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Yahoo
18 minutes ago
- Yahoo
The village ‘ripped apart' by scrapped HS2 line – while taxpayers foot bill for empty homes
A 'jewel' village has been ripped apart by scrapped plans for an HS2 line, locals claim, as it emerged that taxpayers were footing a seven-figure annual bill to guard properties left empty by the overall project. Some 35 of the 50 homes in Whitmore Heath were bought on behalf of the government from residents wanting to sell amid plans for a huge tunnel beneath the hillside hamlet for the high-speed rail link from London to Manchester. But as the properties - many of them lavish mansions with large gardens - were sold off, delays and spiralling costs placed the section of line through Staffordshire in doubt, until, in October 2023, it was axed. 'It destroyed the community,' said Graham Hutton, who lives two miles away and fought against the line, which would have gone from Handsacre in Staffordshire to Manchester, being built. 'The village was an affluent place where people who made their money went to live. But the plans for HS2 made them want to leave, and then their homes were rented out or left empty.' Residents say one home was turned into a cannabis factory, while others judged to be unsuitable to rent remain gated up with 24/7 security teams hired to guard them. The story in Whitmore Heath is a snapshot of the situation along the initial route, which, as well as reaching Manchester on a western leg, was also planned to connect London and Birmingham with Leeds. Only the line from London to Handsacre in Staffordshire, including Birmingham, will now be built. In total, HS2 spent £3.7bn on buying up 1,727 properties on behalf of the Department for Transport (DfT), including £633m on 1,021 properties along the axed routes. They were bought under a range of schemes, including a voluntary purchase and a 'need to sell', where the seller had to provide a compelling reason to move after being unable to sell on the open market. Some were purchased under compulsory purchase orders (CPO). But around a quarter of the purchased properties - around 430 - are empty, with security teams required to protect some of them. Data obtained by The Independent revealed £1.9m was spent on guarding the properties in 2023-2024, the equivalent of £37,000 a week. In Staffordshire, £481,000 was spent. 'What a waste, an absolute waste of money,' said county councillor Paul Northcott. 'We need a resolution now so we can sell those properties to people they bought from, or back on the market - let's get the community back together again.' 'Whitmore Heath was the jewel of the area, but the community has been fragmented, it's been ripped apart by people coming in and going, people renting short-term. 'Villagers are downbeat, they feel like they are in limbo.' Parish councillor Ian Webb said the situation was 'far from ideal'. He added: 'I know several homes that have been left empty for a very long time.' Uncertainty is not helped by the maintenance of safeguards to stop the land from being developed in a way that would conflict with future schemes, with a cheaper high-speed alternative proposed last year. Among those waiting is Edward Cavenagh-Mainwaring, who lost around 250 acres of his family farm in Staffordshire through a CPO for HS2. But like others in the area, he now fears the amount offered was below the market rate, and if the opportunity comes, he will not be able to afford to buy back the land. 'A lot of people have been left mentally hurt,' he previously told The Independent. Last month, the restriction on selling land was lifted for the eastern leg between Birmingham and Leeds, which was cancelled in November 2021. The DfT said an update on safeguarding of the western leg line area will be given in due course alongside proposals for rail routes in the North of England. A spokesperson for HS2 Ltd said: 'HS2 Ltd has a responsibility for the safety and security of all land and property acquired to build the railway. 'More than 1,700 properties are currently managed by the company across the route – including those on the former Phase 2 leg – and it is in the best interests of local communities, project delivery and the taxpayer that they are kept safe and well maintained.' Last month, transport secretary Heidi Alexander said her department was working with HS2 Ltd to 'reset' the project after 'years of mismanagement, flawed reporting and ineffective oversight'. She said there was 'no route' to meet the target date of having HS2 services running by 2033.
Bloomberg
18 minutes ago
- Bloomberg
Bank of France Says Industry to Drive Steady Quarterly Growth
France 's economy is set to grow in the third quarter at a pace similar to the previous three months, driven by manufacturing and services, the country's central bank said Monday in its monthly business survey. The Bank of France predicted gross domestic product will increase around 0.3% after business leaders reported higher activity in the transportation equipment, aerospace and automotive sectors at the start of the period.
Forbes
20 minutes ago
- Forbes
Fabergé Sold To U.S. Company For $50 Million: What To Know About Fabergé Eggs
Fabergé, the jeweler most known for its famously intricate Russian Easter eggs, has been sold for $50 million by a British mining company to an American tech investor who says he plans to expand its international presence. The star piece of Viktor Vekselberg's collection, a $24 millions Fabergé "Coronation Egg" from 1897, is displayed at an exhibition in Moscow in 2004. AFP via Getty Images Gemfields, a colored gemstone miner listed on the London stock exchange, sold the fabled brand to tech entrepreneur Sergei Mosunov's U.S. company SMG Capital. Gemfields will receive $45 million when the deal closes later this month, and the remaining $5 million through quarterly royalty payments. The company said it will use the money from the sale to help fund its mining operations for rubies in Mozambique and emeralds in Zambia. Sean Gilbertson, the chief executive of Gemfields, said the company would miss the "marketing leverage and star power" that came from owning Fabergé, despite the fact the brand has struggled in recent years amid a downturn in the luxury goods market. Fabergé has been one of the most renowned jewelers in the world for almost 200 years but has seen revenue fall in recent years—it reported revenues of $13.4 million in 2024, down from $15.7 million the previous year and $17.6 million in 2022. Get Forbes Breaking News Text Alerts: We're launching text message alerts so you'll always know the biggest stories shaping the day's headlines. Text 'Alerts' to (201) 335-0739 or sign up here : The Apple Blossom Easter Egg, part of the Fabergé collection. Getty Images 'Fabergé's unique heritage, with ties to Russia, England, France and the USA, opens significant opportunities for further strengthening its position in the global luxury market and expanding its international presence,' Mosunov, a Russian national based in the U.K., said in a statement. 'We feel a deep sense of responsibility and incredible inspiration for the work ahead." Key Background The House of Fabergé jewelry company was founded in 1842 in St. Petersburg, Russia, by Gustav Fabergé. His son, Peter Carl Fabergé, was commissioned by Emperor Alexander III in 1885 to create an extravagant Easter gift for his wife, Empress Maria Feodorovna, and the famous Fabergé eggs were born. Known as "First Hen," the original product is made of gold and coated with white enamel, with a gold hen set with ruby eyes hidden inside. The emperor continued to have them made each year, reportedly giving Fabergé complete creative freedom, and 50 were ultimately made for the Russian Imperial Family, known as the "Imperial Eggs." Nineteen other eggs were made for the aristocracy and other elites. When the Romanov family fell during the Russian Revolution of 1917, the 50 Imperial Eggs were scattered all over the world, and some remain lost to this day. The eggs were crafted from gold or silver and encrusted with diamonds, rubies, emeralds, sapphires and other precious stones. They often included hidden items inside, like a miniature Trans-Siberian Railway train made of gold or a tiny, working replica of the Imperial coach used in Nicholas II's coronation. Today, Fabergé makes fine jewelry and egg objects inspired by the original eggs. They're priced starting at $60,000. Big Number 7. That's how many Imperial Easter Eggs are still missing. Eight were missing until 2014, when a buyer at a Midwestern flea market bought one for about $14,000. Kieran McCarthy, a London antiques dealer, told PBS News an anonymous buyer purchased the egg with hopes of making a small profit reselling it for its gold content. It was then authenticated as one of the real eggs. It features a Vacheron Constantin watch and sits atop a jeweled gold stand. A Faberge Egg on display in Moscow, Russia. Getty Images The most expensive egg is known as the Third Imperial Easter Egg, which was made in 1887. It has a solid gold case covered in sapphires and diamonds and houses a women's watch with diamond-set gold hands. It was once valued at $33 million and is owned by an anonymous private collector. Who Owns Fabergé Eggs? Billionaire Russian businessman Viktor Vekselberg owns 15 Fabergé Easter Eggs, making him the largest private collector in the world. Vekselberg bought nine Imperial Eggs from the Forbes media family, at the time the world's largest private collection, in 2004 for just over $100 million. He also owns two Kelch, eggs made for Russian nobleman Alexander Ferdinandovich Kelch, and four other eggs. At the time of his purchase from the Forbes family, he said the collection represented 'perhaps the most significant example of our cultural heritage outside Russia. This is a once-in-a-lifetime chance to give back to my country one of its most revered treasures." Vekselberg's eggs are on display at the Fabergé Museum in St. Petersburg. The British royal family also owns three Imperial Eggs, originally purchased by King George V and Queen Mary, King Charles's great-grandparents. Forbes Valuation Vekselberg is worth an estimated $9.4 million as of Monday, making him the 328th-richest person in the world. He is a Ukrainian-born aluminum baron who made his first million selling scrap copper from worn-out cables and later turned several medium-size aluminum smelters and bauxite mines into Sual Holding in 1996. He later made his fortune in oil. His $120 million superyacht, Tango, was seized by Spanish police and the FBI in Palma de Mallorca in April 2022. Further Reading Forbes Jewels, Eggs and Empires: The Story Of Forbes And Faberge By Abram Brown
