blog header image

Posted : 04 Sep 2020 at 10:29:25
Category: News

Share this article

Virgin Atlantic is said to be preparing a further 1,000 job cuts, hours after securing approval for a £1.2bn rescue deal.

The airline, founded by Sir Richard Branson in 1984, will announce the latest round of cuts as soon as today, Sky News reported.

It comes less than four months after Virgin said it was axing 3,150 roles and closing its base at Gatwick Airport.

If confirmed, the cuts will mean the company’s workforce has almost halved from its pre-pandemic level of 10,000.

Virgin’s £1.2bn rescue package, which was approved by the High Court yesterday, has all but secured the company’s continued survival.

However, the new cuts show the extent of the damage to the aviation sector caused by the pandemic, with demand for international air travel recovering at an even slower rate.

Last night Ryanair raised €400m (£360m) from shareholders in a bid to bolster its balance sheet in the wake of the coronavirus lockdown.

The budget airline’s passenger numbers were down by more than half in August as the UK’s quarantine rules wreaked havoc for travellers.

But Ryanair has been less badly affected than many of its rivals due to its relatively low level of debt and lack of exposure to the long-haul and business class markets.

SIMILAR NEWS

blog header image
NEWS
WILL THEY COME BACK? WHY BRITISH CONSTRUCTION LOST ITS EASTERN EUROPEAN WORKFORCE

In recent weeks, a persistent rumour has been circulating about migrant workers in construction. The specifics differ, but the central premise is the same: ‘foreign workers have taken the govern ...

blog header image
NEWS
CONSTRUCTION OUTPUT GROWS BY 1.6% IN FEBRUARY

Construction output grew by 1.6% in February 2021, largely thanks to a 1.5% increase in new work and 1.9% increase in repair and maintenance, as the industry maintains its recovery The level of constr ...

blog header image
NEWS
IR35: RISHI SUNAK URGED TO AMEND ‘FLAWED’ OFF-PAYROLL RULES TO ENSURE SELF-EMPLOYED RIGHTS

IR35 LEGISLATION must be re-examined to correct the "fundamentally flawed" nature of how off-payroll rules operate, a group of MPs have said. IR35 changes kicked in this month, following a year of del ...

blog header image
NEWS
FREE HOME TESTING COVID KITS NOW AVAILABLE TO ALL CONTRACTORS

Construction companies can now order free Covid test kits for workers to use at home. The extension of the workplace testing regime will supply home test kits to companies with over 10 workers where ...

blog header image
NEWS
EMPLOYMENT LAW CHANGES: WHAT YOU NEED TO KNOW

With Brexit, Covid, and new tax rules for the self-employed, this year sees a plethora of significant changes in the field of employment law. Here is a recap of what you need to know. 1. End of furlou ...

blog header image
NEWS
AROUND 350,000 NEW CONSTRUCTION JOBS WILL NEED TO BE CREATED BY 2028 TO KEEP THE GOVERNMENT’S COMMITMENT TO ACHIEVING NET ZERO GREENHOUSE GAS EMISSIONS BY 2050 ON TRACK.

Around 350,000 new construction jobs will need to be created by 2028 to keep the government’s commitment to achieving Net Zero greenhouse gas emissions by 2050 on track.     The&n ...

business-directory Business Directory
smartbusinessdirectory Payroll Services Business Directory
truebusinessdirectory payroll-services Directory
payroll-services Directory