Average mortgage for UK first-time buyer hits record high of £210,800

The UK government has launched a taskforce aimed at breaking down barriers for women in technology, responding to calls for action to address the gender gap in the tech sector. This initiative is part of a broader strategy to enhance the country's capabilities in artificial intelligence (AI) and ensure that women are represented in this critical field.

Nissan has commenced production of its new electric car, the third generation of the Leaf, at its Sunderland plant, following an investment exceeding £450 million, including £300 million directly into the UK. This marks a significant milestone in the UK's automotive industry as it shifts away from petrol and diesel vehicles.

The UK and South Korea have finalized a trade deal that is expected to enhance cooperation in key sectors such as pharmaceuticals, car manufacturing, and financial services. This agreement marks a significant step in strengthening economic ties between the two nations.

The UK has signed a new trade deal with South Korea, aiming to boost exports of cars, Scottish salmon, and Guinness, with an expected additional £400 million in trade on top of the existing £15 billion annual trade volume. This agreement replaces a previous arrangement and is part of the UK's broader strategy to enhance international trade relations.

Morrisons has announced a delay in its net zero carbon emission targets, pushing the goal back by 15 years to 2050. This makes it the first UK supermarket chain to take such a step, with the revised plan now encompassing the entire supply chain, including emissions from agriculture and land-use sources.

Rishi Sunak, during the Covid-19 pandemic inquiry, expressed concerns regarding the UK's financial stability in March 2020, particularly after the government implemented costly rescue measures to avert mass unemployment. He noted that the rising interest bill on government bonds was a source of acute stress, fearing that foreign investors might doubt the UK's ability to manage its finances compared to other nations in similar situations.

The Financial Conduct Authority (FCA) is considering a significant overhaul of mortgage rules to provide greater payment flexibility for individuals with variable incomes, such as freelancers and gig economy workers. This initiative aims to help these groups access home loans more easily, addressing the needs of underserved consumers in the UK housing market.

The Investment Association has cautioned UK firms against using standard justifications, often referred to as 'boilerplate' reasons, to support significant increases in executive pay. This warning comes as shareholders express concerns over the practice of benchmarking, where companies claim they need to raise salaries to remain competitive and prevent executives from leaving for better offers elsewhere.