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)
