Steel giant Tata has announced it will separate its UK pension scheme from its main business.
The £15billion British Steel Pension Scheme has been a barrier to the potential merger of Tata Steel and German steel manufacturer ThyssenKrupp. The Indian steel company has been in negotiations with regulators and trustees of the pension scheme, and this agreement follows a deal struck between unions and Tata, which will see reduced benefits for employees.
There are around 130,000 steel pension scheme members across the UK. Eight-thousand people are employed across the UK by Tata Steel, with around 3,500 in Port Talbot.
Tata Steel will no longer have any responsibility for the pension scheme, as it has offered to pay £550million into the scheme and give the pension fund a 33% stake in its UK business.
In mortgages, Nationwide Building Society reported a sharp decline in mortgage lending this quarter, mostly due to fewer buy-to-let loans.
Mortgage lending from the provider dropped to £2.4billion from April to June this year, compared with £3.5billion in 2016. The building society also announced that its share of the mortgage market in the UK had dropped from 15% last year, to 13% at this year.
In money, new figures from UK Finance have found that a tenth of young adults are turning their backs on cash.
More than one in ten people aged between 25 and 34 rely on cards and digital payments for their daily spending.
According to the research, they used notes and coins no more than once a month last year.
The statistics reveal that nearly three million people in the UK rarely use cash, though cash remains king for many age groups, with only 2% of those aged between 55 and 64 using cash just once a month. While, 5% of the adult population still rely on cash for their day to day spending.
Cash made up 44% of all payments made by UK consumers in 2016.
In energy, UK householders are becoming increasingly switching savvy, according to new research by Energy UK, the trade body for the energy industry. It has found that the number of people switching electricity suppliers rose by 14% this year.
More than three million people had already made a switch by the end of July and one in five of those had gone with small or medium-sized suppliers, shunning one of the big six energy providers.
Around a third (34%) moved from a large supplier to a small or mid-tier company. In July alone, 385,000 customers switched – a 16% increase on July 2016. Although, the biggest number of switches were from one large provider to another.