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  • 📈 Harland and Wolff Revival Secures 1,000 Jobs

📈 Harland and Wolff Revival Secures 1,000 Jobs

December 19, 2024

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This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • Harland and Wolff Revival Secures 1,000 Jobs

  • BT Dodges ÂŁ1.3bn Overcharging Lawsuit

  • Brace Yourself: Water Bills Soar 36%!

The summary: Harland and Wolff’s revival secures 1,000 jobs, anchors vital Navy shipbuilding contracts in the UK, and gives coastal communities a buoyant boost—cheers, Navantia!

The details:

  • Titanic Recovery Plan: Harland and Wolff, famed for building the Titanic, is afloat again after a ÂŁ160m administration woe, thanks to a rescue deal by Spanish state-owned Navantia.

  • Jobs Ahoy: The deal secures 1,000 jobs across Harland and Wolff’s four shipyards in Belfast, Scotland, and Devon, preserving existing worker terms and conditions.

  • Navy Seal of Approval: Navantia UK, the main contractor for the Royal Navy’s fleet solid support ships, now has the green light to tweak the contract, ensuring all three vessels stay on track.

  • Coastal Revival: Ministers hailed this as a win for UK shipbuilding, boosting sovereign defence capabilities while promising skilled jobs and economic growth for seaside communities.

Why it matters: Harland and Wolff’s rescue is more than just saving a famous name—it’s a lifeline for 1,000 skilled workers and the UK’s shipbuilding legacy. With Royal Navy contracts staying firmly on home turf, it’s a nod to bolstering national security while keeping coastal communities afloat. Plus, it's a rare moment when Spain giving us ships is the punchline, not the problem.

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The summary: BT’s courtroom win not only raises the stakes for future collective actions but also sends a clear message: solid pricing isn’t an automatic guilty verdict, and legal battles are far from a walk in the park!

The details:

  • BT emerged victorious in a ÂŁ1.3bn class action showdown, with the CAT ruling its landline pricing “not unfair” and free of dominance abuse. Game, set, and match.

  • Launched by Mishcon de Reya for over 3 million claimants, the case accused BT of overcharging older customers, but the tribunal firmly disagreed.

  • This landmark trial was the first to test the UK’s collective proceedings regime, setting legal precedent since its 2015 debut.

  • Claimants might mull an appeal, but for now, BT’s lawyers are toasting a decisive win while the claimants’ camp swallows a bitter pill.

Why it matters: BT’s victory sets a precedent for how collective actions will be handled in the UK, leaving claimants with a tougher hill to climb. For businesses, it’s a reassuring nod that robust pricing doesn’t always mean legal peril. As for lawyers, it’s a juicy reminder that the collective action regime isn’t a fast track to a courtroom triumph.

The summary: Water bills are set to rise by 36% over the next five years to fund a much-needed £104bn overhaul, but don't worry—Southern Water's 53% hike will really help make a splash!

The details:

  • Water bills in England and Wales are set to rise by 36% over the next five years, with average bills reaching ÂŁ597 by 2030. This will cost households an extra ÂŁ31 annually from April onwards, with inflation tacked on top.

  • The rise is part of a ÂŁ104bn investment plan to fix leaky pipes and tackle sewage pollution, although Ofwat has cut ÂŁ4bn from water companies' initial request.

  • Southern Water gets the biggest hike, with bills increasing by 53%, while Thames Water faces a 35% rise and a hefty ÂŁ18.2m fine for "unjustified" dividends.

  • Critics slam the water industry for years of underinvestment, with vulnerable customers set to bear the brunt of the price increases, further fuelling calls for a cheaper social tariff.

Why it matters: So, brace yourselves for higher bills as water companies cash in on a £104bn investment plan to fix their leaky pipes and sewage problems. Meanwhile, Southern Water's customers can look forward to a 53% rise—just in case they weren’t already drowning in frustration. It’s a bit rich, really, given the years of neglect and the fact we’re footing the bill for their environmental "improvements."