<gu-island name="KeyEventsCarousel" priority="feature" deferuntil="visible" props="{"keyEvents":[{"id":"6631dfa38f08df7ec2bd9c6f","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"
Nigel Railton, the former boss of National Lottery operator Camelot, has been named as the interim chairman of the Post Office.
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Railton will succeed Henry Staunton, who was fired from his role in January, after barely a year in the job.
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The Department for Business and Trade says Railton has “a wealth of experience in transforming organisations” – which he’ll need, as the inquiry into the Horizon scandal continues.
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Railton will lead the Board of Directors and be invited to give Ministers his views on the future direction of the Post Office. But has he’s been named as ‘interim chair’, he may not be planning to do the job on a long-term basis.
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Business secretary Kemi Badenoch says:
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Nigel has the necessary experience to lead an organisation as large and complex as the Post Office and I’m confident he will work well with the leadership team to implement the change that is required in the organisation.
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The Government is committed to delivering justice for the postmasters, but also fulfil our duties to Post Office staff. I want to thank Nigel for stepping up to public service at a time of need, and I know he can help fix the issues of the past whilst transforming the company for the future.
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In February, Badenoch told the House of Commons that Staunton was being investigated over bullying allegations ahead of his dismissal; a week later, Staunton hit back, saying the victim of a “smear campaign”,
","elementId":"d4995ab3-5a46-4516-9c60-77dc116ebaa9"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","prefix":"Related: ","text":"Former Post Office chair claims he is victim of ‘smear campaign’ led by Kemi Badenoch","elementId":"0804dbf6-efa4-47eb-bc1a-a25a7c65c4b7","role":"thumbnail","url":"https://www.theguardian.com/uk-news/2024/feb/27/former-post-office-chair-claims-he-is-victim-of-smear-campaign-led-by-kemi-badenoch"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1714545480000,"blockCreatedOnDisplay":"07.38 BST","blockLastUpdated":1714546174000,"blockLastUpdatedDisplay":"07.49 BST","blockFirstPublished":1714545531000,"blockFirstPublishedDisplay":"07.38 BST","blockFirstPublishedDisplayNoTimezone":"07.38","title":"Nigel Railton names as Post Office interim chair","contributors":[],"primaryDateLine":"Wed 1 May 2024 07.49 BST","secondaryDateLine":"First published on Wed 1 May 2024 07.38 BST"},{"id":"6631d7738f08df7ec2bd9c3b","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
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UK house prices dipped again in April, as rising borrowing costs made it harder for buyers to afford a mortgage.
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Lender Nationwide has reported that prices fell by 0.4%, on a seasonally-adjusted basis, in April – following the 0.2% month-on-month drop in March.
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That pulled the annual rate of house price growth down to 0.6% in April, from 1.6% the previous month, with the average house now costing £261,962.
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Economists had expected a small monthly rise, of 0.2%.
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UK house prices fall unexpectedly in April, Nationwide data shows https://t.co/8y3w513Xcn pic.twitter.com/L646byM7KM
— Reuters UK (@ReutersUK) May 1, 2024
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Robert Gardner, Nationwide’s chief economist, said:
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“The slowdown likely reflects ongoing affordability pressures, with longer term interest rates rising in recent months, reversing the steep fall seen around the turn of the year. House prices are now around 4% below the all-time highs recorded in the summer of 2022, after taking account of seasonal effects.
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At the start of this year, mortgage lenders were engaged in a price war as they slashed rates to attract buyers. But the market has changed, as City investors have reduced their forecasts for interest rate cuts this year.
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With just two Bank of England cuts now expected in 2024, several lenders have recently raised rates – adding to pressure on homebuyers and those looking to remortgage.
","elementId":"7ee5d849-f107-4d25-8471-d3d37bfee5c9"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","prefix":"Related: ","text":"Leading UK lenders raise fixed-rate mortgage deals amid ‘market uncertainty’","elementId":"9c32888e-7cb8-40b6-bae7-b5fe33e1c35a","role":"thumbnail","url":"https://www.theguardian.com/money/2024/apr/23/leading-uk-lenders-raise-fixed-rate-mortgage-deals-amid-market-uncertainty"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"
Recent research carried out for Nationwide found that the biggest factors holding potential buyers back are that house prices, and mortgage costs, are simply too high.
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chart showing reasons for not buying a house","credit":"Photograph: Nationwide"}},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"
Gardner adds:
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Coupled with this, 84% of prospective first-time buyers said that the cost of living has affected their plans to buy, for example through having less money each month to save for a deposit.
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Around two thirds (67%) of respondents currently have between £0 and £10,000 saved towards a deposit. With a 10% deposit on a typical first-time buyer property currently around £22,000, it is not surprising to find that c.60% of prospective buyers have yet to save more than a quarter of their target deposit.
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The agenda
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7am BST: Nationwide house prie index for April
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9am BST: Eurozone manufacturing PMI for April
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9.30am BST: UK manufacturing PMI for April
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3pm BST: US JOLTS survey of job vacancies
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7pm BST: US Federal Reserve sets interest rates
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Key events
Nigel Railton names as Post Office interim chair
Nigel Railton, the former boss of National Lottery operator Camelot, has been named as the interim chairman of the Post Office.
Railton will succeed Henry Staunton, who was fired from his role in January, after barely a year in the job.
The Department for Business and Trade says Railton has “a wealth of experience in transforming organisations” – which he’ll need, as the inquiry into the Horizon scandal continues.
Railton will lead the Board of Directors and be invited to give Ministers his views on the future direction of the Post Office. But has he’s been named as ‘interim chair’, he may not be planning to do the job on a long-term basis.
Business secretary Kemi Badenoch says:
Nigel has the necessary experience to lead an organisation as large and complex as the Post Office and I’m confident he will work well with the leadership team to implement the change that is required in the organisation.
The Government is committed to delivering justice for the postmasters, but also fulfil our duties to Post Office staff. I want to thank Nigel for stepping up to public service at a time of need, and I know he can help fix the issues of the past whilst transforming the company for the future.
In February, Badenoch told the House of Commons that Staunton was being investigated over bullying allegations ahead of his dismissal; a week later, Staunton hit back, saying the victim of a “smear campaign”,
Introduction: UK house price dip again
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
UK house prices dipped again in April, as rising borrowing costs made it harder for buyers to afford a mortgage.
Lender Nationwide has reported that prices fell by 0.4%, on a seasonally-adjusted basis, in April – following the 0.2% month-on-month drop in March.
That pulled the annual rate of house price growth down to 0.6% in April, from 1.6% the previous month, with the average house now costing £261,962.
Economists had expected a small monthly rise, of 0.2%.
UK house prices fall unexpectedly in April, Nationwide data shows https://t.co/8y3w513Xcn pic.twitter.com/L646byM7KM
— Reuters UK (@ReutersUK) May 1, 2024
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Robert Gardner, Nationwide’s chief economist, said:
“The slowdown likely reflects ongoing affordability pressures, with longer term interest rates rising in recent months, reversing the steep fall seen around the turn of the year. House prices are now around 4% below the all-time highs recorded in the summer of 2022, after taking account of seasonal effects.
At the start of this year, mortgage lenders were engaged in a price war as they slashed rates to attract buyers. But the market has changed, as City investors have reduced their forecasts for interest rate cuts this year.
With just two Bank of England cuts now expected in 2024, several lenders have recently raised rates – adding to pressure on homebuyers and those looking to remortgage.
Recent research carried out for Nationwide found that the biggest factors holding potential buyers back are that house prices, and mortgage costs, are simply too high.
Gardner adds:
Coupled with this, 84% of prospective first-time buyers said that the cost of living has affected their plans to buy, for example through having less money each month to save for a deposit.
Around two thirds (67%) of respondents currently have between £0 and £10,000 saved towards a deposit. With a 10% deposit on a typical first-time buyer property currently around £22,000, it is not surprising to find that c.60% of prospective buyers have yet to save more than a quarter of their target deposit.
The agenda
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7am BST: Nationwide house prie index for April
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9am BST: Eurozone manufacturing PMI for April
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9.30am BST: UK manufacturing PMI for April
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3pm BST: US JOLTS survey of job vacancies
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7pm BST: US Federal Reserve sets interest rates