🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

Rail Shutdown Condemned by UK Minister as Strikes Confirmed

Published 20/06/2022, 06:10
© Bloomberg. London tube trains at Northfields Train Depot in London, UK, on Tuesday, June 14, 2022. Rail and underground strikes due to hit the UK for three days later this month could cost the economy almost 100 million pounds ($125 million), with London dealt the biggest blow.

(Bloomberg) -- The UK transport minister has condemned rail workers’ plans for what would be Britain’s largest train strike in 30 years, saying it will cause chaos for workers and students across the country. 

Transport Secretary Grant Shapps said the National Union of Rail, Maritime and Transport Workers had ignored attempts at negotiation with employer Network Rail by opting for the planned walkouts. 

“We are now on the cusp of major disruption which will cause misery for people right across the country,” Shapps said in a statement Saturday. Employees traveling to their jobs and people who need to get to hospital appointments could be affected, and “by carrying out this action the RMT is punishing millions of innocent people,” he said.

Thousands of staff at 13 train operating companies and track manager Network Rail plan to strike on June 21, 23 and 25 in a bid for better working conditions and for pay increases to keep up with the pace of inflation. 

RMT said the walkouts would be the most significant for the country’s railways since 1989, as the industry struggles to reinvent itself and adapt to a new post-pandemic norm of workers commuting to the office less frequently. About 10,000 London Underground workers are also planning a walkout on Tuesday in a separate dispute over jobs and pensions. 

READ MORE: UK Train Strike Part of Wider Crisis for World’s Oldest Railway

With employees working more days from home, the total number of train journeys only reached 62% of their pre-pandemic level in the quarter through March, according to figures from the Office of Road and Rail. RMT has said that Network Rail alone plans to cut as many as 2,500 jobs as it seeks to save £2 billion ($2.45 billion), and that train operating companies are freezing pay and seeking changes to contracts.

RMT confirmed on Saturday that the strikes would go ahead, after talks had failed to find “viable settlements.” The strikes will clash with major events such as the Glastonbury music festival and national exams for teenagers. 

Kate Nicholls, chief executive of industry group UK Hospitality, said the combined hit to the tourism, leisure and theater industries could be more than a billion pounds, she told Times Radio in an interview Saturday.

©2022 Bloomberg L.P.

© Bloomberg. London tube trains at Northfields Train Depot in London, UK, on Tuesday, June 14, 2022. Rail and underground strikes due to hit the UK for three days later this month could cost the economy almost 100 million pounds ($125 million), with London dealt the biggest blow.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.