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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Jessica Weisman-Pitts

    Posted on July 27, 2022

    Featured image for article about Top Stories

    By Kylie MacLellan

    LONDON (Reuters) -Britain’s rail network suffered major disruption again on Wednesday as staff walked out in a row over pay and conditions, the latest in a wave of industrial unrest as wages fail to keep pace with soaring inflation.

    The 24-hour strike by more than 40,000 members of the RMT and TSSA unions forced around half of Britain’s rail network to close, with train companies operating a much reduced timetable and some parts of the country having no rail service at all.

    Network Rail urged passengers, including commuters, families heading off on summer holidays, and sports fans on their way to the Commonwealth Games in Birmingham which begins on Thursday, to only travel if necessary.

    Changing working practices during the coronavirus pandemic meant many office workers were able to opt to work from home.

    Strike action last month brought Britain’s rail network close to a standstill for three days and just last week some key lines running the length of the country were forced to close when record temperatures damaged the track.

    “Our members are more determined than ever to secure a decent pay rise, job security and good working conditions,” RMT general secretary Mick Lynch said in a statement.

    “Network Rail have not made any improvement on their previous pay offer and the train companies have not offered us anything new.”

    The RMT union said it had received an offer of a 4% rise, followed by a possible 4% the following year dependent on staff accepting changes to their contracts.

    Another union, ASLEF, representing train drivers said on Wednesday its members at nine rail companies would strike on Aug. 13 over pay, on top of strike action planned for this Saturday.

    Inflation in Britain is running at a 40-year high and is expected to reach double digits later this year, driven by surging fuel and food prices.

    Soaring inflation and more than 10 years of stagnant real wages have triggered Britain’s worst cost-of-living crisis since records began in the 1950s, exacerbating labour tensions across sectors including postal services, health, schools, airports and the judiciary.

    It has also become a point of contention in the race to replace Boris Johnson as prime minister, with the final two candidates, Liz Truss and Rishi Sunak, vowing to crack down on strike action.

    The government last week changed the law to make it easier for businesses to use temporary staff to minimise the impact of strike action.

    Ferry services to Cowes in the Isle of Wight will also be disrupted on Wednesday due to strike action, and a new train strike is expected on Saturday.

    (Reporting by Kylie MacLellan; additional reporting by William Schomberg; Editing by Nick Macfie and Tomasz Janowski)

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