Wriglesworth newspaper summary: 10th January 2014

Personal finance

Large families are losing up to £400 a week since the introduction of the Government’s weekly benefit cap, which has affected 31,000 households. Figures from the Department for Work and Pensions show that by November more than 2,600 households had lost more than £150 a week or £7,2000 a year. The Times, page 16. The Daily Mail has taken a different view of this – prior to the cuts 33,000 families had “hit the jackpot” under Britain’s “generous” welfare system. Front page. Also page 5, Daily Express …

Property

Francesca Steele looks ahead to 2014 in the Bricks & Mortar section of The Times. On the government pledge to pump £1 billion into infrastructure to unlock housing projects , Stuart Law CEO at Assetz, comments that this pledge is welcome and a boost to supply, creating homes and jobs, is to be welcomed. Forecasts around property prices are also buoyant with Knight Frank predicting an 8.4% rise in property prices this year. According to Mortgages for Business buy-to-let lending will reach £25 billion by the end of 2014 but investors should watch out for the “hidden” amendment to the CGT final exemption period. The Times, Bricks & Mortar, page 6-7.

Thousands of people have wrongly been identified as liable for bedroom tax, including some who now face eviction or have been forced to move to a smaller property as a result of an error by the Department for Work and Pensions. Housing experts believe that as many as 40,000 people could be affected by the mistake. The Guardian, pg 1.

Economics

Yesterday three of the UK’s biggest retailers (Tesco, Morrisons and M&S) admitted that their profits had been hit by poor Christmas sales. They blamed a squeeze on shoppers’ spending power and unseasonal autumn weather for falling underlying sales and lower than hoped for profit margins. The Guardian, pg 30, and pretty much everywhere else. This also highlights the changing nature of consumer spending habits with more online shopping and shoppers buying from small convenience stores.

Recruitment

Clifford Chance has adopted a radical approach to recruiting graduates in an attempt to break the “Oxbridge recruitment bias”. Staff conducting interviews are no longer given any information about which university the candidate attended, or whether they came from independent or state school. This scheme is currently the only one in the UK. In its first year, the scheme saw candidates come from 41 education institutions.  Independent, page 9.

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