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Bank charges: Bosses 'entering debt to avoid redundancies'

Many British bosses are willing to incur loan charges or access credit from other sources to avoid making their staff redundant.

This is according to research from More Than, which found 35 per cent of these business leaders have taken pay cuts to avoid reducing the size of their workforce.

Of these individuals, 60 per cent claim the reduction in earnings has lasted at least 12 months, with 17 per cent noting it could continue indefinitely.

Furthermore, 70 per cent have reduced their income by more than half, with one in 20 stating they no longer take a salary.

One-tenth of bosses have gone as far as remortgaging their home so they can keep employees and pay wages.

"It's sad that so many small business owners have had to remortgage their homes and take hefty pay cuts, but at the same time it shows real compassion on their part," More Than managing director Janet Connor said.

Compassionate bosses may be interested to hear the Trades Union Congress recently called on company leaders to enable their workers to enjoy the Diamond Jubilee four-day weekend.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801338543-ADNFCR

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