View more on these topics

£4,000 pay weighting urged for London staff

National pay scales for public workers should be replaced by regional rates to give essential staff in London a minimum weighting of £4,000 a year, according to a new report.

A study by London First, a business-led partnership, designed to find solutions for the capital&#39s growing shortage of affordable homes, also calls for people earning less than £35,000 annually to be eligible for social housing, and for private employers to provide rental guarantees for staff.

To provide houses more quickly, it says, private developers, rather than government supported housing associations, should be allowed to build “affordable” units with cash from the Housing Corporation, the quango which funds social housing.

With house building at the lowest level since 1924, down to 21,000 houses a year, the report warns that London&#39s position as the driver of the British economy will be threatened unless planning is speeded up and money put into recycling brownfield land.

By 2016, London&#39s population will have risen by 700,000 to more than 8 million. With house prices up 115% since 1995 to an average of £205,800, workers needed to be earning £55,000 a year to qualify for a mortgage.

Yet council house sales had left 175,000 fewer social homes available for rent. Priced out of the market, it is estimated 60,000 essential workers will leave the capital over the next 10 years.


Will Mervyn King have to explain why inflation has undershot the MPC&#39s target?

The cebr says that the release of the figures from HBOS implying that UK house prices rose by 5% in October (which the Monetary Policy Committee had at the time of their interest rate decision) helps explain why the MPC didn&#39t cut rates in November. Cebr data (and that from the Land Registry) suggests that […]

New lending record for igroup

October 2002 saw specialist lender igroup break through the £300 million new lending figure for the first time in its short but highly successful history. Jonathan Sadler, igroup&#39s director of sales and marketing, says: “This is a fantastic result for the team. Since we launched igroup in April 2000, we have seen the business grow […]

Brokers warn of 50% insurance hike

The price of critical illness insurance is set to rise by around 50% over the next few months, while cover for &#39lifestyle&#39 conditions such as diabetes will be withdrawn. Four of the six largest insurers in the market told broker LifeSearch that they will hike premiums in the new year to pay for rising claims, […]

LIA responds to CP146

The Life insurance Association has warned that its ability to comment on CP 146 is “severely hampered” by not having information which will emerge in consultations later in the year on the regulation of general insurance, polarisation and product disclosure. It its response to the FSA, the LIA stresses that consistency between the mortgage, insurance […]

Auto-enrolment: tips for employers

The Pensions Regulator (TPR) has released advice on communications for employers, including three tips to help you with your auto-enrolment duties. 1. Allow enough time to select your pension schemeIt’s recommended that you start to prepare for auto-enrolment at least 12 months in advance of your staging date; additionally, give yourself time to choose the […]


News and expert analysis straight to your inbox

Sign up