12:12 PM
Hundreds of protestors now gathered
Hundreds of protestors have now assembled outside Maritime House in Dover.
A flurry of banners and flags are being waved in the air as the crowd grows. Protestors have come from across the country to show solidarity with the workers.
A loudspeaker has been brought out of the office, with RMT general secretary Mick Lynch holding the microphone.
12:10 PM
Protestors heckle Dover MP
Protestors have been shouting at Dover MP Natalie Elphicke, blaming her for the sackings.
Shouts of “your laws caused this” and “shame on you” from the crowd as they surrounded the Tory MP.
She responded: “I’m here for the workers.”
Protestors are gathering around Tory MP for Dover and Deal @NatalieElphicke, with chants of ‘shame on you’ and ‘you voted for fire and rehire’. Natalie Elphicke responds saying she’s here for the workers. pic.twitter.com/DY8PgAbUWs
— Ellie Costello (@elliecostelloTV) March 18, 2022
12:05 PM
Welby: Treatment of P&O workers a ‘sin’
Justin Welby, the Archbishop of Canterbury, has described P&O Ferries’ actions as sinful.
In a statement alongside Rose Hudson-Wilkin, the bishop of Dover, he said:
Ill-treating workers is not just business. In God’s eyes it is sin.
P&O has sacked 800 people in Dover, a town dependent on shipping. Dover is a major part of the Diocese of Canterbury which we serve as Bishops.
The extraordinary move is at the command of DP World, the Dubai based and owned parent company, which made record profits last year. The move is cynically timed for a moment when world attention is on Ukraine. Done without warning or consultation it is inhumane, treats human beings as a commodity of no basic value or dignity and is completely unethical.
They called for Transport Secretary Grant Shapps “to prevent P&O operating until proper consultation has been carried out” and make representations to the United Arab Emirates, home of P&O owner DP World.
They added:
It is essential that if this move cannot be prevented legally that Dover receive extraordinary financial and development assistance.
P&O’s decision to sack 800 workers, without warning or consultation, is inhumane and unethical.
Joining with @DoverBishop to call for proper consultation, urgent representations to the Government of Dubai, and assistance for Dover if this move cannot be legally prevented. pic.twitter.com/QLDFsgaxQc
— Archbishop of Canterbury (@JustinWelby) March 18, 2022
11:49 AM
RMT General Secretary: P&O broke the law
RMT’s General Secretary Mick Lynch has said that P&O broke the law over the sacking of 800 workers.
Speaking from the RMT office in Dover, he said:
The same amount of people will be doing the work tomorrow as were doing it before So there is actually no redundancy even though they’re using redundancy legislation to get rid of our people. It’s blatant law breaking…
What we want workplace justice. We want our people reinstated. We want them to have a fair crack. They’ve been ambushed. The company has broken the employment legislation, their duty to consult and negotiate with the union.
11:48 AM
Protestors gather ahead of protest at Dover
My colleague Andrew Quinn is down in Dover, where sacked workers are planning to launch protests at noon.
He says demonstrators have started to gather outside the RMT building on Snargate Street, Dover. They will walk towards the ferry port at 12.
Members from Unite and the Fire Brigades Union have also travelled to Dover in support.
11:45 AM
Shapps condemns ‘brutal’ sackings
Speaking at the Conservative Party Spring Forum, Transport Secretary Grant Shapps just said of P&O Ferries:
I want to take the opportunity to put on record my shock and my dismay at the insensitive and brutal treatment of its employees yesterday. Sacked via a pre-recorded Zoom video, with just 30 minutes’ notice – no way to treat employees in the 21st century.
11:31 AM
P&O boss: cuts will halve our crew wage bill
The chief executive of P&O Ferries has said it will halve its crew costs by replacing 800 UK staff with agency workers.
In a letter obtained by the Mirror, Peter Hebblethwaite said:
The changes we’re making to our crewing model today (will) reduce our crewing costs by 50pc.
He described its new partnership with crewing company International Ferry Management, adding:
Our new teams of seafaring colleagues have already joined our ships.
Our new crew are now going through a process of intense familiarisation and training programme on our ships, run by IFM.
Only when that process has happened, will we gradually return to a normal service safely and securely – upholding our P&O standards and brand.
11:26 AM
Johnson to hold meeting with nuclear industry leaders next week
Boris Johnson will hold talks with nuclear industry leaders next week as part of efforts to improve UK energy independence, Sky News reports.
[The] prime minister has convened a roundtable to take place in Downing Street on Monday that will be attended by companies such as EDF and Rolls-Royce Holdings.
Industry sources said that Westinghouse, the US industrial giant, would also be represented at the meeting, reflecting its role in talks about the construction of a new nuclear power plant at Anglesey.
Revealed: The prime minister will go nuclear on Monday when he convenes a meeting in Downing Street with executives from companies including EDF, Rolls-Royce and Westinghouse to discuss the nuclear industry’s role in bolstering Britain’s energy security. https://t.co/4w5yd5PH7z
— Mark Kleinman (@MarkKleinmanSky) March 18, 2022
11:12 AM
Why P&O targeted UK workers
Interesting thread from ITV’s Joel Hills:
Employing crew in places like Jersey, Guernsey and Singapore is apparently common across the ferry industry.
By doing this, P&O (and others) avoid paying Employers National Insurance contributions. There are also fewer protections for employees.
P&O’s UK crew did pay NI and…
— Joel Hills (@ITVJoel) March 18, 2022
Were therefore eligible for furlough support. The RMT says P&O received £150m from Job Retention Scheme.
It’s very possible that DP World also put extra money into the business to keep it going during COVID.
I have sought clarity of all of the above from P&O but no comment yet.
— Joel Hills (@ITVJoel) March 18, 2022
11:06 AM
FTSE slides with Europe in the red
With about three hours of trading passed, the FTSE 100 is moderately down, about 0.6pc at present. It’s outperforming its major peers on the Continent however – the France and German benchmarks are both about 1.1pc off.
10:57 AM
RMT calls protest outside P&O owner’s London office
The RMT union is also going to protest outside P&O Ferries owner DP World’s London office at 4pm, it says:
@BBCNWT understands sacked crew members on the P&O ferry Norbay at the Port of Liverpool have now left the ship. Unaffected Filipino crew remain aboard. @RMTunion is organising a protest at the main Port gates at 1 pm this afternoon. pic.twitter.com/UPRKntmoqF
— BBC North West (@BBCNWT) March 18, 2022
10:55 AM
Crew members have left ship at Liverpool
Sacked crew members have now left the P&O Norbay vessel, docked at Liverpool, the BBC reports.
@BBCNWT understands sacked crew members on the P&O ferry Norbay at the Port of Liverpool have now left the ship. Unaffected Filipino crew remain aboard. @RMTunion is organising a protest at the main Port gates at 1 pm this afternoon. pic.twitter.com/UPRKntmoqF
— BBC North West (@BBCNWT) March 18, 2022
10:38 AM
HR body: P&O sackings were ‘inhumane’
Rachel Suff, an employee relations adviser at the CIPD, the professional body for human resources workers, has warned P&O is likely to suffer a severe fallout from the way it has behaved:
Business leaders must recognise that sacking staff on the spot via video, and with no notice, is inhumane and very difficult to justify, whatever the circumstance.
While it is a harsh reality that organisations sometimes must make job cuts, there is never any excuse for employers not to fully consider the wellbeing and financial costs to workers, and how to minimise these.
Businesses that fail to meet their legal and moral obligations to consult and treat people fairly face significant risks and costs and, just as importantly, will suffer long-lasting damage to staff morale and employment relations, as well as to their reputation and brand.
10:33 AM
Transport union: Nationalise the ferries
Transport union TSSA has called for the Government to nationalise “vital” ferry routes to protect travel routes and send a message that Britain “will not stand for bully boy P&O tactics¨.
Manuel Cortes, general secretary of the union – which represents staff in other ferry companies – said:
P&O are holding our country to ransom by halting vital ferry trade routes so they can illegally and immorally sack their staff. The Tory government must stand up to P&O bullies who are controlled by Sultan Ahmed bin Sulayem the owner of the company.
The government should nationalise these vital ferry routes which allow people and goods to get to and from our country – P&O must be hit where it hurts!
The Sultan living far away from our land has hardly got the best interests of our country or P&O’s staff at its hearts. The government should simply take over the running of these routes – sequestrate the vessels if required – so that goods and people can continue to flow from and to our shores and also keep P&O’s dedicated, hardworking and loyal staff in jobs.
10:23 AM
Russia says Citi received bond payment
Russia’s financial ministry says the paying agent for its sovereign debt coupon, which was due on Wednesday, received $117.2bn.
That may mean that Moscow has averted a default on its foreign debt, although it is not clear whether Citi’s London branch, which is charged with distributing the payout, deemed itself able to do so because of sanctions.
10:16 AM
Latest fuel prices
On the topic of driving costs, here are the latest fuel prices from the RAC – another set of records were set yesterday:
That’s a slightly more moderate rise than we’ve seen in recent days.
10:06 AM
Full report: Governments told to cut speed limits to beat oil shock
My colleague Rachel Millard’s full report on the International Energy Agency’s advice for cutting oil usage is out.
Here are the recommendations:
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Cutting speed limits on highways by at least 10kmph, to save about 430,000bpd
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Work from home up to three days a week where possible, to save around 500,000bpd
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Car-free Sundays in cities, to save around 380,000bpd
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Make the use of public transport cheaper and incentivise micromobility, walking and cycling, to save around 330,000bpd
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Alternate private car access to roads in large cities, to save 210,000 barrels per day
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Increase car sharing and adopt practices to reduce fuel use, to save around 470,000 barrels per day
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Promote efficient driving for freight trucks and delivery of goods, to save around 320,000bpd
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Using high-speed and night trains instead of planes where possible, to save 40,000bpd
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Avoiding business air travel where alternative options exist, to save around 260,000bpd
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Encourage uptake of electric and more efficient vehicles, to save around 100,000bpd
09:47 AM
Gas prices up 15pc in a week as energy pressures grow
The latest statistics from the Office for National Statistics shows gas prices were 15pc higher in the week to Sunday than they were a fortnight ago.
Here are its latest economic indicators:
09:27 AM
Ted Baker shares jump as private equity bid emerges
Shares in Ted Baker have shot higher this morning after Sycamore Partners said it is considering making an offer for the fashion group.
The private equity company said in a statement that consideration was at the early stages.
Ted Baker, once part of the FTSE 250, has seen is valuation drop 90pc over recent years amid commercial difficulties and the exit of its founder.
Rachel Osborne, its chief executive, is trying to cut debt and boost its online presence.
In its own statement, Ted Baker said it had not yet received any approach from Sycamore. It added:
Ted Baker continues to make good progress with its transformation and the Company is emerging from Covid as a stronger and more financially sustainable business. The Board is confident in the Company’s independent prospects and would evaluate any offer for the Company against the strong shareholder value creation that it believes can be delivered as a standalone company.
There can be no certainty that any firm offer for the Company will be made nor as to the terms on which any firm offer might be made.
It urged shareholders not to take any action.
09:09 AM
Full report: RT loses UK licence
My colleague Ben Woods has a full report out on Russia Today losing its licence to broadcaster in the UK.
He writes:
Ofcom said the Kremlin-backed broadcaster was facing 29 ongoing investigations linked to its coverage of Vladimir Putin’s invasion of Ukraine.
The watchdog added that a separate inquiry into RT’s licensee ANO TV Novosti had exposed its links to the Kremlin, while new laws criminalising independent journalism in Russia meant RT could no longer provide an impartial view of the conflict.
The move was largely symbolic as the European Union has already sanctioned RT, prompting its removal from UK TV screens such as Freeview, Britain’s biggest free-to-air broadcaster, and pay TV giant Sky.
09:05 AM
IEA recommends speed limit cuts as part of plan to reduce oil reliance
The International Energy Agency has recommended cuts to speed limits, working from home three days a week and car-free Sundays in order to stave off an oil supply crunch amid Russia’s war on Ukraine.
My colleague Rachel Millard reports:
The group, whose members are OECD countries including the UK, says the measures, if adopted by advanced economies, could cut oil demand by 2.7 million barrels a day (mbpd) within four months.
Russia is the world’s largest oil exporter but the IEA has warned about three million barrels per day of its supplies could be cut off as traders shun its products and with the US and the UK banning Russian oil imports.
This morning the IEA is setting out a “ten-point plan” to cut oil use, which also recommends cheaper public transport to encourage uptake, use of high-speed trains instead of planes, and avoiding business air travel where possible.
The extraordinary recommendations echo the 1970s when speed limits in the US and the UK were cut to reduce petrol consumption in response to the Arab oil embargo.
We’ll have a full report on this up shortly.
In the face of the emerging global energy crisis set off by Russia’s invasion of Ukraine, our new 10 Point Plan to Cut Oil Use proposes actions to
➡️ ease market strains
➡️ reduce the price pain being felt by consumers
➡️ lessen the economic damageMore: https://t.co/N5PGzJLbnS pic.twitter.com/K2dTpf0BRv
— Fatih Birol (@fbirol) March 18, 2022
08:51 AM
Putin backs Nabiullina for third term
Russian president Vladimir Putin has given Elvira Nabiullina his backing for a third term at the helm of Russia’s central bank.
The move to maintain the Governor shows the Kremlin is happy to keep a technocrat in place as Russia feels the blowback from economic sanctions.
She has led the central bank through several crises since taking the reins in 2013. Ms Nabiullina is known as a hawk, willing to fight inflation even if it means slowing the country’s economy down.
Bloomberg adds:
She maintained her independence despite occasional criticism from Putin as he sought to bolster growth. However, Putin’s invasion of Ukraine unleashed harsh sanctions that showed her efforts to erect “fortress Russia” insulated from western influence fell short.
08:38 AM
More footage from onboard yesterday
Maritime union Nautilus International has posted another video of scenes onboard a P&O vessel yesterday.
It shows a security worker offering staff two hours to exit the vessel.
Nothing too exciting in there, but it does give a sense of the tensions onboard.
VIDEO ????: We have obtained further footage of private security personnel trying to force P&O workers off their vessels yesterday after they had their employment terminated by zoom with no notice.
This is how P&O treats loyal & dedicated staff.#SackedandAttacked #PandOBetrayal pic.twitter.com/nd0oy3TtmX
— Nautilus International (@nautilusint) March 18, 2022
08:32 AM
Redwood: P&O shutdown hurts imports
Outspoken Tory backbencher Sir John Redwood has warned over the impact the P&O shutdown will have on imports.
The group is responsible for about 15pc of all freight cargo in and out of the UK.
P and O have treated their workforce so badly and are now failing to run services we need for imports. The government needs to help the employees. Not a good time to hike employment costs with a tax rise either.
— John Redwood (@johnredwood) March 18, 2022
08:20 AM
Shipping group: P&O agency staff will be safe
Peter Aylott, director of policy at the UK Chamber of Shipping, which represents the shipping industry, has pushed back against suggestions (see 8:03am update) that P&O Ferries’ agency staff won’t be up to snuff.
He told BBC Radio 4’s Today programme:
I’m content and very confident that P&O will have put procedures in place to ensure that the individuals that are going to be in control of those vessels will be familiar with the ships, familiar with the systems and will be competent and qualified to operate those vessels in a safe manner.
08:15 AM
Glitches strike again as nickel hits down limit
It’s been yet another glitchy start for nickel trading as the London Metal Exchange tries to unwind last week’s short squeeze.
The 145-year-old exchange set a down limit of 12pc to $39,915 a ton today, which was hit immediately as trading opened.
However, some trades once again appear to have gone through below that price limit – with three trading at $36,865 a ton.
The LME, which is reeling from a severe short squeeze last Monday that forced some traders to seek emergency loans, has gradually widened the amount the nickel price is allowed to move each day.
Prices are now getting close to those in Shanghai, which has been open throughout and where nickel currently changes hands at about $35,000 a ton.
08:08 AM
Ofcom revokes Russia Today’s broadcast licence
Ofcom has revoked RT (aka Russia Today’s) licence to broadcast in the UK, citing concerns over impartiality breaches.
The regulator said:
Today’s decision comes amid 29 ongoing investigations by Ofcom into the due impartiality of RT’s news and current affairs coverage of Russia’s invasion of Ukraine. We consider the volume and potentially serious nature of the issues raised within such a short period to be of great concern – especially given RT’s compliance history, which has seen the channel fined £200,000 for previous due impartiality breaches.
The station is already off-air in the UK as a result of sanctions introduced in response to Russia’s invasion of Ukraine.
Ofcom continued:
We have concluded that we cannot be satisfied that RT can be a responsible broadcaster in the current circumstances. Ofcom is therefore revoking RT’s licence to broadcast with immediate effect.
Its chief executive Melanie Dawes added:
Freedom of expression is something we guard fiercely in this country, and the bar for action on broadcasters is rightly set very high.
08:03 AM
‘Serious safety concerns’ over agency hires
Mark Dickinson from Nautilus International (see 7:42am update), also said there are “serious safety concerns” over P&O Ferries’ move to replace its staff with agency workers.
He said:
There are serious safety concerns, which is why the company cannot reintroduce services with the lower-paid agency crew that they’ve recruited via this company called International Ferry Management of Malta.
The union boss said the Maritime Coastguard Agency must be “absolutely clear and confident that those new crew, unfamiliar with the vessels, unfamiliar with the routes, with the berths”.
He continued:
This is an intensely worrying situation. We’ve written to the Maritime Coastguard Agency and we hope and we pray that they will do their job. I know they will. They will do their job and make sure the ships are safe.
07:54 AM
Heappey: Government was in the dark about P&O
Here’s some more comments from Armed Forces Minister James Heappey’s Sky News interview, via my colleague Mason Boycott-Owen.
The MP called the sackings “disgraceful”, but suggested the Government did not know they were looming:
As far as I know from colleagues around Government, I don’t think we got much more notice than the employees of P&O did.
My great friend the Transport Minister was in the Commons yesterday and I could see from the expression on his face just how angry he was at the way P&O had handled this.
Most importantly for the people who were fired, but actually it’s just shoddy to do that and not give the Department for Transport any notice that you’re going to do it, as they would have wanted to have been involved in a discussion with P&O to do things differently.
Despite his strong words, the minister suggested officials may limited in how much they can do for the workers who have lost their jobs:
[DfT] are seeing what they can do to try and make the situation better but the reality is that P&O has made a commercial decision and as much as we disagree with it, I fear for those workers, they’ve been badly let down by their employer.
Did government know about P&O in advance?
Minister James Heappey tells Sky News: “As far as I know from colleagues around government, I don’t think the government got much more notice than the employees of P&O did.”
— Dan Bloom (@danbloom1) March 18, 2022
07:47 AM
Protest set to kickoff at noon
Three demonstrations are planned today according to the Rail & Maritime Union, which describes Thursday’s events as a “jobs massacre”.
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12pm at Dover
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12pm at Hull
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1pm at Liverpool
07:42 AM
Union: We are preparing legal action
Mark Dickinson from union Nautilus International said his organisation is making preparations for legal action against P&O Ferries, alongside the RMT union.
Speaking to BBC Radio 4’s Today programme, he said:
07:36 AM
Minister: P&O treatment of staff ‘horrendous’
Speaking on Sky News, Armed Forces Minister James Heappey has said P&O’s actions yesterday were an “absolutely horrendous way to treat their staff”.
Asked whether the Treasury can reclaim the furlough money given to P&O, reportedly roughly £10m in total, he said:
I don’t know. It sounds like exactly the type of thing that if I were the Treasury I would be asking for. But I don’t know exactly how these things work I’m afraid, I’m sorry.
07:28 AM
Agenda: Protests brewing over P&O
Good morning. Demonstrations are planned against the brutal sacking of 800 P&O workers, with events planned in Dover, Hull and Liverpool.
Elsewhere, Oil prices are climbing again, with Brent breaking close to $110 a barrel, amid doubts over talks between Russia and Ukraine. Meanwhile, the FTSE 100 is set to build on yesterday’s gains with a moderate rise at the open.
5 things to start your day
1) The sheikh, the unions and the battle for P&O Ferries Dubai’s ruler squares up to RMT as staff at company owned by his government are forced off vessels by security
2) Bank warns of 10pc inflation risk after third interest rate rise Monetary Policy Committee moves to tackle inflation despite Ukraine war jeopardising growth
3) TM Lewin collapses for second time in two years Nearly 50 jobs at risk as administrators seek buyers for the business
4) AstraZeneca set to abandon push for US vaccine approval The company has been in talks with US regulators for months
5) Banks ‘losing patience’ after Hong Kong’s zero-Covid policy fails Financial hub’s chief Carrie Lam hints at a rethink of strict quarantine rules
What happened overnight
Shares were mostly lower in Asia on Friday after Wall Street extended a rally into a third day and oil prices pushed higher. Tokyo and Sydney advanced while Hong Kong, Shanghai and Seoul declined.
Hong Kong’s Hang Seng wavered after barrelling higher for two days as Chinese leaders promised to provide more support for the economy and markets, suggesting Beijing might temper its crackdowns on technology and real estate companies.
The Shanghai Composite index slipped 0.3pc to 3,205.90.
Coming up today
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Corporate: ContourGlobal, Essentra (full-year); JD Wetherspoon (interim); Investec (trading update)
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Economics: Labour cost (EU)
