Coronavirus: British Airways deal with pilots’ union tipped to save jobs – but big pay cuts expected | Business News

The UK’s pilots’ union has told members it has reached an outline deal with British Airways (BA) that will likely result in significant pay cuts to save jobs.

The British Airline Pilots’ Association (BALPA) is expected to ballot all of its members on the deal over job cuts and changes to pay and conditions early this week – and recommend they accept it.

In a letter seen by Sky News, BALPA told members: “We can now advise that we have reached a position of understanding in respect of a deal with BA to address and close off the list of proposals outlined in the company’s S188 submissions (legal notice to the union).”

BA owner IAG: Quarantine is ‘irrational legislation’

While no details of the deal have been formally disclosed, it is believed to include cuts to pay – but may result in fewer job losses than originally envisaged in the

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Steelmaker Celsa strikes first UK bespoke rescue deal

The UK government on Thursday announced it would provide an emergency loan for steelmaker Celsa, in the first deal under a state scheme designed to bail out companies seen as strategically important.

The steel industry may end up as one of the biggest beneficiaries of the Treasury’s rescue programme for individual companies called Project Birch, given Tata Steel is in advanced negotiations with the government about securing a loan.

The size of the state loan for the UK operations of Spanish steelmaker Celsa is believed to be about £30m. The company employs 1,600 people across the UK, with main sites in south Wales that supply steel to the construction industry.

A portion of the loan for Celsa could convert into equity in certain conditions — meaning the government would end up with shares in the company — despite the Treasury’s reluctance to take stakes in businesses. 

The government refused to

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Barnier rejects UK bid to preserve City of London’s rights via trade deal

The EU’s chief Brexit negotiator has rejected British proposals to smooth the City of London’s access to European customers, warning that both sides should prepare for “big changes” from the start of next year. 

Speaking to a gathering of lobbyists for the financial industry, Michel Barnier said Britain had made “unacceptable” proposals to retain EU freedom of movement rights for its financial services professionals and to restrict Brussels’ regulatory room for manoeuvre. 

“It wants to ban residence requirements for senior managers and boards of directors, to ensure that all essential functions remain in London,” Mr Barnier said in a video address. “It wants almost free rein for service suppliers to fly in and out for short-term stays.”

Warning that “the UK cannot keep the benefits of the single market without the obligations”, Mr Barnier said “there is no way” the proposals would be accepted by EU national governments or the

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Coronavirus recovery plan: Boris Johnson channels 1930’s US ‘new deal’ with building strategy | Politics News

Boris Johnson will attempt to mark a new phase in the coronavirus response on Tuesday by setting out plans for an “infrastructure revolution” to create jobs and stimulate an economic recovery.

The prime minister will invoke the 1930s ‘new deal’ of former US President Franklin D Roosevelt as he delivers a major speech in the West Midlands town of Dudley in the morning.

He will announce £5bn in capital investment to accelerate infrastructure projects this year, including hospital maintenance works, school building and improvements to the road and rail networks.

But a leading think-tank warned tax rises could be needed to foot the bill and Labour said there should be more emphasis on jobs coming out of the COVID-19 pandemic, which has so far killed more than 43,000 people in the UK.

A national infrastructure strategy focused on the long-term plans for the country’s energy networks, transport infrastructure, flood defences

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