Bank of England keeps interest rates unchanged leaving home-buyers to wait for loan cuts
HOME-buyers were made to wait for loan cuts as Bank chiefs held steady on interest rates.
Borrowing costs were kept at 4.25 per cent yesterday as oil prices rise because of the Israel - Iran conflict and inflation remains stubbornly high.
1
Businesses were also found to be increasingly reluctant to hire staff.
Six members of the Bank of England Monetary Policy Committee voted to stick with the same rate, with the other three calling for a cut of 0.25 per cent.
Bank Governor Andrew Bailey said: 'Interest rates remain on a gradual downward path, although we've left them on hold today.
"The world is highly unpredictable.'
Mr Bailey added: 'In the UK we are seeing signs of softening in the labour market.
"We will be looking carefully at the extent to which those signs feed through to consumer price inflation.'
The Tories last night said interest rates are staying higher for longer due to Labour' s Jobs Tax and borrowing which is driving up inflation and killing growth.
Shadow Chancellor Mel Stride Rachel Reeves has a secret plan to raise taxes.
"Make no mistake – more taxes are coming."
Chancellor Rachel Reeves told The Times CEO Summit that she wants the Bank to set the right policy for bringing down inflation to the 2 per cent target.
She added that double-digit inflation seen a few years ago 'was so challenging for businesses, but also family finances, which also has a knock on impact on business'.
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The Sun
40 minutes ago
- The Sun
I sold my £140k flat and started renting in my sixties – I save £12,000 a year and don't pay energy bills
HANDING the final paperwork to the conveyancing solicitor completing the sale of his £140,000 two-bedroom flat Ian Horton, feels a wave of relief. After months of stress, Ian is swapping home ownership for renting as a property guardian at the age of 61 to beat the high cost of living and save for his impending retirement. 6 6 6 6 'I sold my flat due to Covid and skyrocketing energy costs,' Ian said. 'If I kept the flat, I'd face a debt crisis caused by rising electricity, fuel, and household bills.' Now Ian is renting as a property guardian living in a pub in London's commuter belt. He pays just £350 a month including electricity, water and council tax, saving £1,000 a month, or £12,000 a year compared to owning his own home. 'It's a miracle cure for OAPs battling the cost of living,' Ian said. 'I could never have done that if I hadn't sold my two-bed flat in my sixties. 'It may sound bonkers but becoming a property guardian is the best financial decision I ever made.' Self-employed courier Ian lives behind the bar in the former hotel in Bedford, Bedfordshire - an hour and a half outside of London with his partner Maureen, 61. The retired admin staffer and Ian pay £350 each as part of their property guardian rent. They're among 10,000 people in Britain who have become property guardians due to the rising cost of living, the rental crisis and property shortages. P roperty guardians live in an empty building or part of a building that would otherwise be empty to ensure it is not broken into and safeguarded. In return, guardians like Ian get to rent the property at up to 70% below its market value often with the cost of gas, electric, water and council tax included. When Ian first heard about the scheme through a friend, he knew it was the 'miracle cure' he needed to be able to cut costs and save for retirement. Ian said: 'I know people will say selling a property at my age to start renting again is crazy at my age. 'I discovered it's not bonkers but bankable because being a property guardian actually covers your costs and allows you to rent amazing properties at a tiny fraction of market value. 'It made the decision to sell my two-bed first floor flat so much easier,' he said. The self-employed courier and former postie bought his two-bedroom leasehold flat in Dunstable, Bedfordshire, in 2006 for £100,000. 'Like most people my age I was told buying was critical to retirement. 'But when the lockdown hit and energy prices and food costs started skyrocketing, I knew I had to find a solution to making the money I earned stretch further if I ever was to retire.' Ian admits he was terrified about skyrocketing gas and electric prices. As a courier Ian was also hit with escalating fuel costs. How Ian's costs changed after becoming a guardian WHEN Ian sold his flat in 2022, he was paying £300 a month for his mortgage, £50 for electricity, £30 for water and his council tax was £100 with a single person's discount. Ian also had to stump up £100 a month leasehold fee for his flat and budget another £50 a month for extra leasehold fees including roofing and emergency funds. His other monthly fees include Wi-Fi at £25 a month, phone bill of £30, groceries cost £150 and fuel was more than £300. Plus, he was paying property and vehicle insurance costs of over £200 a month, £100 for repairs and £100 in parking costs. In total, Ian was faced with monthly costs of almost £1,900 a month. After moving to the pub, he pays £900 a month including all living costs, fuel, insurance on his van and accommodation. Ian's new home As Ian completed the £140,000 sale of his two-bedroom flat in 2022, he also applied to be a property guardian. He signed up with Live in Guardians, which works with property owners and potential guardians to find the right property for the right person. 'I filled out a questionnaire, provided my renting history, exchanged questions and was acccepted,' Ian said. 'It was like applying to rent a property. I didn't need any special skills. 'The fact I was older, had owned property and was dependable was a big bonus for me. 'Once I was approved to be a guardian on their books, I got to apply for the range of properties they had on offer,' he says. His new home is a pub earmarked for redevelopment, but Ian can live there until redevelopment begins which isn't expected for at least two years. Ian said: 'Live in Guardians can find me a new property whenever I want. 'They have properties all over the country from old fire stations to former nursing homes, pubs, posh houses and form office blocks available as a place to call home.' The traditional British pub with the familiar white facade, dark brick tints and red door has leaded glass windows, an original bar, wood floors and fireplaces. There are four rooms available to rent, but Ian said they don't always see the other guardians. Included in Ian's rent is the gas, electric, heating, water, council tax, insurances, parking costs and hotel repairs. Ian and Maureen have got their own Wi-Fi for £35 a month, but they share a big kitchen and bathroom and separate toilets. In return for the cheap rent, Ian keeps Live in Guardians informed of any repairs which need doing until developers begin their work. Ian said: 'The energy bills are thrown in. I can enjoy a long shower and turn on the food whenever I want. 'It's a huge relief to not worry about the electric or gas bill. 'Before I was a property guardian, the cost of living meant I had to stop making monthly private pension payments so that on top of my government pension means I can have a little extra. 'It's not a huge amount but just being able to make monthly payments means I can breathe again. 'The fear of monthly bills has gone, and I can budget sensibly. 'I don't know when I will retire. I know it's years off. 'I do know when I finally stop working it will be possible thanks to living locally at 'my local.' Live in Guardians says it has 700 guardians currently in properties, although it has 32,500 in its database alongside £500million worth of property. Property terms can range from three months to seven years. Arthur Duke, its managing director, said: 'People are seeking out new and affordable places to live. 'We also have more companies than ever before wanting us to provide live in property guardians to stop their empty properties being scattered in, vandalised or not properly being cared for, Property guardianship agencies say the scheme allows businesspeople to pay reduced insurance and maintenance costs, generate an income on the empty premises, diversify its portfolio, and ensure the properties are well cared for. How to become a property guardian First research the different property guardian agencies. It's also important to know you're not a tenant. Instead you're a licensee which can mean fewer rights, and that it's easier to be evicted. You'll need to be over 18 years old, while some agencies prefer over 21. You'll need to be employed, self-employed or a student with income. Families are not suitable but single people or couples are accepted - but in some cases guests or pets aren't allowed. Then simply apply online via the guardian agency website - you'll need to provide ID documents, proof of income/employment and sometimes references. You might also need to attend an interview or information session. If accepted, you'll be offered viewings of available properties - most are advertised on the agency's websites. You should be prepared to move quickly if a place becomes available — unusual properties go fast. Once moved in, simply keep the agency updated on any concerns and issues with the building. How to choose a guardian agency Make sure the company is a member of the Property Guardian Providers Association (PGPA) or has good reviews. Here are some of the more established agencies: Live-in Guardians - Property Guardian Protection - Dot Dot Dot - Global Guardians - Lowe - Blue Door Property Guardians - Ad Hoc - 6 6
The Sun
an hour ago
- The Sun
Nuno Espirito Santo signs new contract but Nottingham Forest appear to make gaffe in statement announcing it
NOTTINGHAM FOREST appeared to make a major gaffe in their announcing of Nuno Espirito Santo's new contract. Forest, surprisingly, announced a new deal for their Portuguese gaffer early on Saturday morning. 3 3 3 The former Porto and Spurs boss has inked a new three-year deal at the City Ground, although you wouldn't have known it if you looked at the Midlands club's website. Eagle-eyed fans spotted that Forest had mistakenly stated that Nuno inked an "x-year deal" in their statement announcing the new contract. A snippet of the club's official statement read: " Nottingham Forest is delighted to announce that Nuno Espírito Santo has signed a new contract with the Club. "The Forest Head Coach has been handed a new x-year deal by owner Evangelos Marinakis ahead of the 2025/26 campaign." Nuno, 51, is over the moon to have extended his stay at the City Ground, which is set to host UEFA Conference League football this coming season. He said: "I am delighted to be able to continue our journey at this fantastic football Club. 'Since we arrived at Forest, we have worked extremely hard to create a special bond between the players, the fans and everyone at the Club, which helped us achieve great things last season. "I would like to thank our owner, Mr. Marinakis, for his constant support and backing. JOIN SUN VEGAS: GET £50 BONUS "It is important to me to share a strong relationship with our ownership and we have thoroughly enjoyed working together ever since I arrived at Forest. 'Now is the time to work harder than ever as we strive for more special memories together.' Marinakis said of the new deal: "Nuno has made a great impact and performed very well during his time with us so far. 'He has demonstrated that he maximises player performance and is an expert at developing players, whilst also embedding our young talent into the first team set-up. 'We enjoy a strong and solid relationship together and, above all, we share the same dream and ambition of writing a new history for Nottingham Forest, competing in the Premier League and in Europe and winning trophies for our great club!' Forest will kick off their Premier League season on Saturday, August 17, away to Brighton. The Tricky Trees will play the first leg of their Conference League play-off on August 21.
Times
an hour ago
- Times
HS2 boss took home £4.5m during ‘appalling mess' of project
The former chief of HS2 took home £4.5 million of taxpayers' money while presiding over an 'appalling mess' of a project that wasted billions. Mark Thurston was at the helm of the disgraced scheme for six and a half years before leaving in September 2023 and then becoming chief executive of Anglian Water. He has been banned by ministers from receiving a bonus at the water company for the last financial year because it was found to have polluted our rivers. While at HS2, Thurston's pay ranged from £585,000 to £676,000 a year including bonuses and other taxable benefits. During his time at the government-owned company he took home £4,449,977. He joined HS2 in 2017, shortly after parliament signed off the building of the project's first phase. He previously worked on the 2012 London Olympics and Crossrail, now the Elizabeth Line, the heavily delayed new railway through central London. Thurston's oversight of HS2 was put under the spotlight this week when his successor's initial findings into the failures of the project were published. Heidi Alexander, the transport secretary, told the Commons on Wednesday that the scheme had become an 'appalling mess' after years of mismanagement. She said: 'It gives me no pleasure to deliver news like this. Billions of pounds of taxpayers' money has been wasted by constant scope changes, ineffective contracts and bad management.' Mark Wild, who took over the running of HS2 in December last year, has been carrying out a root and branch review of the scheme in an bid to stem ballooning costs and restore proper oversight. Wild's salary will be declared in accounts published this summer although his base salary is said to be lower than Thurston's. The project was originally due to cost £32.7 billion — in 2011 prices — with the first leg between London and the Midlands opening in late 2026. The pared-back scheme could now cost more than £100 billion. In a letter to Alexander, published on Wednesday, Wild said: 'The position I have inherited in HS2 Ltd is unacceptable; the organisation has failed in its mission to control costs and deliver to schedule.' It was announced that Thurston, 58, was leaving HS2 in July 2023. He said the project was the 'highlight of my career', adding: 'I have agreed with the board that someone else should lead the organisation and programme through what will be another defining period for HS2.' His appointment to Anglian Water, which he joined in July last year, caused much comment, not least because of government criticisms of the financial stewardship of HS2. Responding in November last year, he told The Times: 'If customers want to challenge my appointment, all I can say is that it was a very thorough and comprehensive process. 'The board clearly thought I was a good fit. They have to account for that and only time will tell whether it was a good appointment.' Transport bosses are traditionally the highest paid public servants in the country, with those in the rail industry in particular receiving the biggest remuneration packages. The last time the Cabinet Office reported on senior civil service pay was in 2023 with figures for the previous year. The list was not updated in 2024 by the Conservatives before the election. It revealed that the 45 highest paid staff at HS2 had a combined pay packet of £8.9 million. Of the top 20 best paid, only six still work at the company three years later. It is understood that many senior executives left the company after Rishi Sunak cancelled the northern leg of the project in October 2023. A spokesman for HS2 Ltd said: ' Mark Wild is leading a comprehensive reset of HS2 to ensure the project can be delivered for the lowest reasonable cost. This includes reviewing and simplifying the structure of HS2 Ltd itself — putting more focus on front-line delivery of the railway and bearing down on unnecessary costs. 'This year, we have frozen pay and withheld all bonuses for staff in the highest grades at HS2 Ltd.'
