

I have a disabled son whose DLA was due in, tax credits missing - for me we have back up funds and credit cards, but for people who live on weekly money this is not acceptable for a bank in this modern day.

You should compensate every customer.

– Jason Patefield via Facebook


RBS/NatWest: 'Can't say' when customers can access money

The managing director of RBS Direct Bank has told ITV News that he cannot give a firm timescale on when people hit by a technical glitch will be able to access their money.

Hundreds of thousands of NatWest and RBS customers were affected after an IT failure delayed payments reaching banks, but Stuart Haire could say only that the bank hoped to resolve the issue "within days."

ITV News consumer editor Chris Choi reports:

NatWest customer: 'Missing' money has left me struggling

A NatWest customer has told how a major technical glitch which delayed hundreds of thousands of payments to customers has left him struggling to pay his rent and council tax.

James Hunt was among 600,000 customers affected by the 'missing' payments, which also hit Royal Bank of Scotland, Ulster Bank and Coutts accounts.

While the bank says the problem has now been fixed, customers may have to wait until Saturday to get their money.

Mr Hunt told ITV News he had not received any answers from the bank at all as yet.

'Missing' payments to appear 'no later than Saturday'

Hundreds of thousands of people may have to wait until Saturday for 'missing' payments to appear in their bank accounts, the company has said.

A technical glitch in the Royal Bank of Scotland's "overnight processes" meant around 600,000 transactions into NatWest, RBS, Ulster Bank and Coutts accounts were delayed.

Some 600,000 people have been affected Credit: PA

Complaints have flooded social media from people worried about paying bills due or going into their overdraft.

RBS spokesman James Abbott said the firm was working "flat out" to ensure the money appeared within four days, and promised nobody would be left "out of pocket".

We are aware of an issue which has resulted in a delay to payments and direct debits being applied to some customer accounts.

We have fixed the underlying issue, we apologise for the inconvenience caused and we are working flat out to get these payments updated for our customers no later than Saturday.

To any customers concerned about the implications of this issue we advise them to come into a branch or get in touch with our call centres where our staff will be ready to help.

– James Abbott
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