Good morning.
Here is your AM bulletin with the latest news and views from EG, along with a few interesting bits from the morning papers.
The Bank of England will have to decide how much interest rates must rise later today, as inflation stays stubbornly high. The chancellor’s economics advisers said the bank had behaved too doveishly and needed to create a recession.
Meanwhile, the UK’s debt ratio has risen above 100% of GDP for the first time since 1961.
But the chancellor will be getting a few more pounds in the coffers, as inheritance tax receipts are expected to set a new record this year, hitting £7.7bn four years earlier than forecast.
Urban Logistics REIT has said it will not be able to raise money to fund new acquisitions in the current economic climate.
The RICS is in the midst of a fight for its survival and it needs soldiers to fight for it, writes EG’s editor. Here’s hoping new chief executive Justin Young’s military nous will help redraw the battle lines and enable the real estate profession to come out the other side victorious.
In other news, Aviva is looking for offers of around £37.5m for the long leasehold interest in 8 Bloomsbury Street, WC1.
And JTRE London has promoted Nigel Fleming to joint managing director.
Nationwide has said it won’t join the exodus from the high street, pledging to stay in towns and cities where it has branches until at least 2026.
And landlords are still owed millions by fashion and lifestyle retailer Joules, following its rescue by Next.
The Marquess of Salisbury has failed to prevent a 1.8-hectare parcel of his estate being declared as “common”.
And finally, what do whales have to do with real estate? EG brought a panel of experts together to find out. (Hint: it is to do with Scope 3 emissions.)
