Good morning. This is your AM bulletin, with the latest news and views from EG and some of the best bits from the morning papers.
Michael Gove is drawing up secret plans to turn Cambridge into Europe’s Silicon Valley. The Cambridge 2040 vision, which is being drafted by his levelling up department, calls for swathes of business parks and lab space, along with up to 250,000 homes.
But Britain’s underfunded planning system may not be able to cope, say developers survey by CMS. The law firm found more than 90% thought under-resourcing was leading to fewer homes being built and driving away investment.
Meanwhile, John Lewis’s Bromley build-to-rent project has been branded “just not acceptable” by a local councillor.
The latest episode of EG Like Sunday Morning is out. The gang hears about the BPF at 60, and EG’s recent survey into the future of the RICS. And a new track for the EGLSM: Certified Bangers Playlist.
One in six asset managers could disappear over the next four years because of a mix of market volatility, high interest rates and pressure on fees.
And US banks are set to reveal the biggest ever jump in loan losses, led by CRE loans turning bad. And more is set to come.
West Midlands mayor Andy Street says he is getting lots of interest in building a gigafactory at Coventry Airport.
Labour appears to have further watered-down its pledge to invest £28bn a year in the green economy, as Sir Keir Starmer tells his shadow cabinet he “hates tree-huggers”.
While Conservative MPs are warned there is no “headroom” to cut taxes, as the chancellor focuses on foreign investment in tonight’s Mansion House speech.
And Tory MP Jonathan Djanogly is revealed to hold more than £125,000 of shares in major housebuilders.
The Times (£) looks at the efforts being made to get cladding manufacturers to pay for building safety works.
Meanwhile the FT (£) talks to economist Kate Barker. “Although now we know it was 10 years of low interest rates, in 2012 they didn’t… In hindsight, it was a big missed opportunity.”
And The Guardian looks at British Land’s plans for the Euston Tower and asks, couldn’t they have been a bit more ambitious?
The ever-busy Issa brothers want to create a network of hydrogen fuel stations to support their investment in a fledgling zero-emission lorry company.
And Majestic Bingo, which runs eight bingo clubs in England and Wales, is looking a lot less majestic after being placed in administration.
