Tuesday newspaper round-up: Heathrow, boardroom pay, The Hut Group
The government is exploring options for dealing with a £40bn black hole in the public finances, which would result from a proposed ban on the sale of new petrol and diesel cars within a decade. Boris Johnson is expected to announce this week the cut-off date for the ban will be brought forward by five years to 2030, in a step designed to underscore the government’s commitment to a green economic recovery from the coronavirus pandemic.- Guardian
Workers at Heathrow are to strike for four days in December over “fire and rehire” plans that have cut the wages of long-serving staff, in an increasingly bitter dispute. The Unite union said the action by frontline employees would effectively close London’s main airport for periods in the run-up to Christmas, although Heathrow said it would keep operating despite the strikes. - Guardian
A top business lobby group has said that new security laws restricting foreign takeovers risk creating a “chilling effect” on investment in the British economy. The Institute of Directors (IoD) warned that proposals to force foreign investors in UK companies or assets to get government approval for transactions could stifle growth by damaging the country’s reputation as a good place to do business. - Telegraph
Companies face renewed pressure to rein in excessive boardroom pay after a powerful investor group said it would single out businesses that handed bosses exorbitant pensions and warned against big post-pandemic bonuses. The Investment Association urged companies yesterday to bring the retirement benefits that their bosses receive into line with the arrangements for the majority of their workforces. - The Times
The founder of The Hut Group is to receive one of the biggest payouts in UK corporate history after the recently listed online retailer’s share price rose sharply. Matthew Moulding, 48, who started the technology company in 2004, will receive at least £830 million in stock after the share price rose to hit its target, set out when it floated on the London Stock Exchange in September at 500p a share and a value of £5.4 billion. - The Times