Connect with us

Business

Northern Ireland’s Median Pay Drops £28 Amid Rising Employment Challenges

editorial

Published

on

The latest labour market figures reveal that the average employee in Northern Ireland experienced a decline in median pay by £28 in June 2025, bringing the total to £2,344. These statistics, released by the Northern Ireland Statistics and Research Agency (Nisra), highlight ongoing challenges within the region’s economy despite a stable level of employment.

According to data from HMRC PAYE, there were 809,200 registered employees in Northern Ireland last month. This figure reflects a relatively stable employment landscape, yet the 2.1% unemployment rate reported for the quarter from March to May 2025 marks a significant increase of 0.6% compared to previous figures.

Work Hours and Economic Inactivity Rates Increase

The labour market statistics also indicate that a total of 30.2 million weekly hours of work were performed in June, which represents a 4.2% rise from the previous quarter and a 2.9% increase compared to the same period in 2024. However, the economic inactivity rate now stands at 26.3%, up by 0.4% over the past year. This rate measures the percentage of individuals aged 16 to 64 who are neither employed nor actively seeking work.

In June alone, there were 300 redundancies, contributing to a total of 2,160 redundancies in the last twelve months. This figure represents a decrease from 2,560 recorded during the previous year. Furthermore, 210 proposed redundancies were announced in June, pushing the annual total to 3,030, which is nearly 5% higher than the previous year’s total of 2,890.

Inflation’s Impact on Employment and Wages

The current unemployment and redundancy figures come on the heels of an unexpected rise in the Consumer Price Index (CPI) inflation rate, which increased to 3.6% in June, up from 3.4%. Mark McAllister, the chief executive of the Labour Relations Agency, commented on the situation, stating that the combination of rising inflation and redundancy announcements could lead to increased tensions during upcoming pay negotiations.

“This makes for a challenging combination, especially with pending pay negotiations and the potential for pay-related disputes,” McAllister noted. He expressed concern about the increasing number of redundancies compared to the previous year, emphasizing the financial struggles faced by both employees and employers.

Jenny Rankin, an associate and employment expert at DWF Law in Belfast, offered insight into the mixed nature of the latest labour market figures. She highlighted that while formal employment and wage growth are positive indicators, the rising economic inactivity suggests a cooling job market. Rankin stated, “With food prices rising and UK inflation taking an unexpected hike, employees are likely to seek higher wages simply because it costs more to live.”

As employees grapple with heightened living costs, Rankin suggested that if employers are unable to meet increased wage demands, there may be notable shifts in the job market as workers pursue better-paying opportunities elsewhere. This dynamic contributes to the ongoing uncertainty in Northern Ireland’s labour market, as both economic conditions and employee expectations evolve.

The data paints a picture of a region facing significant economic challenges, emphasizing the need for continued attention and action to support both employment stability and fair wage growth.

Business

Enjoy Pet Perks Without the Costs: Three Affordable Options

editorial

Published

on

Spending time with animals can significantly enhance well-being by reducing stress and alleviating feelings of loneliness. While owning a cat or dog provides these benefits, the financial burden of pet ownership—ranging from food to veterinary care—can amount to thousands of pounds each year. Fortunately, there are alternative ways to experience the joys of pet companionship without the associated costs.

Explore Cat Cafés

Cat cafés have gained popularity across various countries, offering a unique blend of relaxation and interaction with feline friends. Patrons can enjoy a cup of coffee and a slice of cake while spending quality time with cats. Each establishment operates slightly differently, often requiring advance bookings and an entrance fee for a timed visit. In many cases, this fee may include a complimentary drink, though additional purchases might be necessary.

While cat cafés are becoming more common, dog cafés, though rarer, can also be found in cities such as London and Newcastle. These venues provide a similar experience for dog lovers who wish to connect with canines in a social setting.

Volunteer for Local Animal Charities

Volunteering offers a meaningful way to engage with pets while supporting those in need. The charity Cinnamon Trust seeks volunteers to assist elderly or terminally ill individuals by caring for their pets. Tasks may include walking dogs, fostering animals when their owners are hospitalized, or simply providing companionship by brushing cats and changing litter trays. Interested individuals can sign up online at cinnamon.org.uk.

Additionally, the Dogs Trust often recruits off-site dog walking volunteers. By becoming involved with such organizations, volunteers can make a significant impact in their communities while enjoying the company of animals.

Borrow a Dog

Another innovative option is to borrow a dog through websites like borrowmydoggy.com. This platform connects dog owners with individuals looking to help care for their pets. Users must create a profile detailing any relevant information, such as whether they have children or adequate space for a dog, and indicate their availability.

To communicate with dog owners in their area, users need to become premium members, which costs £12.99 per year. This membership also entails undergoing safety checks to ensure a secure experience for all parties involved. By utilizing resources like this, animal enthusiasts can enjoy the companionship of dogs without the long-term commitment of ownership.

These alternatives allow individuals to experience the joys of pet companionship while mitigating the financial responsibilities associated with pet ownership. Engaging with animals through cafés, volunteering, or borrowing can provide emotional benefits and a sense of community connection.

Continue Reading

Business

Ocado Targets Profitability in 2026 After Investor Frustration

editorial

Published

on

Ocado has announced its goal to achieve profitability by the next financial year, starting in December 2025, following a robust first half of the year. This statement comes as investors express growing frustration after years of the company operating at a loss. The online supermarket, known for its joint venture with M&S and its innovative robotic warehouse technology, has not yet reached the expected cash flow positive status.

In its first-half update, Ocado reported a remarkable 76.5 percent increase in underlying earnings for the six months ending June 1, 2025. The majority of this growth stemmed from its technology division, which saw adjusted EBITDA rise to £91.8 million, up from £52 million in the same period the previous year. Overall revenue increased by 13.2 percent to £674 million.

Investor Sentiment and Market Performance

Despite the positive earnings report, Ocado’s shares have lost approximately 90 percent of their value over the past five years. The company’s retail operations, while growing quickly, still represent a small fraction of the overall market. Investors have been banking on the success of Ocado’s technology, which has bolstered its market value, but the retail segment’s slow progress has dampened enthusiasm.

Following the earnings announcement, Ocado’s stock surged nearly 11 percent to 261.4 pence, though it remains down 26.4 percent over the last year. Analysts note that the company’s largest US partner, Kroger, has been cautious with its rollout of automated warehouses, while its Canadian partner, Sobeys, has paused plans for a fourth warehouse.

Mark Crouch, a market analyst for eToro, remarked that investor patience is wearing thin. He stated, “Ocado continues to test the limits of investor patience. Once viewed as a pioneer in grocery logistics, the company’s downward spiral has become a case study in hype over substance.” Crouch commented that while management’s goal of achieving cash flow positivity by next year is encouraging, it follows several years of unmet expectations.

Future Prospects and Operational Changes

Ocado’s Chief Executive Officer, Tim Steiner, emphasized the company’s commitment to cash flow positive operations in the upcoming financial year. He noted that the Technology Solutions division has more than doubled its EBITDA, and that liquidity remains strong, exceeding £1 billion.

“Our focus remains on turning cash flow positive during FY26, supported by continued growth with our partners and cost discipline across the business,” Steiner stated. Although the full-year guidance has not changed, the company faces mounting scrutiny regarding its ability to convert its advanced technology into sustainable financial performance.

The tie-up with M&S continues to provide stability, but analysts question whether Ocado’s primary business model can sustain profitable growth in the long term. Investors are now left to consider whether the company can effectively leverage its technological advancements to yield consistent financial results.

As Ocado aims to navigate these challenges, its future performance will be closely monitored by investors and analysts alike, who remain cautiously optimistic about the company’s potential turnaround.

Continue Reading

Business

Virgin Media Faces Broadband Outage, Customers Left Offline

editorial

Published

on

Virgin Media has encountered a significant broadband outage affecting hundreds of its customers across the UK. Reports indicate that users have been grappling with internet connectivity issues for over 10 hours, leading to a flood of complaints on social media platforms.

Currently, approximately 280 users are reporting problems with their internet service. Many have expressed frustration, particularly those in areas such as Doncaster, where one user noted, “My internet has been down for over 30 hours now and hundreds of customers in Doncaster have no internet service with no end in sight.” The complaint highlights the lack of communication from Virgin Media, with customers receiving no email updates regarding the situation.

Response from Virgin Media

A spokesperson for Virgin Media stated, “There are no national issues with our broadband network today; however, we are aware of a local fibre break that is impacting a very small proportion of our customers.” The spokesperson assured users that technical teams are actively working to resolve the issues and apologized for the inconvenience.

Earlier today, 485 customers reported outages on the outage tracking website Downdetector. Of this group, half were experiencing problems with their landline internet, while 28 percent reported difficulties accessing email services. Just over 20 percent of users faced a total loss of service. Although issues peaked around 07:30, with the number of reports decreasing throughout the day, many users still encountered connectivity problems.

In a previous statement, Virgin Media acknowledged the issue, saying, “Our technical teams have now resolved the issue that was impacting some customers’ broadband services earlier this morning.” Despite this claim, many customers continued to experience difficulties, raising concerns about the reliability of the service.

The ongoing outage serves as a reminder of the challenges faced by broadband providers in maintaining consistent service, especially in the face of unforeseen technical faults. As Virgin Media works to restore full functionality, customers remain hopeful for a swift resolution.

For further updates on this situation, customers are encouraged to check Virgin Media’s official channels or local news sources.

Continue Reading

Business

Yorkshire Building Society’s Tina Hughes Advocates Financial Evolution

editorial

Published

on

In a recent discussion, Tina Hughes, Director of Customer Experience at Yorkshire Building Society, emphasized the urgent need for financial institutions to adapt to the rapidly changing digital landscape. Hughes articulated three key strategies that banks must adopt to meet evolving consumer expectations in an age dominated by technology.

Embracing a Digital-First Approach

Hughes began by highlighting that modern customers expect seamless experiences similar to those provided by platforms like Netflix, Duolingo, and Amazon. She noted that financial services must strive to be just as accessible and user-friendly. “Customers today want more than traditional banking services; they desire convenience and responsiveness,” Hughes stated. This indicates a significant shift in consumer expectations, which financial institutions must acknowledge and act upon.

According to Hughes, the challenge lies in balancing innovation with customer care. While Yorkshire Building Society has a rich history spanning 160 years, it is crucial for the organization to remain flexible. The trust built over decades can serve as a valuable foundation, but adapting to contemporary needs is essential for long-term success.

Strategic Focus for Sustainable Growth

Another point Hughes raised is the importance of prioritization in the face of numerous opportunities within the financial sector. She cautioned that financial institutions often risk spreading their resources too thin when attempting to excel in multiple areas simultaneously. “Having clear plans and sticking to them is vital,” she stressed. This strategic focus allows organizations to concentrate on what matters most to customers and aligns with their future goals.

Moving forward, Hughes believes that the future of finance hinges on the ability to pivot quickly and meet customer expectations effectively. “Financial institutions must not only evolve but also maintain a clear vision of where they want to go,” she concluded. By embracing these principles, financial services can successfully navigate the complexities of the modern marketplace.

The insights provided by Tina Hughes serve as a compelling call to action for financial institutions. As the landscape continues to change, those that prioritize customer-centric approaches and strategic planning will likely thrive in an increasingly competitive environment.

Continue Reading

Trending

Copyright © All rights reserved. This website offers general news and educational content for informational purposes only. While we strive for accuracy, we do not guarantee the completeness or reliability of the information provided. The content should not be considered professional advice of any kind. Readers are encouraged to verify facts and consult relevant experts when necessary. We are not responsible for any loss or inconvenience resulting from the use of the information on this site.