The Co-operative Group’s employees have beseeched senior representatives within the organisation to back the radical reforms proposed by Lord Myners, the Guardian reports.
More than 1,000 Co-op staff represented by Britain’s largest trade union appealed to the Co-op’s regional board members yesterday (14 April) to end “public politicking” and accept the former City minister’s governance restructuring.
Unite, which represents 1,200 Co-op staff at its retail arm, said the future of the organisation and its employees were “at risk” because those opposing Mr Myners’ reforms have “no viable plan B”.
Lord Myners resigned from the Co-op board last Wednesday as opposition mounted against his initial proposal to scrap the current boardroom weighting to members in favour of sector “specialisms” that would “resemble the make-up of listed company boards”.
The seven regional boards control 78 per cent of the votes that will determine whether the proposals are accepted at the annual meeting of the Co-op’s owner-members next month, the Guardian said.
Ukraine increases rates as crisis grows
According to the Financial Times, Ukraine unexpectedly raised its benchmark interest rate for the first time in eight months as it attempts to support the weakening currency and curb inflation as the country’s political crisis deepened.
Kiev’s central bank raised the benchmark discount rate from 6.5 per cent to 9.5 per cent and the overnight loan rate from 7.5 per cent to 14.5 per cent yesterday.
The country’s troubles increased yesterday “after pro-Russia separatists seized further government buildings in cities and towns in eastern Ukraine and defied a deadline from Kiev to surrender”.
Facebook to launch money transfer service
Facebook is preparing a money transfer service in Europe that would allow it to compete with the likes of Western Union, the Guardian reports.
Facebook is seeking regulatory approval in its European base in Ireland for “e-money” status, which would see it issue digital credits that can be converted into cash by recipients.
The firm already has permission for some forms of money transfer in the US, which allow payments within applications, including the Candy Crush Saga and Farmville games, from which Facebook takes a 30 per cent cut.
Fuel duty cut to boost long-term growth
According to the Mail, chancellor George Osborne has hinted at the possibility of future tax cuts as he published a report claiming that cancelling planned rises in fuel duty has boosted the economy by up to £7.5bn.
The Treasury study estimates that the effective 20 per cent real cut in fuel duty since 2010 will boost growth by 0.3 per cent to 0.5 per cent over the long term.
The study supports the view of “supply side economists” who argue that, over time, lower taxes will produce higher revenue for the Exchequer.
