Young Londoners moved house more than anyone else during the pandemic June 9, 2021 Nearly two-in-five (39%) young Londoners moved house during the pandemic in the hope of securing a better quality of life. Employees in London were keener to move than employees elsewhere in the country, according to research by Close Brothers. More than a third (36%) of those aged 18 to 34 moved house during the pandemic, [...]
UK housing market is ‘on fire’ and will widen wealth gap, says BoE’s Haldane June 8, 2021 The UK housing market is “on fire”, and as a result is likely to hit those without property especially hard, Andy Haldane, chief economist at the Bank of England, has said. The housing market has been fuelled by a combination of government incentives for buyers, like the stamp duty holiday, more demand from households with [...]
Luxury development for super-rich under construction in Central London featuring £60m property June 8, 2021 A £500m luxury development that offers views of Hyde Park and Kensington Palace Gardens is under construction in central London, featuring 57 residencies prices from £2m to £60m. The development, called Park Modern, will offer the super-rich a chance to nab prime location luxury properties with views over London’s Royal Parks. Developer Fenton Whelan [...]
More than half of pub staff still on furlough as hospitality struggles to trade profitably June 8, 2021 More than half of staff who work in bars and pubs are still making use of the government’s furlough scheme, despite venues now being open for business. Some 55 per cent of pub and bar workers remained on furlough last month, according to the latest ONS data, suggesting watering holes are still operating with minimal [...]
Hong Kong extends Cathay Pacific’s bailout loan for 12 months June 8, 2021 The Hong Kong government has agree to extend the drawdown period for a HK$7.8 billion loan facility to Cathay Pacific Airways, giving it more flexibility to manage liquidity. The bridge loan, which has been extended to June 2022, was part of a $5bn rescue package led by the Hong Kong government and Cathay’s major shareholders [...]
London won’t see exodus – but property growth rates may slow, says Onthemarket June 8, 2021 Property growth rates in the capital could slow in the medium-term, as pandemic-led lifestyle changes like wanting a garden or office space are likely to continue. House prices in the UK have on average grown by £22,000 in the last 12 months, according to the latest figures from Halifax, however prices in London have lagged [...]
French plot to exclude UK from research project is foiled by allies June 8, 2021 A French plot to exclude the UK from participating in a research programme in quantum has been foiled by other EU member states. The European Commission reportedly wanted a blanket ban on the UK’s participation in certain parts of the €100bn Horizon Europe funding programme deemed especially sensitive. The Horizon Scheme is a research project [...]
Spending five days in the office each week ‘could return in two years’ June 8, 2021 Spending five days per week in the office could again become the norm within two years, think tank Centre for Cities has said. Hybrid working – spending some time working at home or elsewhere and some in the office – has become a popular compromise among companies planning working patterns post-pandemic, including in many offices [...]
Clothing and footwear sales boomed in May as social events influenced shopping June 8, 2021 Retail sales enjoyed a buoyant May, with clothing and footwear performing particularly well as the easing of coronavirus restrictions allowed social events to influence how consumers shopped. UK retail sales were up 23.7 per cent on a like-for-like basis from May 2019, according to the latest figures from the British Retail Consortium (BRC), suggesting a [...]
Brits in travel chaos as Portugal exodus leaves test centres overwhelmed June 7, 2021 Thousands of Brits face travel chaos this summer, as changes to the government’s ‘green list’ leave test centres overwhelmed and at the brink of collapse. British holidaymakers in Portugal have until 4am on Tuesday morning to return to the UK, or they must quarantine for 10 days. Anyone returning home must have proof of a [...]
