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Tag: cuts

Rolls-Royce announces 4,600 job cuts

Rolls-Royce announces 4,600 job cuts

Business
Engineering firm Rolls-Royce is to cut 4,600 jobs over the next two years as part of a major reorganisation.Middle managers and back-office staff are to bear the brunt of the cuts, which are expected to hit its Derby base hard.The company is refocusing its business on civil aerospace, defence and power systems.About a third of the job cuts are expected to happen by the end of this year, Rolls-Royce said. The programme is expected to continue throughout 2019, with full implementation by mid-2020.Rolls-Royce said that the programme would cost £500m to carry out, including redundancies, but would save it £400m a year by the end of 2020.The firm also said it would continue to work on its problems with its Trent 1000 engin...
More cuts to care on way – council chiefs

More cuts to care on way – council chiefs

Health
Vulnerable old and disabled people will see cuts to vital care services and higher charges, council chiefs say.The annual budget survey by the Association of Directors of Adult Social Services shows councils expect to spend £21.4bn this year in England.While this is a rise from £20.8bn last year, the cost of inflation combined with growing demand means this will not be enough, ADASS said.The warning comes as ministers prepare to unveil plans to reform the system.A green paper on social care is expected to be published in the coming months. Vulnerable facing 'bleak future'ADASS said it was desperately needed given the pressures on councils - local government has seen cuts in the amount of funding it gets from central government over the past de...
Interest rates on hold as Bank cuts growth outlook

Interest rates on hold as Bank cuts growth outlook

Business
Media playback is unsupported on your deviceThe Bank of England said the UK economy has hit a "temporary soft patch" as it kept interest rates on hold at 0.5%.The Bank cut its growth forecast for the year to 1.4%, down from the forecast of 1.8% made in February.The Bank says that cut is almost entirely due to the disruption to the economy caused by bad weather in March.However, Bank governor Mark Carney said in an interview with BBC economics editor Kamal Ahmed that "it's likely" rates will rise this year. In a press conference after the rates decision was announced, Mr Carney said the "underlying pace of growth remains more resilient than the headline data suggests".As recently as February economists were expecting the Bank to raise interest rates this month.That view changed after figure...
BT cuts 13,000 jobs to slash costs

BT cuts 13,000 jobs to slash costs

Business
BT is to cut 13,000 jobs over three years, about 12% of its workforce, as it seeks to slim down its management and back-office roles.The telecoms giant said that the job cuts and other measures would help it to reduce costs by £1.5bn.It added that it would be hiring about 6,000 employees to "support network deployment and customer service".A third of the job reductions will come from outside the UK in its Global Services division.Last year, BT was forced to write down the value of the Italian part of Global Services after an accounting scandal that cost the firm more than £500m.The company also said it intended to move out of its existing central London headquarters and into smaller premises. BT forecast a fall in revenue of about 2% for the 2018-19 financial year. It also said...
We asked how Trump's tax cuts were affecting CNNMoney readers. Hundreds responded

We asked how Trump's tax cuts were affecting CNNMoney readers. Hundreds responded

Finance
Why you should double check your bigger paycheckWhen the new federal income tax cuts went into effect at the beginning of the year, the White House said 90% of workers should see more in their take-home pay. But a majority of CNNMoney readers said they aren't really feeling the difference in their paychecks. Of the 550 readers who responded to a questionnaire, nearly 60% said they either aren't seeing any extra take-home pay, or if they are, it's too small to improve their financial well-being. Another 11% said their take-home pay went up by between $ 100 and $ 199 per paycheck or per month, while another 9% reported getting between $ 200 and $ 1,000 extra. Those who reported getting extra money most commonly said they were using it for everything from buying gas and food to saving to p...