Friday newspaper round-up: Post Office, bankers' bonuses, new job ads
Rachel Reeves, the chancellor, is taking action to ensure her budget plan for a multibillion-pound increase in government borrowing to fund infrastructure projects avoids a Liz Truss-style meltdown in financial markets. Ahead of her tax and spending event on 30 October, the chancellor is convening on Friday the first meeting of a taskforce of leading City figures to advise on infrastructure projects. The government will also launch a watchdog to oversee public works and ensure value for money for the taxpayer. – Guardian
Language in an infamous Post Office document that categorised branch operators as “negroid types” was common in the public sector from the 1980s but continued to be used in the scandal-hit organisation until 2016, an inquiry has heard. The document, which revealed that lawyers investigating post office operators in the Horizon computer scandal used a racist term to categorise black workers, first became public in May last year when it was released to campaigners seeking justice for those wrongfully prosecuted. – Guardian
Guardian journalists are to vote on potential strike action as anger grows over plans to sell its Sunday sister title, The Observer, to a loss-making startup. The National Union of Journalists (NUJ) will consult more than 600 journalists at both newspapers over their willingness to strike over the proposed sale. The NUJ said the consultative ballot would run for the next week and would likely lead to a formal vote on whether to take industrial action. – Telegraph
The Bank of England is planning to further loosen the rules on bankers’ bonuses in another attempt to bolster the international competitiveness of the City. Sam Woods, who runs the Bank’s Prudential Regulation Authority, revealed on Thursday that the regulator would propose reducing from eight years to five the length of time that bonuses awarded to the highest-paid bankers at firms must be deferred. – The Times
The number of new job postings has fallen to the lowest level since the pandemic as employers anticipate new laws on workers’ rights and tax-raising measures in the budget on October 30. The number of active advertisements for roles declined by 10 per cent month-on-month to 1.5 million in September as businesses took a “wait-and-see” approach to recruitment, according to a report from the Recruitment and Employment Confederation. – The Times