Business news - live: Mark Carney issues fresh warning over no-deal Brexit impact, as Royal Mail workers vote to strike

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Michel Barnier says Brexit 'like climbing a mountain' as positive deal talks continue

Mark Carney warned MPs that a no-deal Brexit will likely result in job losses and business closures. The Bank of England governor’s comments came as UK unemployment rose unexpectedly in the latest quarter as the jobs market showed signs of a slowdown amid prolonged economic uncertainty.

However, the pound jumped to a four-month high against the dollar after the EU’s chief negotiator said that it was still possible this week, despite it becoming “more difficult to reach an agreement”.

Sterling rose as Michel Barnier told reporters in Luxembourg: “Even if an agreement will be difficult – more and more difficult, to be frank – it is still possible this week.”

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Key Points

• UK jobs market buckling as pressures from Brexit and global uncertainty mount
• Former Thomas Cook bosses start fundraising to help jobless staff
• Neil Woodford’s frozen fund will be wound up
• Royal Mail workers vote overwhelmingly in favour of strike action

[15 October 2019 16:59 · ben.chapman]

Christmas postal walkout looms as workers vote to back industrial action

Royal Mail workers have voted overwhelmingly to strike in a dispute over working conditions that threatens to impact postal services in the busy run-up to Christmas.

More than 97 per cent of votes backed strike action on a turnout of 76 per cent. The Communication Workers Union (CWU) said Royal Mail is failing to honour an agreement reached last year to raise pay and reform pensions. The deal also included plans to reduce the working week and improve job security.

Terry Pullinger, deputy general secretary of the CWU,​ accused Royal Mail bosses of breaking a progressive agreement for a successful postal service with "social aims". 

He added: "Our members take honour seriously and have voted to fight for that agreement against those who now seek to break up the great British Postal service in the interest of fast track profit and greed."