Join the economic real world27 Oct 2009 07:49
The top FTSE 100 faller of the day was British Airways, shares in which descended by 10.1p to 199.7p as union Unite decided to ballot 14,000 staff on strike action over planned cost cutting measures. Earlier this month the cronked carrier, which posted a pre-tax loss of 401 million in the 12 months to March 31st 2009, said that it would be cutting up to 1,700 jobs and implementing a two year pay freeze for cabin crew in order to cope with the effects of the recession. Derek Simpson, the fat cat joint general secretary of Unite, said, "BA management's determination to impose unacceptable contractual changes on cabin crew leaves us no alternative." Presumably Simpson did not consider the alternative of joining the economic real world?