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| Wednesday briefing: Where to find Britain's most affordable housing | Wednesday briefing: Where to find Britain's most affordable housing |
| (4 months later) | |
| Top story: Home buyers turn their backs on London | Top story: Home buyers turn their backs on London |
| Hello – it’s Warren Murray helping you get the lie of the land this morning. | Hello – it’s Warren Murray helping you get the lie of the land this morning. |
| We are about due for another attempt to make sense of Britain’s property market, so here goes. High-priced London remains locked in an “affordability crisis” – buyers can’t get on the ladder or move up, while sellers are not lowering their asking prices. | We are about due for another attempt to make sense of Britain’s property market, so here goes. High-priced London remains locked in an “affordability crisis” – buyers can’t get on the ladder or move up, while sellers are not lowering their asking prices. |
| But the news is better in places such as Birmingham, Glasgow, Edinburgh and Leeds. “While some northern cities, such as Manchester, are less affordable than they were in 2007, in much of the north of England, Scotland and Wales, the gap between earnings and house prices is about one-third of the average for London,” said Andrew McPhillips, chief economist at Yorkshire Building Society. | But the news is better in places such as Birmingham, Glasgow, Edinburgh and Leeds. “While some northern cities, such as Manchester, are less affordable than they were in 2007, in much of the north of England, Scotland and Wales, the gap between earnings and house prices is about one-third of the average for London,” said Andrew McPhillips, chief economist at Yorkshire Building Society. |
| About 93,000 people left the capital in the year to June 2016, 80% higher than five years earlier, partly in search of more affordable housing. Lucian Cook from Savills says it poses “a risk to London’s competitiveness in terms of its attractiveness to talent” – graduates, for example, are deciding they can get a better start elsewhere. | About 93,000 people left the capital in the year to June 2016, 80% higher than five years earlier, partly in search of more affordable housing. Lucian Cook from Savills says it poses “a risk to London’s competitiveness in terms of its attractiveness to talent” – graduates, for example, are deciding they can get a better start elsewhere. |
| Good news, though, for buyers who are prepared to move. It is worth clicking through to the story for the full picture, including tables and maps of Britain’s most and least affordable areas. | Good news, though, for buyers who are prepared to move. It is worth clicking through to the story for the full picture, including tables and maps of Britain’s most and least affordable areas. |
| Pay cap backlash – Britain’s unions might mount illegal strike action to protest against the government’s pay cap, according to Len McCluskey from Unite. The government is easing the cap by offering pay rises above 1%, but only for police and prison officers. Jeremy Corbyn, the officers’ unions and police chiefs have criticised the offer. Phillip Inman points out that the officers represent just one in 20 public sector workers – in the wider public service the gap to inflation, and private-sector salaries, continues to grow. But the treasurer, Phillip Hammond, is in a bind because scrapping the cap altogether would mean either cutting public services to fund pay rises, or jeopardising the Tories’ pledge to balance the budget by 2025. | Pay cap backlash – Britain’s unions might mount illegal strike action to protest against the government’s pay cap, according to Len McCluskey from Unite. The government is easing the cap by offering pay rises above 1%, but only for police and prison officers. Jeremy Corbyn, the officers’ unions and police chiefs have criticised the offer. Phillip Inman points out that the officers represent just one in 20 public sector workers – in the wider public service the gap to inflation, and private-sector salaries, continues to grow. But the treasurer, Phillip Hammond, is in a bind because scrapping the cap altogether would mean either cutting public services to fund pay rises, or jeopardising the Tories’ pledge to balance the budget by 2025. |
| ‘Absolutely hellish’ – Boris Johnson has arrived in Britain’s Caribbean territory of Anguilla to inspect damage from Hurricane Irma. The foreign secretary landed amid criticism that the government’s response to the disaster has been inadequate. Johnson said he was visiting to “show the commitment of the United Kingdom to this country”. The armed forces’ involvement in the recovery effort was their biggest operation since Libya, he said, with 1,000 troops already deployed, rising to 1,250 in the coming days. The government has committed £32m to help the territories and pledged to match donations to the Red Cross appeal. Johnson said the prime minister would be making a further announcement on Wednesday. | ‘Absolutely hellish’ – Boris Johnson has arrived in Britain’s Caribbean territory of Anguilla to inspect damage from Hurricane Irma. The foreign secretary landed amid criticism that the government’s response to the disaster has been inadequate. Johnson said he was visiting to “show the commitment of the United Kingdom to this country”. The armed forces’ involvement in the recovery effort was their biggest operation since Libya, he said, with 1,000 troops already deployed, rising to 1,250 in the coming days. The government has committed £32m to help the territories and pledged to match donations to the Red Cross appeal. Johnson said the prime minister would be making a further announcement on Wednesday. |
| Transition position – Britain’s trade arrangements should stay as close as possible to EU terms immediately after Brexit, the chancellor has said – otherwise businesses would have to make changes twice. Hammond says Britain will have to leave the single market and customs union in spring 2019 – but trade in goods and services should continue to flow seamlessly across borders while the UK negotiates replacement trade deals. It probably means free movement would effectively continue too. Labour’s Brexit pointman Keir Starmer says Britain should just stay in the single market and customs union during the transition. Theresa May, meanwhile, will face several Tory rebellions over her EU withdrawal bill next month. MPs are challenging the use of “Henry VIII” powers, calling for a vote on the final terms of Brexit and demanding the retention of the EU charter of fundamental rights. | Transition position – Britain’s trade arrangements should stay as close as possible to EU terms immediately after Brexit, the chancellor has said – otherwise businesses would have to make changes twice. Hammond says Britain will have to leave the single market and customs union in spring 2019 – but trade in goods and services should continue to flow seamlessly across borders while the UK negotiates replacement trade deals. It probably means free movement would effectively continue too. Labour’s Brexit pointman Keir Starmer says Britain should just stay in the single market and customs union during the transition. Theresa May, meanwhile, will face several Tory rebellions over her EU withdrawal bill next month. MPs are challenging the use of “Henry VIII” powers, calling for a vote on the final terms of Brexit and demanding the retention of the EU charter of fundamental rights. |
| Safety of HRT – Hormone replacement therapy does not shorten women’s lives, according to results of the longest study so far on the subject. Earlier research was halted when the incidence of breast cancer, heart attack and stroke increased in participants who took the pills. But a follow-up study lasting 18 years has found that despite those risks, the rate of death among women on HRT was similar to those who took placebos. “Women want to know – is this medication going to kill me?” said Dr JoAnn Manson, lead author of the report, who was part of both studies. “And the answer appears to be no.” The results are published in the Journal of the American Medical Association. | Safety of HRT – Hormone replacement therapy does not shorten women’s lives, according to results of the longest study so far on the subject. Earlier research was halted when the incidence of breast cancer, heart attack and stroke increased in participants who took the pills. But a follow-up study lasting 18 years has found that despite those risks, the rate of death among women on HRT was similar to those who took placebos. “Women want to know – is this medication going to kill me?” said Dr JoAnn Manson, lead author of the report, who was part of both studies. “And the answer appears to be no.” The results are published in the Journal of the American Medical Association. |
| Rebel victory – An Australian court has awarded $4.5m to the actor Rebel Wilson for defamation. A series of articles published by Bauer Media accused Wilson of being a serial liar about her age, real name and childhood. Today, Justice John Dixon of the supreme court said the damages suffered by Wilson warranted a “substantial” payment. Dixon said the publisher went to press with the claims “knowing them to be false”. The figure included nearly $4m for screen roles that the Bachelorette and Pitch Perfect actor might have got if it hadnt’ been for the adverse publicity. | Rebel victory – An Australian court has awarded $4.5m to the actor Rebel Wilson for defamation. A series of articles published by Bauer Media accused Wilson of being a serial liar about her age, real name and childhood. Today, Justice John Dixon of the supreme court said the damages suffered by Wilson warranted a “substantial” payment. Dixon said the publisher went to press with the claims “knowing them to be false”. The figure included nearly $4m for screen roles that the Bachelorette and Pitch Perfect actor might have got if it hadnt’ been for the adverse publicity. |
| Wilting reaction – If “England’s rose” had been on Twitter, what might she have made of this botanical creation in her honour? | Wilting reaction – If “England’s rose” had been on Twitter, what might she have made of this botanical creation in her honour? |
| The collage – made of leaves, petal, twigs, berries and wool – has been installed in the market place of Chesterfield, Derbyshire, as a traditional adornment to a well. There have been unkind comments on social media, with some calling it an insult to Princess Diana. But a council spokesperson defended the efforts of volunteers who pieced it together: “All art is meant to be a talking point and that certainly seems to be the case with this year’s design.” | The collage – made of leaves, petal, twigs, berries and wool – has been installed in the market place of Chesterfield, Derbyshire, as a traditional adornment to a well. There have been unkind comments on social media, with some calling it an insult to Princess Diana. But a council spokesperson defended the efforts of volunteers who pieced it together: “All art is meant to be a talking point and that certainly seems to be the case with this year’s design.” |
| Lunchtime read: Could we salvage a Brexit immigration deal? | Lunchtime read: Could we salvage a Brexit immigration deal? |
| It might be considered the dream of the pragmatic remainer: stay in the EU single market, but roll back freedom of movement. | It might be considered the dream of the pragmatic remainer: stay in the EU single market, but roll back freedom of movement. |
| There is entrenched resistance among leaders on the continent to the idea of a special deal on immigration for Britain – they believe it would prove fatal for Europe’s cohesion. David Cameron tried to get one and failed. Tony Blair and Nick Clegg think it could still happen. Jennifer Rankin explains that the chances are remote, but Germany’s Chancellor Merkel and France’s President Macron might hold the key. | There is entrenched resistance among leaders on the continent to the idea of a special deal on immigration for Britain – they believe it would prove fatal for Europe’s cohesion. David Cameron tried to get one and failed. Tony Blair and Nick Clegg think it could still happen. Jennifer Rankin explains that the chances are remote, but Germany’s Chancellor Merkel and France’s President Macron might hold the key. |
| Sport | Sport |
| Celtic face an anxious wait to discover the scale of an inevitable Uefa sanction after a supporter invaded the pitch and attempted to kick Kylian Mbappé during the 5-0 Champions League loss at home to Paris Saint Germain. Elsewhere, Manchester United’s 3-0 victory over Basel came at a cost with Paul Pogba prematurely making his way along the touchline with the look of someone who knew it might be the last time the crowd see him for a while, and Chelsea strolled to a 6-0 win over Qarabag that felt hugely welcome in September’s cluttered and treacherous schedule. | Celtic face an anxious wait to discover the scale of an inevitable Uefa sanction after a supporter invaded the pitch and attempted to kick Kylian Mbappé during the 5-0 Champions League loss at home to Paris Saint Germain. Elsewhere, Manchester United’s 3-0 victory over Basel came at a cost with Paul Pogba prematurely making his way along the touchline with the look of someone who knew it might be the last time the crowd see him for a while, and Chelsea strolled to a 6-0 win over Qarabag that felt hugely welcome in September’s cluttered and treacherous schedule. |
| Mark Sampson’s attempts to clear his name amid allegations he made racial remarks to two of England’s women footballers ended with more embarrassment for the Football Association when he contradicted his own evidence. And Stuart Broad believes the current England team are primed to defend the Ashes this winter after declaring “this is our time”. | Mark Sampson’s attempts to clear his name amid allegations he made racial remarks to two of England’s women footballers ended with more embarrassment for the Football Association when he contradicted his own evidence. And Stuart Broad believes the current England team are primed to defend the Ashes this winter after declaring “this is our time”. |
| Business | Business |
| Britain’s high street banks are “an accident waiting to happen” according to a report to mark the 10th anniversary of the run on Northern Rock. The study by academic Kevin Dowd says the Bank of England’s stress tests of the sector are flawed and mask hidden risks. And talking of 10 years ago, the MSCI index of Asia-Pacific shares outside Japan touched their highest point since September 2007 on Wednesday, helped by Wall Street screaming to all-time highs in the previous session. | Britain’s high street banks are “an accident waiting to happen” according to a report to mark the 10th anniversary of the run on Northern Rock. The study by academic Kevin Dowd says the Bank of England’s stress tests of the sector are flawed and mask hidden risks. And talking of 10 years ago, the MSCI index of Asia-Pacific shares outside Japan touched their highest point since September 2007 on Wednesday, helped by Wall Street screaming to all-time highs in the previous session. |
| The pound continues to enjoy a resurgence at $1.331 and €1.111. | The pound continues to enjoy a resurgence at $1.331 and €1.111. |
| The papers | The papers |
| The Daily Mail says union boss Len McCluskey has claimed “I’m like Mandela” – which he didn’t, really – in threatening illegal strikes against the public sector pay cap. The Guardian has more on that threat and the backlash to the government decision to lift the cap only for police and prison officers. The Financial Times, i and Metro all lead on that same story. | The Daily Mail says union boss Len McCluskey has claimed “I’m like Mandela” – which he didn’t, really – in threatening illegal strikes against the public sector pay cap. The Guardian has more on that threat and the backlash to the government decision to lift the cap only for police and prison officers. The Financial Times, i and Metro all lead on that same story. |
| The Sun has questions about the death of Louella Michie, daughter of Holby City actor John Michie, at Bestival. Autumn is here, and the Telegraph and Mirror flag concerns about an impending flu crisis, with which an overstretched NHS could struggle to cope. The Times reports on that long-term study concluding hormone replacement therapy does not cause early death. And the Express has another in its long-running series of cures for diabetes. | The Sun has questions about the death of Louella Michie, daughter of Holby City actor John Michie, at Bestival. Autumn is here, and the Telegraph and Mirror flag concerns about an impending flu crisis, with which an overstretched NHS could struggle to cope. The Times reports on that long-term study concluding hormone replacement therapy does not cause early death. And the Express has another in its long-running series of cures for diabetes. |
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