Good morning. Froth that Oatly Barista, it’s time for the morning news.
The chancellor has ordered a review of capital gains tax(£), leading many to speculate that a hike might be used(£) to pay the £370bn pandemic bill. While the Treasury has said it has no firm plans, experts say it would be “naive” not to expect a clawback.
The review comes as the OBR warns that £60bn will be needed in tax rises(£) and cut costs each year to pay for the pandemic. It also warns that unemployment will rise by 1.3m when furlough ends. And that is the optimistic version(£).
The BCC, meanwhile, says that nearly a third of businesses plan to cut jobs(£) before the end of furlough.
And a sluggish return to productivity(£) in May has scotched hopes for a swift, V-shaped recovery(£), among economists and investors(£).
A plan to sell 15% of government-owned carparks(£) could free up enough land for 110,000 homes…
… While a review of all building in flood plains appears to run counter to Boris’s Project Speed and the “build, build, build” agenda…
… But that’s alright, ‘cos soon we’ll all be living in bubbles(£).
Empiric Student Property was the LSE’s top performing REIT yesterday with a rise of just over 3%…
… Procurement for the University of Manchester’s £1.5bn ID Manchester scheme(£) is back on track after being put on ice during the lockdown…
… And a new £30m university has been launched for Peterborough’s “cold spot”(£).
Shoppers “won’t be going back”(£) to bricks and mortar, says Ocado, as it announces £1bn record sales and more spending on robotic warehouses(£).
The owners of Pizza Express, Hony Capital, are set to hand the businesses to bondholders in a debt for equity swap(£).
Cushman & Wakefield’s Chris Lewis is leaving to head Colliers International’s South East office investment.
As The Times (£) gazes into the crystal ball to see what the home-working revolution could mean for the office…
… Fiera Real Estate’s Alex Price swaps his beach shorts and piano practice for a day at the office in this week’s Lockdown Diaries…
… And civil servants are being urged to return to their offices(£) in a curious bid to reinvigorate city centres.
Some homes are better than others, as visitors to Britain’s poshest private palaces(£) soared last year.
The birthplace of Che Guevara(£), a second-floor flat in the Argentine city of Rosario, is on the market for $400,000…
… While deep-pocketed investors are snapping up bargains in Berlin(£).
And an unnamed European investor has bought an island(£) off the west coast of Ireland for £5m, despite having never been there. He was apparently sold on the views over a video link.
And finally, a battle over an ancient temple and its fabulous treasures has reached its thrilling climax. No, this isn’t the plot of the new Indiana Jones movie. It is the final act of a raging court case over who controls the Sri Padmanabhaswarmy temple in Kerala(£). The family of the last maharaja of Tranvancore are now back in charge after a court ruled that the Keralan state was wrong to seize control in 2011, just after a vault containing £16bn in diamonds, jewellery and gold coins was discovered. The family has said that it won’t open the second vault, just in case a curse is unleashed… Maybe it should be the plot of the next Indy movie?
