Swiss based pharmaceutical company Novartis decreased that UK is implementing jobs cuts plan

 

Novartis is a pharmaceutical giant operating in many countries around the world. The company spokesperson said that particularly in UK the company is planning to cut jobs after which the jobs throughout UK would be reduced to 500 which were 950 in the previous year. This plan is a result of cut down of research and development plan of UK pharmaceutical research and development (R&D) industry.

The Novartis and Pfizer have been working on this plan and will continue to implement for the next two years as well. In February next year Pfizer is planning to completely close down its research and development facility in Kent that has about 2,400 employees working.

There have been significant changes in healthcare systems and the organizations are focusing on different cost effective and cost cutting strategy. UK investments have also shown a decline and innovative drugs are not emerging in the market even after the little investment in research and development sector of UK pharmaceutical industry.

Royal Bank of Scotland Paying high to its important staff

The Royal Bank of Scotland (RBS) has a total of £375m to 323 people who are renowned as their key staff. Although RBS declared £3.6bn loss in 2009 and declared £1.67bn loss in 2010 has come up with a different strategy to back their key employees and ensure success even though the company is incurring losses.

Although  most of the private companies in UK have been focusing on cost cutting strategy because of recession and low profits but RBS has brought an innovative strategy to cater the problems in a proactive manner that can improve the organization’s overall performance and productivity and to improve the profitability of the company.

Inflation expected to further increase

Inflation rate rose to 4% in the month of January from 3.7% in the month of December. However, the target inflation was 2%. Retail price index (RPI) also showed an increase in inflation of 5.1% from 4.8%. According to a survey conducted by Bank of England, almost 66% of the people believe that the inflation would further increase. This would be a threat for all those people who have been saving money and earning small interest rate of their savings as inflation would reduce the value of their savings.

Competition in the credit card becomes more intense

More and more banks have come up with different offers for customers to increase their use of credit cards and other services. Now because of intense competition, time length of 0% interest on the loan which customers switch from other cards has been extended to 20 months. This change has been in the spotlight and many financial groups and analysts have warned customers to remain cautious over such deals.

However, lenders are giving these special offers to only those customers having above average credit histories. According to Kevin Mountford from Moneysupermarket, “"If you fall outside of this category then you may find your options are more limited. Before applying for a credit card, consumers need to check their credit profile and make sure there is no adverse information that would jeopardize their chances of being accepted."