
ANDREW NEIL: Starmer's claim to be 'investing in Britain's renewal' is delusional drivel in a class of its own - even for a Government that's a stranger to the truth
Our first job was to stabilise the economy and public finances,' Keir Starmer tweeted yesterday morning, a few hours before Chancellor Rachel Reeves delivered Labour's spending plans for the rest of the decade.
'Now, we move into a new chapter . . . we're investing in Britain's renewal.'
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Daily Mail
34 minutes ago
- Daily Mail
House prices rise £7k in the past year but pace of growth has slowed with affordability 'a challenge'
Average property prices across Britain fell month-on-month in May, new data shows. The typical home fell £1,150 or 0.4 per cent and now costs £296,648, compared to £297,798 the previous month. Despite the monthly price drop, property values have increased by 2.5 per cent or more than £7,000 over the past year, Halifax said - though this was down from 3.2 per cent in April. May's month-on-month price slip follows a 0.3 per cent increase in April. 'These small monthly movements point to a housing market that has remained largely stable, with average prices down by just -0.2 per cent since the start of the year', Amanda Bryden, head of mortgages at Halifax, said. She added: 'Affordability remains a challenge, with house prices still high relative to incomes. However, lower mortgage rates and steady wage growth have helped support buyer confidence.' Stamp duty discounts became less generous from April for some home buyers as a result of changes announced by Rachel Reeves last year. Stamp duty applies in England and Northern Ireland. Where have house prices risen most? House price growth across Northern Ireland, Wales and Scotland has been outpacing regions in England, Halifax said. Northern Ireland once again recorded the fastest pace of annual property price inflation, up 8.6 per cent in the past year. Homes in Northern Ireland now cost around £209,377, though this is still well below the national average. Wales and Scotland posted strong annual growth of 4.8 per cent in May. Average prices in Wales and Scotland now stand at £230,405 and £214,864 respectively. In England, the North West and Yorkshire and the Humber lead the way, both seeing annual house price growth of 3.7 per cent. Average property values in these areas are now £240,823 and £213,983 respectively. Across the South East of England, average property prices have risen by 1.8 per cent to £391,253 in the last year, having seen more modest rises than the likes of Northern Ireland and Wales. In London, house prices rose by just 1.2 per cent year-on-year, the report said. But London remained the most expensive location in Britain, with the average home priced at £542,017. Andrew Montlake, chief executive of broker Coreco, told Newspage: 'House prices may have dipped slightly but on the whole the market remains fluid. 'In the ongoing story that is the UK property market, the resilience of house prices has always been a key narrative.' He added: 'Demand for property is always there, whatever the economy throws at the housing market. 'Yes, affordability is proving a challenge for some but we're seeing lenders increasingly seek to address that. A lot is riding on where inflation heads next and all eyes are focused on the Monetary Policy Committee meeting later this month.' Jeremy Leaf, a north London estate agent, said: 'The significant number of purchases brought forward to take advantage of the stamp duty holiday ending in March is still having a negative impact on activity now. 'Most of the stock made available at that time, if not sold or under offer, is still available so the inevitable result is a softening in prices. 'However, sales are still proceeding where buyers and sellers are most realistic, with confidence supported by a relatively strong employment picture outweighing economic concerns both here and abroad.' The outlook for property prices will depend on a range of factors, including the pace of cuts to interest rates, as well as the strength of future income growth and broader inflation trends. Halifax's latest report contrasts with the findings from Nationwide's latest house price index, released on Monday. Nationwide said property values had increased by 0.5 per cent month-on-month in May, following a 0.6 per cent fall in April. Craig Fish, a director at Lodestone, told Newspage: 'Halifax is reporting price falls whilst Nationwide reports price increases. 'This conflicting data is very confusing to the general public. 'The key is to understand that there will always be fluctuations in house prices but with one general direction overall, and that's up. 'Until the housing shortage is fixed, property will always be in demand. 'So, if you are considering purchasing a property then the sooner you get on the ladder the better. Don't wait for rates to fall because nothing is guaranteed. 'Pick a product that suits your circumstances, get on the property ladder and be patient.' Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs. That makes it even more important to search out the best possible rate for you and get good mortgage advice, whether you are a first-time buyer, home owner or buy-to-let landlord. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit. You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you're ready to find your next mortgage, why not use This is Money and L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you.


Reuters
44 minutes ago
- Reuters
Meta finalizes investment in Scale AI, valuing startup at $29 billion
June 12 (Reuters) - Meta Platforms (META.O), opens new tab has finalized an investment in Scale AI that values the startup at over $29 billion, Scale AI said on Thursday. Scale CEO and co-founder Alexandr Wang will join Meta to work on its AI efforts, with Scale's chief strategy officer, Jason Droege, to serve as its interim CEO, Scale AI added. Two sources familiar with the matter said that Meta's investment in Scale AI is $14.3 billion. The sources said that Wang will join a new "superintelligence" unit inside Meta to achieve artificial general intelligence (AGI), a term that refers to machines that can match or surpass human capabilities.


Telegraph
an hour ago
- Telegraph
Will HMRC's digital initiatives make customers' lives any easier?
SIR – You report (June 12) that HMRC is to stop sending letters to customers. A year ago I was encouraged by HMRC to start using its app. I duly downloaded it and tried to log in but was refused access, as I needed to provide proof of identity – specifically a passport number or driving licence. I am in my eighties, my driving licence has been revoked owing to my poor eyesight, and my passport has expired as I no longer travel abroad. My only valid means of identification is my bus pass, which is not accepted. The alternative was to contact HMRC by phone. After holding on for an hour, I gave up. Meanwhile, HMRC continues to tax my pension with impunity. George Kelly Buckingham SIR – My mother has dementia. She has none of the documents required to establish her identity and access HMRC's online systems. I have power of attorney, but am not allowed to use these systems on her behalf, so am forced to spend hours on the phone and send letters that never get a reply. HMRC has taken more tax than is due for two years. I am told by the telephone operatives that my mother does not need to file a tax return, but that is the only way to get a rebate. Is HMRC setting out to confuse customers? Gillian Courage Cheltenham, Gloucestershire SIR – HMRC is to stop writing to taxpayers, except when demanding payments. It already refuses to speak to many of us on the phone. It took my wife 10 months to get a reply to a letter she wrote last year; this meant being incorrectly charged interest, which she had to appeal against. A year earlier, only two figures on the assessment form sent to me were recognisable. A five-minute phone call could have resolved the problem, but this was not possible. In both cases, we resorted to sending letters higher up the organisation. This did the trick. E R Dring Tadworth, Surrey SIR – Yesterday morning I received an email from HMRC (having opted out of receiving post) telling me that there was a new message in my account. I duly logged in. The message informed me that I would receive a statement – in four days' time. What was the point of this? Clare Morgan Alderley Edge, Cheshire SIR – Following the news that a phishing scam led to the loss of £49 million, a spokesman for HMRC blithely declared: 'Our customers suffered no financial loss.' This reflects the myopic thinking of the Civil Service. Of course customers suffered a loss: the money cannot now be spent on what it was collected for. Des Morgan Swindon, Wiltshire