Thursday newspaper round-up: Revolut, BT Group, housing market

13th Jun 2024 07:23

(Sharecast News) - Pensioners and people on disability benefits are the winners from radical changes to the welfare system made by the Tories over the last decade, while working-age families are losing out by thousands of pounds every year, according to a report by the Resolution Foundation. The Conservatives' 14-year overhaul of social security has shifted spending away from children and housing to supporting elderly people, and broken the link between entitlement and need for some of the poorest households in the country, the report says. - Guardian

Keir Starmer will put economic growth and wealth creation at the heart of Labour's offer to voters as he launches a business-friendly manifesto targeted at former Conservative voters. The Labour leader will launch his election manifesto in Greater Manchester on Thursday, promising to emphasise economic stability in a deliberate contrast to the Conservatives' more policy-heavy offering earlier this week. - Guardian

Revolut has signed a 10-year lease on a skyscraper in the heart of Canary Wharf in a boost for the financial district. The financial technology business has taken the top four floors of the recently refurbished 30 South Colonnade - now known as YY London. The building will feature two Revolut logos on either side, subject to planning permission, with a move-in date earmarked for May 2025. - Telegraph

Mexican billionaire Carlos Slim has bought a £400m stake in BT weeks after chief executive Allison Kirkby unveiled a bold shake-up of the telecoms giant. Latin America's richest man, worth $93bn (£72.4bn), on Tuesday disclosed a 3.2pc stake in the FTSE 100 group, making him one of BT's largest shareholders. The swoop by Mr Slim, who made his money in telecoms in Latin America, is likely to prompt speculation about his intentions. - Telegraph

The housing market's nascent recovery in the early months of this year has already "slipped into reverse", with mortgage rates having edged higher again in recent weeks. Estate agents are taking fewer inquiries from would-be buyers, agreeing fewer sales and seeing more price reductions than they were only a month or so ago, according to the most recent industry survey from the Royal Institution of Chartered Surveyors. - The Times