Homes and house building in England
According to a damning report by the Home Builders Federation (HBF), homes in England and Wales are the lowest quality yet among the most expensive, in the developed world. The UK’s housing market is ‘reaching a state of crisis’ as the country falls even further behind other developed nations in terms of condition, affordability, and age of its housing stock. England’s homes are of poorer quality than those in eastern European nations such as Lithuania, with fewer new homes than Bulgaria. UK residents spend “exceptionally high proportions” of their post-tax income on housing. Alongside this, In September, the UK witnessed a significant decline in new home construction, leading to the largest drop in construction activity since May 2020. Overall, the construction sector is experiencing difficulties, but there are signs of resilience and potential for improvement in the near future. For further information, see
Metro Bank seeks to raise capital
When Metro Bank was launched in 2010,it was the first new high street bank in 150 years. Now, there are concerns about its future. The bank, which has around 2.7 million customers, is reportedly in discussions with investors about securing £250 million in equity funding and refinancing £350 million in debt to strengthen its balance sheet. The issue is that it is operating at the edges of its capital requirements, meaning the amount of assets held by the bank that can be sold off at short notice if it faces unexpected losses. This move has rattled investors, causing the bank's share prices to plummet by over 25%. Despite these challenges, the bank stated that customer deposits are secure, and there is no indication of imminent collapse. In any case, the Financial Services Compensation Scheme (FSCS) ensures that customers' funds would be returned within seven working days in the event of the bank's dissolution. While the bank has faced difficulties in the past, it hopes to secure the necessary funding to navigate its current financial situation and continue serving its customers.
Northern Ireland: holiday pay ruling may have a wider impact
After a recent landmark legal ruling, taxpayers in Northern Ireland may be facing additional expenses to cover holiday pay for public sector workers. The Supreme Court ruled that the Police Service of Northern Ireland (PSNI) must compensate its officers and civilian employees with approximately £30 million due to inaccuracies in holiday pay calculations. The ruling determined that holiday pay should reflect an employee's normal pay, including overtime and other additional payments beyond basic salary.The case originated from a 2018 industrial tribunal ruling in favour of a group representing over 3,700 PSNI officers and civilian staff, which was upheld by the Court of Appeal in 2019. Similar cases are expected in both the public and private sectors. As a result, there may be an increase in holiday pay claims as businesses are compelled to address past or ongoing miscalculations. Public employers, who may lack substantial cash reserves, could face difficulties meeting these liabilities. The PSNI is currently considering how to cover these costs while ensuring fair compensation for its officers.
Canary Islands: wildfire forces 3,000 to evacuate
Almost 3,000 people have had to evacuate their homes in Tenerife as a wildfire, caused by embers left smouldering from an August blaze, re-ignited on the Spanish island. Unseasonably hot weather (up to 39°C) sparked the flames, which engulfed the north east of the island on 5 October. About 2,400 people have been evacuated from the town of Santa Ursula and another 600 from La Orotava. Teams of firefighters and six water-dropping helicopters worked to battle the fire overnight. The August fire had been brought under control but was never completely extinguished, with embers still burning in the forest. The firefighters have requested support from the army’s military emergency unit. The island’s councillor in charge of emergencies, Blanca Perez, told local radio this fire ‘has been stabilised, we are seeing how it evolves to determine if in a few hours residents can return to their homes’.
Russia: proposal to nuke Siberia strongly criticised
The editor-in-chief of RT, formerly Russia Today, has threatened legal action against critics after a backlash to her comments proposing a nuclear strike on Siberia. ‘Slanderers get ready’, Margarita Simonyan wrote on her Telegram channel, announcing that she had filed a defamation complaint against parliamentary aide Nikolai Korolev and warning of action against others. The often-controversial executive, among the most powerful in Russian media, has drawn criticism over a bizarre video monologue in which she appeared to propose a nuclear detonation in Russia as a deterrent against the West. The video triggered an avalanche of criticism from pundits and politicians. Mr Korolev said, ‘Such statements are a violation of the legislation of the Russian Federation, not to mention the wildness and absurdity’. Other critics noted that the history of Soviet nuclear tests in Siberia has left a legacy of contamination. The Kremlin moved to distance itself from Ms Simonyan, who has a close relationship with Vladimir Putin.
Russia: many more soldiers accused of murder
Independent news outlet Vyorstka has reported a huge uptick in the number of Russian soldiers facing trial for murders committed outside the conflict zone in Ukraine. At least 147 soldiers went on trial for murder between January and September, compared to the 15 murder cases heard against soldiers in military courts in all of 2022. Court verdicts from this year indicate that most soldiers facing trial committed murders under the influence of alcohol. In one case an intoxicated soldier killed a woman with a Kalashnikov assault rifle after learning that she did not support Moscow's invasion of Ukraine. He was sentenced to nine years in prison in March. It is unclear whether the figures cited by Vyorstka include members of the Wagner mercenary outfit, which recruited prison inmates to fight in Ukraine in exchange for pardons. Among the weapons used in the murders were knives, axes, pistols, and Kalashnikovs.