Good morning,
Westminster watchers were all expecting a compromise over housebuilding targets, as the government attempted to calm a rising rebellion on its own back benches. But the U-turn announced by levelling up secretary Michael Gove appears to be a capitulation.
Alongside this, Gove has also released letters asking for the Competition and Markets Authority to launch an investigation into the housebuilding sector. It has said it will respond in January.
All of which has rather overshadowed Labour’s attempt to drive the agenda. It is promising the “biggest ever transfer of power from Westminster to the British people”, with greater, deeper economic devolution, plans to move 50,000 civil servants out of London and support to create 300 “regional clusters of connected industries”.
Meanwhile, London office values will fall by 38% and rents will almost halve, according to Citi. It is the bleakest prediction to date.
In other news, Ilke Homes has raised another £100m from investors in what is thought to be the largest fundraising by a British modular housebuilder.
Tritax Eurobox has seen revenue and values rise by a third after a year of acquisitions, but the second-half drag gives more of an indication of things to come.
Inland Homes has appointed former Galliard boss Donagh O’Sullivan as chief executive.
And Vodafone has been told it must shed more assets after one of its major shareholders forced the resignation of its chief executive.
Black Friday appeared to push retail sales up by 4.2% in November, but in reality people were just paying more for less, and most of it food.
The FT(£) looks at how Blackstone came to close the gates on its Real Estate Income Trust.
And it examines whether the four-day working week(£), recently trialled by companies across the UK, can actually work. TLDR? Apparently, yes it can.
Frasers Group has served Coventry City FC with eviction papers, ordering the Championship club to leave its home stadium. Happy Christmas, Sky Blues!
But it isn’t all bad news. Why not stoke up your festive cheer with EG’s Love Actually-themed Legal Notes Christmas Special? And then cheer yourself up by watching Elf again.
