IT meltdown costs TSB ￡176m, one in 12 workers ‘robbed’ of holiday, and more top news

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TSB lost a total of ￡176.4m as a result of the technology meltdown in April that saw two million customers lose access to online banking services. In the bank's half year results, published Friday, it revealed that 26,000 customers closed their accounts in the second quarter of 2018, although 20,000 joined TSB in the same period. "It was not acceptable, and was not the level of service that we pride ourselves on,” said TSB chief executive Paul Pester. The Financial Conduct Authority has launched an investigation into the fiasco, which occured when TSB attempted to migrate its data onto a new IT system.

Over two million British workers are being cheated out of paid leave by employers, according to research by the Trades Union Congress (TUC). According to TUC analysis, 1.2 million people are not getting any paid holiday while a further million are not receiving their minimum entitlement. Workers in the agriculture, mining, accommodation and food sectors are amongst the worst affected, it said.

House of Fraser’s rescue deal is facing delays following a legal challenge over store closures. Hamleys owner C.banner is set to inject ￡70m in the beleaguered retailer as part of a rescue plan that will see nearly half of House of Fraser’s 59 stores close. But the Chinese owner has warned the deal may face delays citing a legal challenge made by a group of landlords. The British Retail Consortium warns a fifth of retailers are planning to cut jobs in the next three months.

Rightmove is reviewing its ad vetting process after an advert offering discounted rent in return for “special favours” appeared on its website. Property website Rightmove has apologised for the advert featuring a two-bedroom home in Birmingham. The ad targeted female students said "reduced rent is available for special favours to be discussed." MPs have called for Rightmove to tighten its regulations. Rightmove confirmed the advert had been removed from its website and the company was carrying out a full review of its vetting process.

Medicinal cannabis prescribed by specialist doctors has been legalised in the UK. The home secretary announced cannabis-based medicines will be made available on prescription “by the autumn”. The government rethink follows several high-profile cases involving children with severe epilepsy. Authorising bodies will now work to develop a clear definition of what constitutes a cannabis-derived medicinal product. Other forms of cannabis will remain illegal, Sajid Javid saying the decision was “in no way a first step to the legalisation of cannabis for recreational use”.

This article has been updated: From earlier: UK households spent more than they earned last year, for the first time in 30 years. Also: Eurotunnel has cancelled thousands of tickets as it prepares for ‘Furnace Friday’.

Idea of the Day: Good businesses start with a fundamental purpose to, in some way, help make the world a better place, says Weight Watchers CEO Mindy Grossman.

“My philosophy is to design your organisation for purpose and impact, ultimately activating through culture. Social impact cannot be “backed into” or “bolted on,” it must be embedded in the infrastructure and part of the lifeblood of the organisation.”

— Natalie MacDonald