Good morning,
The prime minister wants to find £50bn of spending cuts to give himself around £10bn of fiscal headroom. It is a profound reversal of Liz Truss’s plan to hand out £45bn of tax cuts. The spending cuts, which would equate to 2% of GDP, would be on the same scale as George Osborne’s 2010 austerity Budget. But some are concerned that there is no fat left to trim.
And Canary Wharf could feel the pain as Credit Suisse commits to 9,000 job cuts. Around a tenth of its global staff work in One Cabot Square.
Research and development must be spared from the government’s planned spending cuts, British businesses and universities have said. Instead, they want an extra £5bn a year.
L&G has bought its first life sciences site in the US, under the newly formed $4bn joint venture with Ancora. The 128,000 sq ft lab building is located in Atlanta, Georgia’s Science Square innovation campus.
Meanwhile, JLL has boosted its life science offer, adding CBRE’s Chris Legg to its cost management team.
And MLI specialist Industrials REIT has halted investment activity while it waits for the markets to stabilise.
Some good news: retail sales rebounded in October. But the CBI says the bounce-back is likely to be short-lived.
Downing Street is insisting that climate change is a top priority. This is despite Rishi Sunak removing his climate minister from cabinet, along with COP president Alok Sharma, and saying he is “too busy” to attend COP27.
The Home Office, meanwhile, planned to create tent cities in London’s parks to house asylum seekers. London boroughs said it would make more sense to allow them to get jobs and pay rent.
Dolphin Living has secured planning consent from Southwark Council for a £36.6m scheme providing 85 homes.
And an architect has been jailed for two years after firebombing his client’s Range Rover.
Resi developer and investor Jaspar Group has seen its charitable work grow from a day centre in Harrow to supporting more than 130 initiatives across the world. EG discovers the benefits and challenges that arise when corporate philanthropy becomes far more than just a sideline.
