Good morning,
The prime minister wants unlimited investment zones across the UK. Liz Truss has been clashing with officials in the Treasury and the Department for Levelling Up, who believe the low-tax and regulation-lite areas should be capped.
The chancellor, Kwasi Kwarteng, has reversed plans to scrap the 45p rate of income tax. Former levelling up secretary Michael Gove was leading a Tory rebellion against the government’s planned cuts, joined by former housing minister Grant Shapps.
Meanwhile, the current levelling up secretary, Simon Clarke, says the government is committed to the project, while preparing the ground for the a new age of austerity.
Nonetheless, levelling up was barely mentioned in the mini-Budget, funds remain unspent and our regional cities continue to lag behind the capital. But in today’s podcast EG editor and four experts discuss how the built environment can “level up” the country regardless of the politicians.
And, in case you missed it, former housing and business minister Mark Prisk joins EG to discuss the recent political events in the first episode of a brand new podcast, Office Politics.
And this week’s EG Like Sunday Morning also asks the question on everyone’s lips since the mini-Budget: How flarked are we?
In other news, Blackstone’s BioMed Realty is expanding its footprint at Babraham Research Campus to more than 130,000 sq ft with plans for a new 40,000 sq ft lab development.
government backing for modular construction could enable the construction of 20,000 low energy use homes across the UK, according to new research from Make UK Modular.
Thousands of medium-sized businesses will be freed from future red tape, as the government raises the exemption threshold from 50 staff to 500.
Pension schemes at the centre of last week’s £65bn bailout scheme are in stronger health today than before the gilts market’s seizure hit, says PwC. And sterling has rebounded. But traders are braced for another turbulent week.
Former Sainsbury’s boss Justin King has joined London firm Dexters as chair.
Meanwhile, King Charles has been told by the prime minister to stay away from Cop27. The king was expected to give a speech at the climate change summit.
The average home now costs seven times the typical wage, with houses more unaffordable than ever.
And the Hindujas were allowed to duck £39.6m of affordable housing by Westminster council at their Old War Office development. At the time of the application in 2017, the then Conservative-run council’s “viability consultant” said the suggested donation was “generous”.
The government’s ability to investigate the true ownership of properties has come into question after researchers found £700m of assets linked to sanctioned oligarchs but not flagged for freezes.
And finally, more than 21m people have beamed in to Nike’s metaverse store since it opened in November. That makes the attractions at Nikeland, which forms part of the Roblox metaverse (ask your kids), as popular as those at Disneyworld. Nike Digital now accounts for 26% of the company’s total revenue, and all because people are dressing their virtual avatars in virtual clothes bought with actual money. Oh, brave new world.
