logo
Post Office interim boss Brocklehurst lined up for permanent role

Post Office interim boss Brocklehurst lined up for permanent role

Yahoo31-03-2025

The acting chief executive of the Post Office is being lined up to take the job on a permanent basis as the state-owned company continues talks with ministers over its long-term funding arrangements.
Sky News has learnt that Neil Brocklehurst, who was named interim chief last September, is close to being handed the role.
Whitehall sources said on Monday that an announcement about Mr Brocklehurst's appointment was likely to be made in April.
Money latest:
The decision, which requires the approval of business secretary Jonathan Reynolds, will bring a degree of stability to an organisation still grappling with the financial and reputational consequences of the Horizon IT scandal, which saw hundreds of sub-postmasters wrongly convicted of fraud and false accounting.
Reliant on the government for its funding, the Post Office has been in negotiations with ministers about delivering a previously pledged pay uplift this year.
Earlier this month, Sky News reported that Nigel Railton, the company's chairman, had informed thousands of Post Office managers that he had yet to gain certainty from Whitehall about a £120m increase for this year.
The sum was promised in November as part of a strategy to rebuild the Post Office in the wake of the Horizon scandal.
The Post Office has outlined plans for an ambitious transformation which includes franchising more than 100 directly managed branches.
A substantial number of jobs are also being cut at the company's head office as part of the restructuring.
Several tranches of those have already taken place.
Mr Brocklehurst replaced Nick Read at the Post Office's helm following a turbulent period for the outgoing boss.
Mr Read was repeatedly accused of being obsessed with his pay arrangements and being at the centre of a series of rows with both board colleagues and his government employers.
Like Mr Railton, Mr Brocklehurst is a former executive at Camelot, the previous National Lottery operator.
A Post Office spokesman declined to comment, while the Department for Business and Trade has been contacted for comment.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Court shown footage of alleged Hainault sword attacker unboxing samurai weapon
Court shown footage of alleged Hainault sword attacker unboxing samurai weapon

Yahoo

time4 hours ago

  • Yahoo

Court shown footage of alleged Hainault sword attacker unboxing samurai weapon

Police have released video footage of the alleged killer of a 14-year-old boy unboxing a samurai sword and calling the weapon "freaking sexy". Marcus Monzo, 37, denies murdering teenager Daniel Anjorin and attempting to kill four others during a 20-minute rampage in Hainault, east London, on 30 April last year. Jurors at the Old Bailey have been shown a four-minute video clip from 4 April, which was recovered from his iPhone after his arrest. The Spanish-Brazilian national, from Newham in east London, appears to be reviewing a sword he says was "handmade in Japan" and "took more than a month to reach me". Dressed in a yellow hoodie, black shorts, toe socks and flipflops, and wearing headphones, he is standing on black mats next to a ginger cat he calls the "Wizard". A martial arts-style punching bag and another sword on a skateboard can be seen in the background. "This just came through… Ninja stuff," he says before opening a long box containing a sword. "So I'm sort of obliged to do some ninja stuff with the Wizard." Monzo also says "freaking sexy" and "ooh" as he lunges and makes different moves with the sheathed sword. The court has previously heard Monzo was a "talented martial artist". Prosecutors said he "killed and skinned" his cat before driving his grey Ford Transit van at speed into pedestrian Donato Iwule. He then struck him in the neck with the same weapon used to kill Daniel, who suffered "essentially a near-decapitation", the jury was earlier told. PC Yasmin Mechem-Whitfield was also repeatedly struck with the 60cm blade, before Monzo entered a nearby house and attacked a couple inside, then struck another police officer, it is alleged. Monzo has pleaded guilty to two counts of possessing an offensive weapon - a katana sword and a tanto katana sword. He denies charges of murder, attempted murder, wounding with intent, aggravated burglary and possession of a bladed article. Read more from Sky News:What we know about Austria school shooting15 police officers injured as Northern Ireland protests turn violent The jury has been told there is no issue about who carried out the attacks and that Monzo was under the influence of cannabis at the time. But prosecutors say his psychotic state was self-induced and does not meet the threshold for diminished responsibility. The trial continues.

Social Security Advice: One Key Takeaway for All Retirees
Social Security Advice: One Key Takeaway for All Retirees

Yahoo

time6 hours ago

  • Yahoo

Social Security Advice: One Key Takeaway for All Retirees

Social Security is a lifeline for many retirees, but it's on shaky ground right now. With benefit cuts potentially coming, now is the time to start preparing. A few simple steps can help protect your retirement no matter what Social Security's future looks like. The $23,760 Social Security bonus most retirees completely overlook › Millions of older adults rely heavily on Social Security in retirement. Around 60% of current retirees say their benefits are a major source of income, according to a 2024 Gallup poll, while an additional 28% say it's a minor income source. While there's no harm in relying on Social Security to some extent, if I could give all Americans one piece of advice about Social Security, it's this: Have a backup plan. First, it's essential to note that Social Security is unlikely to disappear entirely. Many people are concerned about the program going bankrupt. However, while benefit cuts could be on the horizon, the program itself should still be a reliable source of income to some degree. Social Security is funded primarily through payroll taxes. Today's workers pay into the program through taxes, and that money is funneled to current retirees and other beneficiaries. But in recent years, that income hasn't been enough to cover all the benefits that need to be paid out. As a result, the Social Security Administration (SSA) has tapped its two trust funds to continue paying benefits in full. According to the latest projections from the SSA Board of Trustees, which were released in May 2024, those trust funds will likely run out by 2035. Now, this doesn't mean that Social Security itself is running out of money. Again, as long as workers keep paying payroll taxes, retirees will always receive some form of benefits. But unless lawmakers find some sort of solution in the next decade, benefit cuts could be a possibility. The SSA's latest trust fund projections date back over a year. A lot has changed since then, and there could be more potential changes coming that could impact Social Security. For example, President Trump has previously proposed eliminating income tax on Social Security benefits. While that could increase retirees' income in the short term, it would also mean there's less cash for the SSA to fund benefits. Tax cuts, in general, could also hurt Social Security. If the SSA has to take more than it had planned from the trust funds, those reserves could run out even sooner than 2035. Also, with less money coming in from taxes, the subsequent benefit cuts could be even more severe than expected. To be clear, benefit cuts are not a guarantee at this point. Lawmakers still have a few more years before the trust funds run out, and they could come up with a solution to protect the program. But when your retirement is on the line, it may be wise to avoid putting your financial future in the hands of Congress. If you still have some time before retirement, it could be smart to find ways to reduce your dependence on Social Security. That could mean simply saving more in your 401(k) or IRA, or perhaps picking up a side hustle or a source of passive income. Investing in dividend stocks or ETFs can also be a smart strategy to build your investment portfolio while also generating a source of passive retirement income. Investing even $200 per month can add up to more than $137,000 after 20 years, assuming you're earning a 10% average annual return on your investment. No matter your approach, diversifying your income so that you're not completely dependent on Social Security is a wise move right now. While the program isn't going away entirely, it doesn't hurt to be prepared just in case benefit cuts are on the horizon. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Security Advice: One Key Takeaway for All Retirees was originally published by The Motley Fool

Poundland-owner closes in on sale of struggling discount chain
Poundland-owner closes in on sale of struggling discount chain

Yahoo

time6 hours ago

  • Yahoo

Poundland-owner closes in on sale of struggling discount chain

Poundland's parent company is preparing to hand over tens of millions of pounds to help fund a takeover of the struggling British discount chain. Sky News has learnt that Warsaw-listed Pepco Group is expected to contribute a substantial eight-figure sum to finance Poundland's ongoing operations as part of a deal with Gordon Brothers which could be finalised as soon as this week. Sources close to the process insisted on Tuesday that a deal had yet to be formally agreed and that it was not yet certain to take place, with other outcomes still possible. Money latest: The Sunday Times tipped Gordon Brothers as a frontrunner to buy Poundland last month. If a transaction between Pepco and Gordon Brothers, the former owner of Laura Ashley, is struck, it will pave the way for substantial job losses triggered by the likely closure of well over 100 Poundland stores across the country. That figure could ultimately reach between 150 and 200 shops, putting thousands of jobs at risk. Steep rent cuts are also expected to be negotiated with Poundland landlords, the Telegraph reported at the weekend. Gordon Brothers is said to have seen off competition from Hilco Capital to emerge as the frontrunner to secure a deal in recent days. At least one other party is thought to have been interested in bidding in recent weeks, while other suitors - including the new owner of WH Smith's high street chain, Modella Capital - were eliminated earlier in the process. One person close to the situation said it was conceivable that an agreement to sell Poundland to Gordon Brothers could be announced as early as Wednesday morning, with a formal restructuring plan potentially following shortly afterwards. Poundland employs roughly 16,000 people across an estate of over 800 shops in the UK and Ireland. Tax hikes announced by Rachel Reeves, the chancellor, in last autumn's Budget have increased the financial pressure on high street retailers. In recent months, chains including Lakeland and The Original Factory Shop have changed hands amid challenging circumstances. Last weekend, Sky News revealed that River Island, the family-owned clothing retailer, was also working with advisers on a restructuring plan, with store closures and job losses possible. Pepco said last month that underlying earnings at Poundland could be wiped out in the current financial year, underlining the scale of the challenge facing a new owner. Read more from Sky News:Unemployment rate highest in four years In a statement issued to Sky News, a Pepco spokesperson said: "The focus of the Group and advisers is currently on a potential sale of Poundland. "This is an ongoing process, and no final decisions have been taken." Neither Gordon Brothers nor Teneo, which is handling the sale process, could be reached for comment.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store