Wriglesworth Paper Summary – 23rd September 2013

Economy: Last night the two trade ministers, Lord Digby and Lord Mervyn Davies warned the Government that Britain’s economic recovery was being weakened by continuing delays in deciding how to develop the country’s airport capacity. They pointed out that more than twenty cities in rapidly growing foreign markets were served by daily flights from other European cities but not London, and they raised concerns that Britain would lose out both in exports and attracting inward investment. There has been much impatience among business chiefs regarding where to build a new runway to reduce the pressure on airports in the South-east. The Government has appointed Sir Howard Davies – former chairman of the FSA – to examine the options, but it is thought he will not publish his full recommendation until the summer of 2015, after the general election, despite growing frustration.  The two peers have highlighted their fears about the gradual decline in Britain’s aviation capacity when compared with their European competitors, and the alarming impact this is having on the UK’s competitiveness. It is though it is preventing British business from flourishing in the current global economy, as Britain’s airport system has not been optimised which is not helping attract inward investment to and from new markets.

Property: Rents are at the highest level for over a decade as house prices rise above the means of would be buyers according new research from Sequence. Evidence shows rents are hitting an 11 year high of £779, that’s a 4% rise during August alone and an 11% year on year increase. The lack of supply have supported house price growth and in London, the problem is even more serious with rents rising up almost double the national average to £1,465 and the average length of tenancy increased from 12 to 18 months as sadly renters are locked out of the sales market altogether. Growing pressure on the rental market has caused a new burst of interest in buy-to-let investing.

Personal Finance: Tax breaks for married couples are so low they are at danger of being perceived as an ‘empty gesture’ , faith leaders and campaigners have claimed. The proposed allowance, worth £150 should be ‘in the thousands’  to cut down the ‘devastating’ trend of family breakdowns, they believe. David Cameron announced that the measure will start in 2015 to acknowledging demands from his MPs. Despite this, a letter from leading Christians, Muslims and Sikhs,, as well as Tory activists adds to the pressure for more action. They believe that marriage is the fundamental building  block of society and that the tax break must have a significant impact on reducing the estimated £46 million a year cost of family breakdown to the taxpayer.

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