Closing summary: City minister 'to meet banks' over mortgage scheme
The UK’s City minister is reportedly set to meet representatives of large British banks in order to discuss an extension of support for first-time buyers, as the government looks to win potential housebuyers ahead of the autumn statement.
The meeting is expected to take place before the autumn statement, the chancellor’s secondary fiscal event, on 22 November, Sky News reported.
The City minister is to hold talks with some of Britain’s biggest banks in the lead-up to the autumn statement as the government looks to extend its flagship scheme for first-time buyers.
The Sunday Times reported at the weekend that a package of support for first-time buyers was being lined up for the autumn statement.
An extension of the mortgage guarantee scheme, which enables homebuyers to acquire properties worth up to £600,000 with only a 5% deposit, is said to top the list of options.
It comes as chancellor Jeremy Hunt looks to improve the Conservative party’s offer to young people, ahead of a general election that is expected next year.
Financial markets today showed why the government’s room for manoeuvre is limited: the Conservatives have had a wary eye on the bond markets since the rapid ejection of Liz Truss as prime minister last year.
The UK’s 30-year bond yield hit its highest in 25 years, a change that could eventually lead to borrowing costs rising for households.
In other business news today:
US authorities have demanded documents from Tesla in relation to the electric carmaker’s driver assistance technology and the range of its cars.
Keir Starmer has confirmed that a Labour government will invest £3bn in the UK steel industry in a speech today at Port Talbot steelworks, the steel lobby group has said.
US supermajor Chevron has said it will buy smaller oil company Hess in a $53bn deal, as it looks to keep upping oil production well into the 2030s.
China’s stock market index has dropped to its lowest level since before the coronavirus pandemic in 2019, a sign of the struggles of the world’s second biggest economy.
Foxconn, has said it will cooperate with authorities following the revelation that it faces a tax investigation in China.
You can continue to read our live coverage from around the world:
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In the UK, Rishi Sunak tells Commons that UK agencies believe Gaza hospital blast was caused by militants’ rocket
In our coverage of the Russia-Ukraine war: Erdoğan submits Sweden’s Nato bid for ratification; Russia plans significant defence spending increase, says UK
In the US, nine Republicans vie to be speaker candidate as House paralysis enters third week
In our Europe coverage, Orbán calls Brussels ‘a bad parody’ as he pokes fun over EU’s rule of law measures against Hungary during speech
Thank you for reading today. Please do return tomorrow bright and early for more live coverage. JJ
The business secretary, Kemi Badenoch, has reportedly dealt another blow to the scandal-hit Confederation of British Industry (CBI) by turning down an invite to speak at the lobby group’s annual conference.
Badenoch’s team has told the CBI that she would not be able to address the conference due to scheduling clashes leading up to the chancellor, Jeremy Hunt’s, autumn statement on 22 November, according to Sky News.
It leaves the CBI without a high-profile speaker at the annual event, which is set to take place at the Queen Elizabeth II conference centre in London on 20 November. However, the Guardian understands that a speaker for the event – aimed at showing fruits of the organisations re-engagement efforts – may be announced in coming days.
You can read the full report here:
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