Good morning,
GlaxoSmithKline is heading to the West End. The life sciences giant has chosen The Earnshaw on New Oxford Street, WC1, for its new London HQ, as it moves from its home in Brentford.
Meanwhile, the UK’s economy will take until 2024 to recover, despite the government’s Growth Plan. According to a downbeat report by Deutsche Bank, “tighter financial conditions… will offset much of [the] gains in fiscal policy.”
Britain’s biggest lenders have called on the chancellor to extend the mortgage guarantee scheme due to end in December. They have also raised concerns about the effect of rising interest rates on the buy-to-let sector.
And improvements to social housing will be delayed significantly if ministers cap rent rises at 5% next year, according to social landlords. The G15 group has told ministers that the cap will strip £3.5bn of investment out of the sector.
But plans to slash 91,000 civil service jobs are being “watered down”, after a cabinet minister dubbed them a “blunt instrument”.
The former head of the civil service has become the chair of Bournemouth, Christchurch and Poole Council’s regeneration company. Lord (Bob) Kerslake starts at FuturePlaces this week.
EG meets Greggs property director Tony Rowson to find out more about the firm’s journey from budget baker to grab-and-go steak bakes and now dine-in and drive-thrus with EV chargers. “I mean, if you’re charging for 20 minutes or half an hour, I can’t think of anything better to do than pop into a Greggs and have a flat white and bacon roll before you get back on the road,” says Rowson. Nope, neither can I.
And EG takes a look at London’s changing skyline in a new film about the impact the high inflationary environment is having on development.
Evergrande founder Hui Ka Yan has been revealed as the ultimate owner of London’s most expensive house – the £210m 2-8a Rutland Gate. And, you guessed it, it is for sale. At the right price. Which, judging by Evergrande’s level of debt, could be very high indeed.
And finally, Jeremy Clarkson’s farm shop cafe(£) has been closed down, after it turned out that his “cunning little planning loophole” was worth Diddly Squat.
