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Treasury plan for £30bn RBS bad bank
The Treasury is mulling plans for a ‘bad bank’ at Royal Bank of Scotland (RBS) that would take ownership of £30bn of toxic loans. The amount is less than one-third of the sum originally proposed by ministers. The move is part of a review commissioned by chancellor George Osborne in June, findings of which are due later this month.
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20% Brits earn below living wage
A total of 4.8 million Britons – 20% of the workforce – were paid at levels below the basic standard of living in April last year, the last time the wage benchmark was calculated. The living wage is considered to be £7.20 an hour outside London and £8.30 per hour in the capital.
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GMB Union cuts Labour’s funding by £1m
The GMB Union has slashed more than £1m of funding to the Labour Party after Ed Miliband announced reforms to the way unions fund the party. The union said it would cut its affiliation funding from £1.2m to £150,000 next January.
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