Strike action by Eurotunnel staff over a year-end bonus dispute caused the cancellation of dozens of Eurostar trains, disrupting travel between the UK and France. However, the strike has now ended after an agreement was reached between Eurotunnel management and trade union representatives. Traffic through the Channel Tunnel will gradually resume, providing relief to travelers during the busy Christmas period. French transport minister Clement Beaune welcomed the resolution and called for an immediate solution to the strike.
Junior doctors in England have begun a three-day strike, causing major disruption to the NHS. This is the 26th day of strike action in their ongoing pay dispute. The strike will be followed by a six-day strike in January, the longest in NHS history. Talks between the British Medical Association (BMA) and the government broke down earlier this month. The strikes come at a time when the NHS is already under strain due to winter pressures. Patients are advised to seek medical help as needed, but some A&E services may be closed. The BMA rejected a plea to downgrade the strike to a partial walkout with emergency cover.
United Airlines pilots have reached a $10.2 billion deal that will result in pay raises of up to 40% over the next four years. The agreement, approved by 82% of United pilots, includes a provision requiring other airlines to match or exceed the pay. The shortage of pilots and increased travel demand have given aviation unions increased bargaining power. The successful contract talks come as other industries, such as Hollywood and the auto sector, are also experiencing strike action for higher pay.
Workers at Chevron's liquefied natural gas (LNG) facilities in Australia are set to go on strike next week, after unions voted for work stoppages in an ongoing labor dispute. The strike action could potentially disrupt around 7% of global LNG supply if production at both facilities is halted for a month. European natural gas prices have already risen in anticipation of the strikes, as the region has become more dependent on global LNG supplies. Chevron's dispute with workers comes as the company enjoys strong profits.
UK inflation slowed to its lowest annual rate since March 2022, with consumer prices rising 7.9% compared to a year ago, down from 8.7% in May. The slowdown in price rises may lead the Bank of England to raise interest rates by only a quarter of a percentage point next month. Core inflation also decreased to 6.9%, and food price inflation fell to 17.3%. The data suggests a weakening of underlying inflationary pressures, providing some relief to the Bank of England. However, consumers and businesses will still face rising prices, and strike action in the coming weeks threatens travel chaos.
UK inflation remained at 10.1% in March, above expectations, due to soaring food and energy bills. The Bank of England faces a tough task as core inflation remains unchanged at 5.7%, and workers across various sectors have launched mass strike action amid disputes over pay and conditions. The government aims to drive down inflation with cost-of-living support worth an average of £3,300 per household over this year and last, funded through windfall taxes on energy profits. The Bank of England hiked interest rates by 25 basis points to 4.25% last month, and traders are pricing a 72% probability of a further quarter-point hike at the Monetary Policy Committee's meeting on May 11.
