The bank of England warned on Thursday that the British economy was headed for a recession in the fourth quarter of the year, while think-tank the Resolution Foundation predicted inflation could hit 15 percent by the start of 2023.
Dockworkers at the UK’s biggest consumer goods port are set to strike later this month over pay — as inflation soars amid sanctions on Russia.
More than 1,900 members of Unite, Britain’s largest trade union, will walk out at Felixtowe port on the North Sea in Suffolk for eight days from Sunday August 21 to Monday August 29.
That was after employer Felixstowe Dock and Railway Company, a subsidiary of Hong Kong-based CK Hutchison, refused to increase its pay offer of seven per cent. Dockworkers accepted a rise of 1.4 percent in 2021.
“Strike action will cause huge disruption and will generate massive shockwaves throughout the UK’s supply chain,” said Unite national officer for docks Bobby Morton, but insisted that “this dispute is entirely of the company’s own making.”
“It has had every opportunity make our members a fair offer but has chosen not to do so,” Morton said. “Felixstowe needs to stop prevaricating and make a pay offer which meets our members’ expectations.”
Further talks between the union and management are scheduled for Monday.