Good morning. Here is your AM bulletin, with the latest news and views from EG as well as a few of the best bits from the morning papers.
Michael Gove is set to rip up the water pollution rules that have stalled the development of 120,000 new homes. The levelling up secretary is expected to make a joint statement on the nutrient neutrality rules later today, with environment secretary Thérèse Coffey.
Meanwhile, Labour is looking to make new towns and suburbs the centrepiece of its strategy to boost economic growth.
And the competition regulator has “identified concerns” in five areas of Britain’s housebuilding industry.
Billionaire hotelier Surinder Arora has been told to tear down his luxury Runnymede hotel after breaching his planning permission.
But Big Yellow has won an appeal for its 132,000 sq ft storage centre and 114 flats in Wapping.
Aviva Investors says there is “more distress coming” for UK property, and that it can’t wait to take advantage.
But flows of money moving into alternative investments, including real estate, have defied predictions of a boom by slowing down, says Prequin.
Investors managing £1.5tn in assets have warned the government that a lack of clarity on green policies risks stalling investments needed to reach the 2050 net zero target.
M2 Capital has made a £90m bid for Wilko, which would save all of its circa 400 stores.
But Pizza Hut’s UK restaurant business has plunged into a debt crisis threatening more than 150 branches.
HM Revenue & Customs has issued the highest number of winding-up petitions since before the pandemic.
And at least 26 UK councils are at risk of “effective bankruptcy” within the next two years.
Canary Wharf has bagged another life sciences tenant, as AIM-listed hVIVO says it is leaving its Whitechapel base.
The Times (£) has an interview with Nigel Terrington, the boss of buy-to-let lender Paragon Bank.
The FT (£) calls for Britain’s “inefficient and unfair” property taxes to be reformed.
And The Telegraph (£) interviews Redrow boss Matthew Pratt.
Further afield, Evergrande has relisted on the Hong Kong stock exchange, resulting in its shares falling by 80% and its market cap dropping to £470m.
And finally, tech tycoons have bought up $800m of land near San Francisco, with plans to build a new city. But will it be as sci-fi as Saudi Arabia’s Neom?
