King Charles pays tribute to the Prince and Princess of Wales
William was recognized for his experience in the British Army, while Kate was rewarded for his public service
The King recognises the Princess of Wales for her outstanding public service.
From Tuesday, Princess Kate was awarded the Royal Companion of the Order of the Companions of Honour, which was created by King George V in 1917 to recognise outstanding achievements in the arts, sciences, medicine and public service. She is the first member of the royal family to receive this honor.
The princess continued to undergo chemotherapy after being diagnosed with cancer, suspending her royal duties. In 2019, she was awarded a personal honour by Queen Elizabeth by the Grand Cross of the Royal Victoria Order of the Order of the Victoria Grand Cross for her services to the monarch.
Other senior members of the royal family, as well as those who played a role in the coronation, have been appointed.
The Prince of Wales was appointed Great Master of the Most Honourable Order of the Bath in recognition of his service in the British Army. The medal was established by King George I in 1725 to reward outstanding military or civil servants, although it is believed to date back to the eighth century.
与此同时，女王卡蜜拉被任命为大英帝国最优秀勋章大团长（Grand Master and First or Principal Dame Grand Cross of the Most Excellent Order of the British Empire）和首席女爵士大十字勋章，这一职位此前由菲利普亲王和玛丽王后担任。
The appointment of three senior members of the royal family was made on the recommendation of the king and with the approval of the Cabinet Office. However, the king also created four new Companions of the Order of the Garter, which were his personal bestowals.
Among them was Lord Lloyd-Webber, who was knighted in 1992 and appointed Honorary Nobility for Life in 1997 and is now a knightly companion to the Order of the Garter. The Phantom of the Opera composer has won Emmys, Grammys, Oscars and Tony Awards, and last year wrote the theme song "Make a Joyful Noise" for Westminster Abbey's coronation.
The King also noted the Duchess of Gloucester, who became a royal lady of the Order of the Garter when Charles was suspended from his royal duties while his cancer treatment was suspended, and the Queen accompanied the Queen to several public events.
Ajay Kumar Kakkar, Fellow of the Royal College of Surgeons of the United Kingdom, also joined the Order of the Garter, while the Prime Minister's special envoy to the Balkans, Air Marshal Lord Peach, also joined the Order of the Garter, who carried the "sword of mercy" Curtana at his coronation.
The Order of the Garter is the oldest and highest knightly order in the United Kingdom and is celebrated annually with a parade and service at Windsor Castle. Despite his resignation from public office, the Duke of York remained a Knight of the Garter. Last year, he was not allowed to participate in public marches, but participated in other celebrations in private.
The appointment of the Knight of the Garter and the Garter Lady was a gift from the king, i.e. without the advice of the Prime Minister. As such, the appointment of the Order of the Garter falls under the same category as the Order of the Thistle, the Order of Merit, and the Royal Order of Victoria.
Tuesday's announcement brought the number of companions to 21, while the cap was 24. The Guardian Service will take place this summer at St George's Chapel at Windsor Castle.
Inheritance tax brings in a record £7.5 billion in tax revenue
Once the preserve of the British aristocracy and wealthy, inheritance tax is now one of the government's biggest cash cows
Estate tax revenues rose to an all-time high of £7.5 billion in 2023 after the Chancellor of the Exchequer froze the threshold for estate duty payments.
According to HM Revenue & Customs, the UK government's inheritance tax revenue increased by £400 million compared to 2022, the largest share of inheritance tax revenue to date.
Despite the recent fiscal events, Jeremy Hunt is expected to reform taxes, but the news brings good news for tax revenues in the UK.
Families who own property, which have seen rising house prices in recent decades, bear the brunt of the impact of inheritance tax, which is a standard rate of 40% on properties worth more than £325,000. This threshold has remained unchanged since 2009.
Once the preserve of the aristocracy and the wealthy, inheritance tax has now become one of the biggest cash cows for governments to benefit from the so-called fiscal drag, as the tax threshold has not kept pace with inflation, allowing more people to enter the tax range.
During that time, the state now paid three times as much inheritance tax in nominal terms. If the system remains unchanged, the Office for Budget Responsibility predicts that inheritance tax will generate nearly £10 billion a year for the Treasury by the end of the decade.
The latest available data (which is three years overdue) shows that only 4% of the UK is affected by inheritance tax. It is estimated that this number will almost double in the next decade. The largest increases in the number of trapped households were in the north-east and centre.
Alastair Black, head of savings policy at investment management firm abrdn, said: "This month marks the 15th anniversary of the last increase in the zero rate of inheritance tax. This freeze, combined with rising asset values, means that the tax is affecting more people than it originally expected. This issue needs to be addressed if inheritance tax is to return to its original purpose. ”
The news of record tax revenues is sure to be a point of contention ahead of the next general election, as well as a manifesto commitment for any moderately wealthy voters who are likely to still support the Conservatives.
Prior to last fall's announcement, there was repeated speculation that Hunt planned to abolish the estate tax altogether. In the recent budget, there was speculation that Hunt might reform and/or raise the zero interest rate range. But again, no action was taken.
With more and more family homes entering the market, house prices in London are up £9,000
Rightmove reports that more sellers are pouring into the rebounding market as people rush to move ahead of the election
According to Rightmove, the average asking price for a property in London is currently £696,120.
According to property portal RightMove, house prices rose 1.4%, or £9,272, in April, up 2.8% compared to the same period last year.
According to the website, a key factor in the near-record increase in average home prices is the surge in the number of new sellers of high-end properties, and the consequent increase in sales of large family homes.
In contrast, the market of buyers who are more reliant on loans, including those on the first and second tiers of the property ladder, has seen slower growth in home prices and activity, the report added. The asking prices of homes in the outer boroughs of London rose the most on a monthly basis.
Home prices in Merton rose 5.5 per cent in April, and Barnet's asking prices rose 4.8 per cent. Most boroughs saw increases of less than one percent.
"Compared to last month, we have seen a significant increase in the number of people looking for listings. This also gives sellers more confidence that now is the best time to sell their property. Matt Thompson, head of sales at Chestertons, said, "Despite the increase in the number of buyers and sellers in April, demand still outstrips supply, giving sellers the upper hand in price negotiations." The current speculation about a possible rate cut in the coming months could lead to a further increase in the number of buyers, which could lead to sellers sticking to or raising the asking price. ”
Across the UK, the typical price of properties listed in April rose by 1.1% month-on-month, or £4,207, according to Rightmove. According to property websites, the average price of a home is only around £570 from the all-time high set in May last year. Currently, the average asking price for new sellers in the UK is £372,324.
The average asking price for a high-end property in April was £682,661, up more than £18,000 from £664,422 in March.
Overall, the property market has improved a lot in the first four months of the year compared to 2023, with both buyer and seller activity increasing this spring, Rightmove said. Although conditions are more challenging for buyers, with rising interest rates on loans and home prices rising by more than a fifth (22%) in recent years, sales are now flat compared to 2019. Rightmove said wage increases have further increased affordability.
Tim Bannister, director of real estate science at Rightmove, said: "High-end properties continued to push for high pricing at the start of the year, with movers in the sector often less sensitive to higher lending rates and more able to help them replace. While some buyers across industries will feel that their affordability has improved compared to last year due to wage growth and stable home prices, others will be more affected by cost-of-living challenges and have higher interest rates on loans than expected. ”
Despite these factors, this year's start to the year has been positive compared to the quieter start of 2023. However, real estate agents report that the market is still very price sensitive, and despite the current positive situation, these are not the conditions that support the market. Prices have increased substantially. Sellers who are keen to ensure that they are selling still need to price according to the local market reality and avoid being too ambitious at the beginning of their marketing in order to give themselves the best chance of finding a buyer.
The pound stabilized after strong UK economic activity data
The data showed that economic activity in the UK recorded the fastest pace in nearly a year, helping the pound to remain stable against the dollar after hitting a five-month low the previous day, but remained under pressure against the euro.
The pound rose 0.3% against the dollar after the release of the data, but failed to hold on to its gains and ended up only in positive territory.
Still, after three consecutive days of falling to its lowest level since November at $1.2299, this at least marks stabilization.
The S&P Global UK Services and Manufacturing Composite PMI jumped to an 11-month high of 54.0 in April from 52.8 in March, beating all forecasts in a Reuters economist poll.
This growth was driven by significant growth in the services sector.
European data was also better than expected, with EUR/GBP rising 0.2% to 86.43p, reaching a three-month high the previous day, but these moves were not sustained.
EUR/GBP has been trading in a tight range for months, but broke through on Friday when BoE Deputy Governor Dave Ramsden said the risk of overly high inflation in the UK had receded and could be weaker than the BoE, with the euro rising 0.65%. The latest forecast from the Bank of England.
Governor Andrew Bailey also said in his speech last week that inflation data for next month is expected to fall sharply, close to the central bank's 2% target.
Lee Harman, senior currency analyst at Mitsubishi UFJ Financial Group, said: "[Ramsden's comments] suggest that the BoE leadership is becoming more dovish, which increases the risk that they will cut rates sooner, perhaps at the June MPC meeting." A more dovish outlook is starting to weigh on the pound. ”
Earlier this year, expectations that the Bank of England would cut interest rates later than the Fed and the ECB supported the pound. But recent strength in US inflation data means that markets won't see a US rate cut until later this year.