Why there won’t be much property magic in the Autumn Statement November 21, 2016 There is a long list of measures which, were they to appear in this Wednesday’s Autumn Statement, would be regarded as a magical outcome for us real estate types. For example: serious increases in the capital budget to fund infrastructure, which is both a facilitator of new development and a prerequisite for community acceptance of [...]
Three things banks want from Wednesday’s Autumn Statement November 20, 2016 The shops are stocking mince pies and there's a distinct chill in the air, which can mean only one thing; the Autumn Statement is near. While those in the booze sector have their fingers crossed for a beer duty freeze and property tycoons want some plans drawn up for affordable homes, what will bankers be hoping [...]
Autumn Statement: Government has little room for giveaways November 8, 2016 In the early months of 1975, with Britain creaking out of recession, the government’s debt was equivalent to around 56 per cent of GDP. A year later, Harold Wilson was replaced as Prime Minister by James Callaghan who promptly went cap in hand to the IMF. Such was the parlous state of the UK’s economy, [...]
Spring Statement: Hammond warns against no deal as UK slashes 2019 growth forecast March 13, 2019 The UK chancellor Philip Hammond slashed the 2019 growth forecast in his Spring Statement and said future spending and economic wellbeing are dependent on an orderly Brexit. Hammond announced that the Office for Budget Responsibility (OBR) had cut the country’s 2019 growth forecast to 1.2 per cent, down from the 1.6 per cent predicted in [...]
Patisserie Valerie reveals balance sheet was significantly manipulated in ‘devastating’ fraud January 16, 2019 Patisserie Valerie posted a bombshell update to the market this afternoon, admitting that its balance sheet was “significantly” manipulated and thousands of false entries were made into the high street baker’s books before a shock £40m black hole was discovered last year. The troubled firm has appointed RSM as auditors and KPMG has been hired to [...]
London mayor Sadiq Khan “disappointed” with limited Autumn Statement devolution November 23, 2016 Sadiq Khan has expressed his disappointment after City Hall secured only limited devolution from the Treasury in today's Autumn Statement. Chancellor Philip Hammond announced today that London would gain control of adult education budgets, and will be given control of £3.15bn in spending toward national affordable housing. That money will be expected to deliver 90,000 [...]
Was the Autumn Statement a missed opportunity to tackle Britain’s housing crisis? November 23, 2016 Jeremy Leaf, a former RICS residential chairman, says Yes. As expected, the chancellor’s speech contained no reversal of stamp duty changes, withdrawal of mortgage interest relief proposals for landlords, or assistance for downsizers. This was despite the potential benefits for the wider economy of lower taxes, greater job mobility and more housebuilding. No measures were [...]
Estate agent and housebuilder shares are being demolished after the Autumn Statement November 23, 2016 Shares in some of the UK's biggest estate agents dived today ahead of the Autumn Statement, in which the chancellor is expected to scrap fees for letting agents. Foxtons' share price was down a whopping 14.8 per cent at 104.5p in mid-afternoon trading, after Philip Hammond scrapped letting agents' fees, saying landlords should pay instead. [...]
Ministry of Justice handed extra funds by Philip Hammond in Autumn Statement November 23, 2016 Philip Hammond has today agreed to give the Ministry of Justice emergency funding to help it tackle growing issues with prison safety. Although the chancellor revealed that spending for most departments would remain unchanged from last year's spending review, he made an exception for the justice department to deal with safety issues he described as "urgent". [...]
UK strikes autumn 2019: All the dates for Tube, rail and British Airways strikes August 29, 2019 This summer has felt like the season of non-stop, stop-start UK strikes action, but unfortunately, it isn’t over, with British Airways strikes and more planned for September. Industrial action across airlines, rail and the Tube are set to continue into the autumn. City A.M. gives you the low-down on how you might be affected during [...]