In the news this morning, Countrywide reported a 59% drop in pretax profit last year, a year in which it closed a fifth of its network as property deals fell due to stamp duty changes and the EU referendum. The government is planning changes to rent-a-room tax relief in a redesign that will return the focus to long-term lettings and away from the Airbnb holiday lettings market. Experts are disputing the chancellor’s budget claims that indicated 90% of English pubs could benefit from a £1,000 business rates discount, saying that at most 61% would.
Profit plunges at Countrywide (The Times/£)
Countrywide reported a 59% drop in pretax profit in the year ended 31 December, and warned of difficult market conditions for the foreseeable future.
Rent-a-room tax redesign to hit Airbnb homeowners (The Times/£)
The government plans to consult on a redesign of its rent-a-room tax relief that currently allows homeowners to earn up to £7,500 a year without paying tax on it.
Rates benefit for pubs overstated (The Guardian/FREE)
The £1,000 business rates discount will benefit far fewer public houses than the chancellor said in the budget, according to critics.
Johnson & Johnson to close Livingston plant (FT/£)
US healthcare company Johnson & Johnson is looking to close its Ethicon site in Livingston, Scotland.
Botanist inspires Wardian London development (The Times/£)
The Wardian London development in Canary Wharf takes its inspiration from 19th century botanist Nathanial Bagshaw Ward and will feature a communal garden with more than 100 species of exotic plants.
Palace of Westminster in extreme disrepair (The Independent/FREE)
The Palace of Westminster is in a state of extreme disrepair and at risk of catastrophic failure, according to a report by the Public Accounts Committee.
John Lewis cuts staff bonus (The Guardian/FREE)
John Lewis is cutting the bonus it pays to staff to 6%, the lowest level in more than 63 years, despite reporting a 21% rise in pretax profit to £370.4m.
Co-op Bank to close more branches (The Guardian/FREE)
The Co-operative Bank posted its seventh consecutive full-year loss, and warned of further branch closures.
May hints at softening of impact of NIC changes (FT/£)
Prime minister Theresa May has hinted that the autumn could bring an improved deal for the self-employed, who will be hit by national insurance contribution changes announced in this week’s budget.
