Thames Water profits surge on higher bills; Prada buys Versace for $1.4bn – business live

UK ministers are working towards finalizing a youth mobility scheme with the EU by the end of 2026, which would allow tens of thousands of young British and European citizens to live and work in each other's countries. This initiative is part of a broader effort to reset Britain's relationship with Europe following its exit from the EU six years ago.

The Halifax House Price Index indicates that UK house prices have been adversely affected by uncertainties surrounding the Autumn Budget, leading to a slowdown in growth. This trend reflects a cautious sentiment among buyers and sellers in the housing market as they navigate economic challenges.

Halifax reported that first-time buyers in the UK are in the best position to purchase property in a decade, with the average house price reaching a record £299,892 in November. This marks a significant moment for potential homeowners as affordability has improved since 2015.

UK house prices have shown stability, with annual growth rates slowing down, indicating a period of consolidation in the housing market. This trend reflects a cautious approach from buyers and sellers amid economic uncertainties.

City regulators, including the Bank of England and the Financial Conduct Authority, are set to announce plans aimed at enhancing the mutuals and co-operatives sector, following a commitment from the Labour government to double the size of this £223 billion industry. The announcement will take place in Rochdale, the birthplace of the UK's co-operative movement, and will include measures to streamline regulations and provide expert support.

Dario Vitale has departed from his role as creative director of Versace, just nine months after his appointment and two days following the brand's acquisition by Prada for $1.4 billion. This marks a swift transition in leadership for the iconic fashion house, which was previously led by Donatella Versace.

The UK is moving closer to establishing direct high-speed rail connections to Germany, as announced by the Department for Transport. This development marks a significant step in enhancing transportation links between the two countries.

Thames Water is seeking creditor approval for recapitalization steps as part of its ongoing efforts to stabilize its financial situation amidst rising debt levels and scrutiny over its practices. This move comes as the company engages in discussions with lenders regarding its refinancing options, which have been delayed longer than expected.