Grant Shapps to force P&O to rehire 800 laid-off workers Business

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Grant Shapps is stepping up pressure on P&O to reverse its controversial decision to lay off 800 workers.

The Transport Secretary will tell the ferry company to rehire staff, arguing that the new legislation will undermine his plans to replace them with poorly paid temps.

P&O has come under fire for laying off 800 staff without notice earlier this month. He plans to halve his labor costs by employing agency workers for an average of £5.50 an hour.

Mr Shapps is expected to introduce new legislation this week requiring all ferry companies operating from UK ports to pay the minimum wage.

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What happened overnight

Asian stocks and US equity futures fell as Russia’s war in Ukraine enters a second month and the risk of an economic slowdown due to US monetary policy tightening weighs on markets.

Stocks lost ground in Japan, while the S&P 500 and Nasdaq 100 contracts fell, signaling a pause in the global equities rally from conflict-induced lows. A dollar gauge pushed higher.

The Covid-related lockdown in Shanghai undermined the mood in Hong Kong and China, dragging stocks lower.

coming today

• Business : Pershing Square (full year)
• Economy: Nothing planned