Why has P&O ferries laid off its staff?

Today P&O ferries announced to 800 staff that they were being made redundant with immediate effect as security mounted to ferries to escort the staff off the premises.
The company said the staff will be served with “enhanced” severance packages, calling it a “necessary decision” to protect its remaining 2,200 staff. Was this fair when they received furlough pay from the taxpayer all through lockdown?
Also on the podcast, the Bank of England has announced a rise in interest rates in a bid to curb inflationary pressures. Can this help ease the looming cost of living crisis?
All to be discussed as Katy Balls speaks to Kate Andrews and James Forsyth.