Tuesday,21 June 2022 17:12:01

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Tuesday,21 June 2022 at 16:13

Rolls-Royce is to give more than 14,000 staff a £2,000 one-off cash payment to help them cope with the biggest squeeze on incomes since the 1950s.

The aero-engine maker told workers that the payment would be for around 11,000 factory floor staff, mainly based at its Derby and Bristol sites, and around 3,000 junior managers.

The factory floor staff will also get a 4 per cent pay rise for the year, backdated to March.

Rolls-Royce is the latest company to help to its employees as they face inflation at a 40-year high of 9 per cent, with the Bank of England predicting that it will rise above 11 per cent later in the year.

UK & European stocks moved higher, continuing a recovery seen at the start of the week.

U.S. stocks rose as traders returned from a long weekend, with equities looking to steady following the S&P 500's worst week since March 2020.

Oil prices rose almost $2 on high summer fuel demand while supplies remain tight because of sanctions on Russian oil after its invasion of Ukraine.

Gold priced lower.

Markets

At the close

FTSE 100 7,152 +0.42%

FTSE 250 18,949 (-0.32%)

DAX 13,292 +0.20%

At 17:00

Dow Jones 30,434 +1.82%

S&P 500 3,764 +2.42%

NASDAQ 11,116 +2.95%

Fixed Income

UK 10-YR YIELD 2.650

Exchange Rates

GBP/USD 1.227

GBP/EUR 1.164

Commodities

Gold $1,835 (-0.18%)

Brent $114.49 +0.27%

Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.