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Saturday 8th November 2008.

Bank of England's monetary-policy committee slashed the bank’s benchmark interest rate from 4.5% by a massive 1.5 % to 3%, on Thursday November 6th 2008.

That's the biggest interest rate cut since 1997 when the central bank took charge of interest-rate decisions for England.

Banks and Building Society's were quick to follow with reducing their savers rates by 1.5%. The immediate cuts in savings rates came despite the major banks dragging their heels over whether to pass on the interest rate cut to homeowners.

Alistair Darling, the Chancellor, had to call in the heads of Britain's biggest high street banks to a Downing Street meeting yesterday morning where he "read the riot act" about their failure to guarantee that the rate cut would be passed to borrowers.

The meeting between Mr Darling and the Banks came after they were criticised for failing to immediately pass on Thursday's rate cut, despite many of them having been bailed out with tens of millions of pounds of taxpayers' money.

An insider close to the talks said: "Alistair was calm but very firm with - he did read them the riot act.

"He expressed serious concerns about their reaction to what was a very bold and decisive action by the Bank of England in delivering a cut of such magnitude.

"The public expects to see something in return, particularly given the support that the Government has provided to them - in the form of tax payers' money in some cases - in recent weeks.

"Alistair told the chief execs that their customers were really feeling the pinch at the moment, and that the banks needed to help.

As he left the meeting, Mr Darling revealed that he had ordered banking chiefs to pass on the interest rate cut "as quickly as possible''.

Within a few hours all but two of the major banks – Barclays and HSBC – promised to pass on the full cut to mortgage customers on standard variable rates.

A banking source said the meeting was "tough" and that the bosses made it clear that though they would pass on this cut, any further lowering of the Bank of England base rate was unlikely to be passed on to customers.

"They explained that banks do not borrow at the Bank's base rates. They borrow at wholesale money market rates," he said.

By Friday night, nearly all had promised to pass on the benefit of the cut – in full – to customers on standard variable rate mortgages. Their action came after a fraught meeting at the Treasury on Friday morning.

Halifax, Lloyds TSB, Royal Bank of Scotland, Abbey, Nationwide, Northern Rock promised to pass on the cut in full. Just HSBC and Barclays said they were "reviewing" their rates.


 

Ministers announce details of cash boost for affordable housing...

The Government has announced the regional allocations of the £10.2 billion funding for affordable housing over the next three years.

This money is designed to ensure that 50 per cent more new social housing units will be built in 2010-11 than currently.

The money will be used to improve existing social housing and regeneration projects as well as boosting the supply of social and low-cost housing.

Regional Assemblies will now draw up plans for how the money will be spent. Each region will have at least 15 per cent more to spend on social housing by 2010-ll compared to now as a result of this settlement. In all 110,000 more social homes are expected to be built over the next three years.

Between them London and the South East Region have been allocated just over half the total of funding being provided by the Government.

Planning and housing minister Yvette Cooper said: "We all need to work in partnership to deliver these houses. This increased investment means that housing associations and councils can start planning now for more affordable homes in their area."

Source: PlanningPortal

Read More...

Internet land banking companies wound up...

Three companies involved in selling plots of agricultural land to the public on the spurious claim they had residential potential have been wound up in the High Court following an investigation by the Companies Investigation Branch of the Insolvency Service...

Read More...
 

Is Redditch In The Spotlight Too..?

Redditch's Jacqui Smith (Labour) has been appointed Home Secretary, as part of Gordon Brown's first Cabinet.
She was previously Permanent Secretary to the Treasury and Chief Whip.

What does/will this mean for our town..? Guess we'll just have to wait'n'see..!!
 

 "If you are loath to fund your local estate agent's latest BMW purchase, there is another way..."

Olympic proposals are probably the UK's biggest ever planning application...
 
What is thought to be the UK's biggest planning application – the detailed proposals for the London 2012 Olympic and Paralympic Games - has been prepared and submitted by the Olympic Development Authority.

Because the ODA is the planning authority for the Olympics it has, in effect, submitted the 10,000 page document to itself.

The application has been separated into two core elements to allow planning permission for site preparation works to be prioritised and approved in advance of the application for venue construction and legacy transformation. The latter is a hybrid application as it seeks both outline planning permission and full planning permission.

The proposals establish the revised masterplan and outline a commitment to prepare a Legacy Masterplan Framework which will focus on the post-Olympic delivery of residential, commercial and community use and the development of legacy communities. This will be a separate document, subject to a separate planning application

The application includes plans for all the new sporting venues, highways, bridges, parks and open space and the post-Games reconfiguration for legacy use. The documents relate to a land area of 246 hectares and set out proposals for one of the largest urban parks to be built in Europe for 150 years.

Initially, there will be a standard 28-day period for public consultation before the proposals are considered by the ODA's planning decisions team which includes representatives from all the London boroughs affected by the plans. The ODA expects a final decision by late summer.

The submission was timed to coincide with the end of the statutory appeal phase of the compulsory purchase order (CPO) for the land needed for the Olympic Park.

Lord Sebastian Coe, chairman of the London 2012 Organizing Committee said: "London 2012 will be a prime example of sport acting as a catalyst for regeneration, and the planning application clearly shows the transformational powers of the Games."

In a related development, the National Audit Office has published its first assessment of the preparations for London 2012 and highlighted uncertainty over the event's budget and legacy issues as two of the six "main risk areas" which could adversely affect the Games.

Visit the London 2012 website

Source: PlanningPortal

New measures to improve fire safety announced...

Amendments to Building Regulations and associated guidance, which come into force in April this year, will affect future building work in England and Wales and how fire safety is designed into a building.

Revisions of Approved Document B will include amendments to the guidance on domestic loft conversions, the use of door-closing devices in dwellings and the provision of sprinklers in tall blocks of flats.

For non-domestic buildings, key changes will be the introduction of a maximum unsprinklered compartment size for single storey warehouses and new guidance on residential care homes (including on the use of sprinklers).

There will also be a new requirement to ensure occupiers are made aware of their building's fire protection measures to help with fire risk assessments under the new Regulatory Reform (Fire Safety) Order regime.

The revisions to Part B (Fire safety) of the Building Regulations and supporting guidance are based on recent experiences of actual fires, developments in construction, research findings and comprehensive stakeholder engagement, including a four-month public consultation exercise.

Fire and Building Regulations Minister Angela Smith, said the measures represent better, more focused regulation that will deliver real benefits for both occupants and fire fighters alike.

"The review that led to the changes looked at fire safety in all types of premises including dwellings, residential care homes, public buildings and warehouses.

"It also considered the important role sprinklers and other types of fire protection measures may have, particularly in buildings where the occupants are most at risk from fire."

A number of changes are specifically designed to make the guidance more accessible and easier to use, to provide further clarity and guidance, to introduce further design freedoms and flexibilities and provide better regulation.

The changes to the Building Regulations also include the authorisation of several new competent persons self-certification schemes that will improve compliance, particularly in respect of the energy efficiency requirements of the Regulations, and a number of other minor amendments, which come into force on January 15.


For more information see: HERE...

Source: PlanningPortal

December 2006 saw the largest annual rise in house prices for 22 months, with property values 10.5 per cent higher over the year, Nationwide reports.

December alone witnessed a 1.2 per cent rise in house prices, according to figures released today by the building society.

"Both housing market and weather forecasters were surprised by the warm climate this year," said Nationwide group economist Fionnuala Earley.

"The temperate weather is likely to have played only a minor role, but the housing market clearly warmed up during the year.

"House prices increased three and a half times faster than last year and returned to double digits for the first time since February 2005."

The annual growth figure of 10.5 per cent is far ahead of last year's predictions that property prices would rise by just a few per cent in 2006.

From the summer onwards prices have been forging ahead, seeing house prices rise £45 a day in 2006, compared with £12.50 a day in 2005.

The average house now costs £173,746.

And such is the strength of the property market that two quick-fire rises in interest rates from the Bank of England, and the possibility of another to come in the first few months of 2007, are not expected to impact the market.

"There are still few signs that the rate of house price growth will moderate in the very short term," Ms Earley said.

But as higher mortgage costs and accelerating house prices restrict first-time buyers, the second half of 2007 is expected to be slower than the first.

"Momentum gathered in 2006 will flow into the early part of 2007, and this will be supported by a buoyant economy, stable interest rates and a continuing shortage of housing supply," Ms Earley predicted.

"However, increasingly poor affordability, the impact of higher mortgage rates and the likelihood that fewer parents will be willing or able to help their children out will cause the rate of house price growth to move back into single digits in the latter part of the year."

Nationwide predicted a house price rise between five and eight per cent in 2007.

Source: MyFinances.co.uk

Calls for planning to help combat climate change.

All new regional and local development plans should be "climate proofed" with binding carbon reduction targets and incorporate adaptation measures to help communities deal with flood risk and other impacts of climate change, leading conservation campaigners have urged.

The call has come from the Town and Country Planning Association and Friends of the Earth, following the launch of a 'mock' planning policy statement on climate change ahead of the government's promised draft new guidance, due for publication shortly.

The group's draft PPS 26 is supported by some 20 experts, business and campaign groups and argues that Regional Spatial Strategies (RSS) should set out the principles for low and zero-carbon development and actively promote low and zero-carbon energy sources.

Local planning authorities would then set targets within the RSS framework, using the Local Development Framework (LDF).

TCPA chief executive Gideon Amos said: "Climate change is no longer an environmental issue; it is a global imperative. It doesn't all come down to planning but planners can make a hugely positive contribution towards moving us towards a zero-carbon future and helping us adapt to harmful impacts such as flood risk, drought and heat waves."

Hugh Ellis, from Friends of the Earth, added: "Tough new rules are needed to reduce the impact that regional and local developments have on climate change. The development industry needs a clear trajectory, up to and including mid-century, setting milestone targets for cross-sector carton dioxide reduction."

The mock PPS 26 was unveiled at a Labour Party conference fringe meeting in Manchester.

A DCLG spokesperson agreed the planning system has to do its bit to cut carbon emissions and meet the challenge of climate change, by promoting public transport, using renewable energy and in how we plan our housing.

He added: "The new planning guidance will make clear that local authorities must make reducing carbon emissions a priority, and will build on existing policy which already says local and regional plans should reduce carbon emissions and energy use.

"Local authorities can also now insist on renewable energy for large developments, and we will shortly consult on greater rights for householders to install small wind turbines and other renewbale technologies in their homes without planning permission."


Source: PlanningPortal

Cyberspace Virtual Office - Reduces Costs.

THE internet is spawning a 'virtual office' boom in the UK as new companies turn to cyberspace rather than expensive town centres.

Companies are also increasingly offering workers the chance to work 'virtually' for them in a bid to retain and attract the best staff.

According to a BT Workstyle survey, this has become the workplace of choice for those starting up in business as well as footloose hi-tech companies.

The BT research is backed up by last March's UK Total Office Costs Survey, by Actium Consult. "Virtual offices are now a major trend," says Andrew Proctor, managing director of Actium Consult and a former accountant at KPMG.

"I remember that when I got my office at KPMG it was the day that I arrived, but now the day that you have arrived is when you can work from home.

"About the only companies that have not woken up to the trend are investment banks."

The birth of the virtual office has come at an uncertain time for the office property market.

Proctor says rents have stayed static over the past three years, with property companies offering free rent periods ranging between 18 and 24 months - depending on the part of the country - as part of a 10-year lease.

Virtual offices - either working at home via the internet or using a mix of computer software and internet technology to form a company made up of people working from home - can be 'based' almost anywhere in the world.

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