News Headlines – Monday 20th May 2013

Economics / Business

Some of Britain’s most successful business leaders today accuse Eurosceptic MPs of putting “politics before economics” and abandoning the national interest in their calls for Britain to leave the EU. Oliver Wright, The Independent, P1.

Sir Mervyn King has sounded the alarm over the Chancellor’s Help-To-Buy scheme , suggesting that it could trigger a US-style economic crash. Mervyn King, the outgoing Governor of the Bank of England warned yesterday that government guarantees for mortgages pose a danger to the economy. Tim Wallace, City AM, P1. Tamara Cohen, The Daily Mail, P4.

Higher inflation is here to stay according to a leading think-tank, which argues that soon the problem could dent the credibility of the Bank of England under its incoming Governor Mark Carney. Patrick Hosking, The Times, P36.

Property

House prices at a record high as confidence floods back to the market. The average new home now goes on sale for nearly £250,000 following a 2.1 per cent rise of around £5,000 in the last month alone. Average asking price for a home in London has broken through half a million pounds for the first time. The property website Rightmove said that the average of £509,870 in the capital is more than 16,000 higher than a month earlier and beats the previous record from March by 2.7 per cent. Gary Parkinson, The Times, P3. Rupert Jones, The Guardian, P20. Sarah O’Grady and Jimmy McCloskey, Daily Express, P1.

Personal Finance

The UK has spent almost £2billion housing vulnerable homeless families in short-term temporary accommodation, according to figures that demonstrate the scale of Britain’s housing crisis. Rising private rents, a shortage of affordable housing and benefit cuts have forced local authorities to place increasing numbers of families in B&Bs. Nick Mathiason et al, The Guardian, P1.

Recruitment

Meagre pensions pots will force thousands of Britons to work well into their 70s employers warn today, Almost three quarters of bosses believe that within ten years half their staff will have to work beyond 65. Jimmy Mcloskey, Daily Express, P2.

Britain is likely to increase its opposition to the EU’s planned bank bonus cap, as detailed plans of the scheme are published this week, extending the scope of the cap dramatically. The European Parliament is expected to call for performance fees for fund managers to also be capped. Time Wallace, City AM, P4.

First Group is to announce the departure of Martin Gilbert, Chairman of First Group this morning, after 27 years at the transport group, as it presses ahead with a £600million right issue. Gilbert is one of the firm’s founders. James Titcomb, City AM, P6. Mark Odell and David Oakley, The FT, P22.

SME

A £150million fund will be launched by Royal Bank of Scotland this week, aimed at the leisure sector, as it seeks to counter accusations that big banks are still slow to lend money to small businesses. Andrew Taylor, Head of Leisure within the commercial bank unit, said that a survey by the bank found that one in four leisure businesses in Britain felt they were losing out to competitors because of lack of investment. Dominic Walsh, The Times, P33.

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