House prices in London will grow more slowly than the rest of the UK, says KPMG.
Prices in the capital will grow on average 1.5 per cent a year over the next five years, compared to 1.9 per cent in the Northeast, 4.3 per cent in the Southwest and 3.8 per cent in the West Midlands.
Slow progress: Prices in the capital will grow on average 1.5 per cent a year over the next five years
Yael Selfin, chief economist, said prices relative to earnings were most stretched in London.
Listed healthcare services firm WideCells has won £156,000 funding from government-backed Innovate UK for work with Manchester Metropolitan University on new stem cell technology. A scientist will carry out the research at WideCells facilities in Manchester.
Businesses paid out £3.8bn in 250,000 redundancy payments last year as they tried to cut costs. The figure was down from £4bn the previous year. It works out at an average £15,000 per worker. The research was conducted by law firm Hugh James.
South Korean conglomerate Samsung has signed a deal with trendy clothing firm Hype to provide logistics and admin help for the firm from this March. Hype’s founder, student entrepreneur Liam Green, said the tie-up was a game-changer.
Advertising firm WPP’s boss Martin Sorrell, 73, is believed to be in line for a pay cut, from around £48m in 2016 to around £15m for 2017. WPP has had a tough year while it has also cut its lucrative bonus scheme.
Sales of houses worth more than £5m fell 15 per cent last year, from 433 during 2016 to 369 during 2017. Lendy, which published the figures, said banks were more cautious in lending and fewer rich people were buying.