MORNING NEWS: Overseas owners owe £1bn in fines
Good morning. Here is your first dose of news and views from EG for the day, along with some of the best bits from the national press.
As much as £1bn in fines are yet to be imposed on overseas firms that have failed to declare their ownership of UK properties. Fines adding up to £10m a day have yet to be imposed, amid concerns that the much-heralded Register of Overseas Entities is toothless.
Meanwhile, three former business secretaries from different parties have accused Rishi Sunak of failing to create an effective or even visible industrial strategy. There isn’t a great deal Greg Clark, Sir Vince Cable and Lord Mandelson agree on – it’s definitely worth listening when they speak as one.
Good morning. Here is your first dose of news and views from EG for the day, along with some of the best bits from the national press.
As much as £1bn in fines are yet to be imposed on overseas firms that have failed to declare their ownership of UK properties. Fines adding up to £10m a day have yet to be imposed, amid concerns that the much-heralded Register of Overseas Entities is toothless.
Meanwhile, three former business secretaries from different parties have accused Rishi Sunak of failing to create an effective or even visible industrial strategy. There isn’t a great deal Greg Clark, Sir Vince Cable and Lord Mandelson agree on – it’s definitely worth listening when they speak as one.
The government may have difficulties communicating its vision, but more than ever the industry needs to be able to communicate the impact it makes on peoples’ lives, writes EG’s deputy editor. “For real estate to change lives it must work out some new emphases.”
Meanwhile, the latest results from Tritax EuroBox show the continent is singing the same tunes as the UK, with rising rental income offset by falling capital values.
In other news, the English Cities Fund has stepped in to deliver a £250m regeneration project in the heart of Stockport town centre.
Conygar has won consent for a 245,000 sq ft biosciences hub at the Island Quarter in Nottingham.
And a trio of tenants have signed for space in Howard de Walden’s Harley Street Medical Area, NW8.
The former boss of London Capital & Finance has received a suspended jail sentence for breaching a restraint order placed on his finances.
Plans to create a “world-class” golf development in the north of Scotland are in jeopardy after NatureScot said it would damage the dunes.
On a very different coast, The FT (£) asks what will happen to San Francisco if the city by the bay never pulls out of its “doom loop”.
And finally, both the Chancellor and Elon Musk have criticised working from home. Jeremy Hunt said the office should be the “default” option, while Musk said WFH was not “morally right”.
