Financial Times journalists vote in favour of strike

Journalists at the Financial Times have voted by three to one to take strike action over pay - on the day that the publisher announced a healthy rise in revenue and profits for 2011.

According to the National Union of Journalists, management had offered a 2-2.5 per cent pay rise, which the union says is a pay cut in real terms, and a further one per cent based on merit.

The union's deputy general secretary Barry Fitzpatrick said in a release: "The union remains open to meaningful negotiations and suggests that FT management reconsider their response to our repeated requests to meet in order to break the deadlock.

"If they will not, it now seems inevitable that NUJ members will be left with no other option but to take strike action if they are to achieve a fair pay rise.

"In the context of several years of below-inflation pay rises for our members whilst executive reward at the company continues to soar, it is hardly surprising that FT staff have reached the end of their tether."

FT Group reported a six per cent year-on-year revenue rise to £427m in 2011 and profits at the newspaper group were up 27 per cent to £76m.

A Financial Times spokeswoman said: "We view the vote for industrial action and the risk of disruption unwarranted and unreasonable.

"The Financial Times has continued to invest in its editorial operations because we strongly believe that quality journalism is at the heart of our global success.

"The proposed salary increase of 3.5 per cent - with 2-2.5 per cent for all editorial staff and 1 per cent for merit, plus a bonus, compares favourably with the rest of the industry and we have avoided any compulsory redundancies at a time when news organisations around the world are facing exceptional challenges.

"We have strong contingency plans in place to ensure business as usual at the FT and there will be no adverse effect on the quality of our coverage."

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