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800,000 jobs deemed ‘insecure’ in London
A new report from the Living Wage Trust has found that the capital is the region in the UK with the highest number of insecure jobs, with 80,000 falling into the category.
The research, which was published this morning, included analysis from data from the Office of National Statistics (ONS), which found that that workers in London are more likely to have jobs that involve variable working hours or shift work compared to the rest of the UK – 64% of Londoners work these types of jobs compared to 54% outside of the city.
In addition, experts discovered London grafters are more likely to experience shift cancellations – 35% of Londoners with variable hours said they have experienced unexpected shift cancellations compared to 25% of workers within the rest of the UK.
Alone, these findings are far from satisfactory, but paired with the continuing cost-of-living crisis, it makes them all the more devastating. From the workers who frequently experience shift cuts, 92% claimed they don’t receive their regular pay when this occurs, making it even harder to make ends meet.
However, in a bid to provide some support, Citizens UK is calling on the next government to introduce policies that will strengthen people’s rights and access to predictable, sufficient working hours. This would involve introducing a new right to an employment contract that reflects actual hours worked; requiring employers to provide four weeks’ minimum notice of shifts with reasonable compensation for short notice shift cancellations; and requiring employers to provide a minimum number of guaranteed hours.
Against this backdrop, the UK’s largest people-powered campaign group who work towards achieving equal rights, have also set up the Making London a Living Wage City project, which is working to tackle issues of low pay and insecure work through Living Wage and Living Hours accreditations. It aims to put over £635m back into the pockets of low paid workers and ensure at least 10,000 workers in London benefit from the security of Living Hours by accrediting businesses to become Living Wage and Living Hours Employers.
Michael, a Driver Fitter who works in the Newham area for Enabled Living – a council owned company which provides a number of services, including medical equipment, to help Newham residents live independently, said: ‘Working at Enabled Living allows me to have a fair wage, rely on secure shifts and I have working hours that help me look after my children and elderly parents. It has changed my life for the better.’
‘I previously worked in retail and often worked a lot of overtime and had much longer days, but everyone was always paid the same, despite extra hours worked,’ Michael said. ‘I was never able to support my family the way I can now. I couldn’t give my daughter the time she needed to learn and develop. The money I earn now has allowed me to pay for extra curriculum tuition for my daughter, which has allowed her to pass her 11+.’
Michael added: ‘I don’t think she’d be in that position if I wasn’t working for a Living Hours employer. Having decent and regular hours has allowed me to plan ahead for the future, this helps not just myself but my family too.’
Gina Rodriguez, a previous hospitality worker and leader on the Making London a Living Wage City Steering Group, said: ‘The issue of low pay remains so close to my heart. It makes me sad to know there are people right now who are living how I was 15 years ago – working hard but still in poverty. With the cost-of-living crisis, too many low-paid workers are worrying about whether they can afford to turn the heating on during winter or if they’ll be able to afford groceries. This shouldn’t happen in one of the richest cities in the world.’
Image: Raul Varzar
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Housing association agrees new sustainability-linked funding
Savills Financial Consultants has helped a Manchester-based housing organisation secure three new deals worth £284m with Santander, NatWest and ABN AMRO.
Great Places Housing Group have recently outlined plans to invest and deliver much-needed affordable properties in communities across the North West, Yorkshire and Derbyshire but, there was one minor factor holding them back, money.
However, Savills Financial Consultants have stepped in and helped the group secure three new deals. Funding of £109m and £100m has been agreed with existing lenders Santander and NatWest Bank and a new deal has been struck with ABN AMRO worth £75m. All loans are revolving credit facilities (RCFs).
Each of the three RCFs contain sustainability-linked performance measures which will provide a reduced interest rate if Great Places meet agreed energy efficiency targets on new and existing homes.
Mike Roche, director at Savills Financial Consultants, said: ‘We are delighted to continue and develop our relationships with NatWest and Santander and welcome ABN AMRO as a new banking partner. We received strong interest from the banking sector for this transaction and it is pleasing to move forward with sustainability-linked funding. Thank you to the Great Places team and Savills for their insight and support.’
‘There were a significant number of moving parts with these deals, so it is a testament to the Great Places team that they have been able to handle the process so diligently,’ Mike added. ‘The Savills Financial Consultants team has really enjoyed helping Great Places secure this increased financial capacity at the right pricing to help deliver their aims.’
Great Places’ current plans include further increasing resources to improve property conditions and customer services, as well as ambition to develop around 9,000 new affordable homes during the period 2020-30.
Martin Skinner, relationship director at NatWest, said: ‘We are a major lender to the UK affordable housing sector and are delighted to continue to support the important work of Great Places in providing much-needed social housing to the region. The RCF structure, coupled with sustainability-linked performance measures, will lead to more energy efficient homes across the North West, Yorkshire and Derbyshire.
‘We are proud to have announced that in 2023 we completed nearly £3bn of new funding to help more people and families have access to housing. We support around 200 housing associations across the UK and are proud to announce our ambition to provide a further £5bn in funding to support the housing association sector by the end of 2026.’
Image: Great Places
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Thames Water to increase bills by over 40% to address debt crisis
The UK’s largest water and wastewater organisation is trying to persuade the regulator to let it raise consumer bills by 44% within the next five years.
Thames Water has been facing a huge debt crisis which has started rumours that the organisation could be taken over by the government. However, today, 22nd April, the supplier said it had updated its spending plans for 2025 to 2030 after discussions with Ofwat, the industry regulator.
The company has claimed it will spend a further £1.1bn to address environmental concerns over dumping in the sector, however it is estimated that Thames Water has around £14.7bn in debts and has come under fierce criticism for water leaks and sewage spills.
Last month, when Oxford and Cambridge hosted their boat race, both crews were issued safety advice to avoid swallowing splashed water from the Thames and last week, Steve Backshall described the river pollution as ‘toxic’ after Bangor University analysis found high levels of norovirus and E. coli in water samples that were taken from the river.
The details of what the £1.1bn will be spent on remains unclear and the new total investment of £19.8bn will require customer bills to rise by 40%, reaching an annual average bill of £608.30 by 2029-30.
Originally, Thames has proposed investing £18.7bn between 2023 and 2030 and increasing consumer bills by 40% on top of inflation, but Ofwat dismissed this plan.
Mike Keil, chief executive of the Consumer Council for water, said: ‘On the surface the proposal for more investment from Thames Water is a positive step for its customers that have endured some of the worst customer service in the sector.
‘We should not lose sight of the fact that only 16% of its customers thought the company’s proposed bill rises in its five-year plan were affordable. This announcement appears to offer nothing to ease the fears of those already struggling to pay.’
Thames Water aren’t the first organisation planning big price hikes over the next few years. In October 2023, Southern Water proposed a 66% price rise on top of inflation, while Severn Trent put forward a 37% increase.
It is thought that a decision will come from Ofwat at a meeting held on 23rd May, with a ‘draft determination’ of what companies will be allowed to charge from next year on 12th June.
Image: Kevin Grieve