London average hits £440k: First-time buyers in for a shock as house prices for newcomers rise £24 per day May 18, 2022 While celebrities can often be seen splashing millions of pounds on their first homes, the average first-time buyer (FTB) is spending £223,751 on their first property. In fact, the average FTB needs to find £43,623 more than they did in 2016 to secure their first own property, a 24 per cent increase, according to data [...]
Aviva on track to meet financial targets after sales jump five per cent May 18, 2022 British insurance giant Aviva today said it is on track to meet its financial targets after its sales increased by 5 per cent to £2bn, on the back of strong trading in the UK and Canada. The London insurer said it had brought in an extra 100,000 UK customers over the previous year brining its [...]
If Johnson wants a future proof economy, he needs a resilient core in all of his policies May 18, 2022 Last week, we heard plans to strengthen consumer protection, boost innovation and support the transition to net zero. The realignment with the interests of business in the UK was welcome. The government needs to reset its strategic direction and put resilience at the heart of policymaking and focus. We hear the term future proof being [...]
Coalition of football clubs file lawsuit against insurers in wake of landmark Axa ruling May 17, 2022 A coalition of football clubs have filed a multi-party lawsuit against six major insurers seeking a larger payout for money lost during Covid-19, after the UK’s Supreme Court said businesses are allowed to reclaim losses suffered due to the impacts of the pandemic. A consortium of 20 separate claimants – including Arsenal, Liverpool, and Aston [...]
Wages trail inflation as Brits brace for cost of living crunch to enter most damaging spell May 17, 2022 Brits’ spending power is being crimped at a historic rate, but is set to plunge even quicker as the cost of living crunch enters its most damaging period, reveals official figures published today. Regular pay adjusted for inflation dropped at the fastest pace in nearly a decade over the last quarter to March, falling 1.2 [...]
AerCap posts $2bn net loss as jets remain stranded in Russia May 17, 2022 AerCap has posted a $2bn net loss in the first three months of 2022 as more than 100 of its jets remain stranded in Russia following the invasion of Ukraine. The world’s largest aircraft lessor said today that after sanctions were imposed on Moscow by the West, 113 of its jets and 11 engines remained [...]
Arsenal, Tottenham, Liverpool and 17 other top clubs hire City firm to take on UK’s biggest insurers in mega football claim May 17, 2022 Some of England’s biggest football clubs – including Arsenal FC, Aston Villa FC, Tottenham Hotspur FC and West Ham FC, have instructed City law firm Clifford Chance to launch a multi-party action against some of the biggest insurance players in London. The group of 20 claimants, which also includes Liverpool FC and Leicester City FC, [...]
Brexit tensions rising amid UK-EU trade war drawing closer as Britain plans to kill off Northern Ireland deal today May 17, 2022 Liz Truss is expected to announce the government’s intention to bring forward legislation which rips up parts of the UK’s post-Brexit trade deal on Northern Ireland. It is understood that the Foreign Secretary will make the announcement in a statement to the Commons following a full Cabinet meeting, in an attempt to restore power-sharing in [...]
Post-Brexit financial services overhaul may lead to ‘race to the bottom’ May 16, 2022 A push to scrap legacy pre-Brexit regulation to boost the City’s attractiveness may result in a race to the bottom, a former minister and academics have warned. Sir Vince Cable, a former Lib Dem business secretary under the coalition government, and others have in a letter to chancellor Rishi Sunak a watering down in rules [...]
Millions of Brits’ tax bills set to soar as fiscal drag bites May 15, 2022 Millions of Brits’ tax bills are set to soar due to chancellor Rishi Sunak freezing the thresholds at which people start paying the taxman, revealed research published yesterday. Around 6.7m people will be hit by higher rates by 2024, the year the next general election is scheduled, according to consultancy Lane Clark and Peacock (LCP). [...]