Good morning,
The new prime minister is burnishing her credentials as the world’s champion of trickle-down economics, with a “radical” plan to cut stamp duty. The cut to the £12bn tax is expected to be the “rabbit” pulled from the hat in Friday’s mini-Budget, which will also include a reversal of the national insurance rise and a freeze on corporation tax.
But her approach to stimulating growth by cutting the tax burden on the wealthy was criticised yesterday by US president Joe Biden, who will meet the prime minister today. He tweeted: “I am sick and tired of trickle-down economics. It has never worked.”
Meanwhile, electricity rates for businesses could be halved under government plans. Business secretary Jacob Rees-Mogg will outline support today which could cut the non-domestic rate for electricity by 50% and the gas rate by 25%.
The UK’s listed real estate companies were among the furthest fallers on the FTSE yesterday, as the market braced itself for another hike in interest rates. British Land dropped by 4.2%, SEGRO by 4.1% and Landsec by 3.6%, while the major housebuilders also suffered, with Persimmon dropping by 6.5%.
Former SEGRO CIO Phil Redding has taken over as Tritax Eurobox’s fund manager, after Nick Preston stood down.
And profit at Supermarket Income REIT has risen by a third as its chairman says the business is ready to face “another set of macroeconomic headwinds”.
Investment in Oxford labs and office space is on track to break last year’s £330m record, says Carter Jonas. Volumes have reached £315m so far.
Westminster City Council is planning to seize homes bought with “dirty money”. It wants to use CPO powers to take control of the homes, which will then be used for affordable housing.
Related Argent chairman David Partridge has been named as chair of the cross-industry Net Zero Carbon Buildings Standard initiative.
The UK can be the global leader in low-carbon innovation, says FORE Partnership’s Basil Demeroutis, just as we led the industrial revolution. And the role of real estate is to help accelerate this system change.
Traditional offices are becoming digital, hybrid environments, writes ID:SR head Helen Berresford. But that should not come at the expense of wellbeing.
Landsec has let more than 25,000 sq ft of F&B space in Victoria, including Incipio’s Miami-themed dining concept, the Palm House.
Deloitte plans to recruit an extra 3,500 staff to its UK offices, with two-thirds going to London.
Finance House, a prime residential development site in the west end of Edinburgh, has been brought to market, with the potential for more than 150 homes.
And finally, a new Bulgari hotel planned for Beverley Hills has pitched one group of Hollywood stars against another in what promises to be the most showbiz planning rumble ever(£). Mark Wahlberg, Orlando Bloom and Gerard Butler are apparently backing the development, which will transform a 33-acre site into a 58-guest-room luxury bolt hole, with eight private residences, a 10,000 sq ft spa and a restaurant. And on the other side is… erm… Jacqueline Bisset and some producer guy. Maybe not that glitzy, then. Still – let’s get ready to rumble!
