Another Chinese tram brand enters the European market
Stellantis, the parent company of the British car brand Vauxhall, will introduce the Chinese electric car Leapmotor in the UK, slapping Biden's decision to double tariffs on Chinese trams.
As a joint venture with Chinese automaker Leapmotor, Stellantis will launch two BEVs, the Leapmotor T03 supermini and the C10 SUV, in continental Europe in September this year and in the UK in March next year.
With a range of around 170 miles in its debut, the T03 is a major challenge for rival European automakers, who are bracing for stiff competition from a cost-effective Chinese brand.
Compact urban electric vehicles have proven popular with consumers in China, costing around £5,500 each. Strandis expects the two models to retail for just under €20,000 (£17,200) in the UK.
Their plan came as the Biden administration confirmed it would quadruple U.S. import tariffs on Chinese electric vehicles to 100 percent, and the U.S. government also imposed punitive tariffs on other Chinese goods such as solar panels, semiconductors and battery components.
Strandantis CEO Carlos Tavares on Tuesday accused the Biden administration of very strong protectionism, adding that tariffs would only drive up consumer prices.
"Protectionism has many drawbacks," he said. ”
With Chinese penetration in the U.S. auto market already extremely low, these measures are expected to ensure that it remains off-limits for brands such as Lipmot.
It will also put pressure on the European Union and the United Kingdom, which is considering whether to hit Chinese car brands with its own trade tariffs.
The European Commission is investigating claims that China's electric vehicle industry has benefited from massive state subsidies, and some analysts believe that the refusal of companies such as BYD, SAIC and Geely to hand over certain data could make trade sanctions more likely.
British officials are believed to be waiting for the results of the investigation before taking any action, although a source in Whitehall stressed that so far the government has received no complaints from car manufacturers on the issue.
Stellantis and Leapmotor have vowed to launch at least one new car each year for three years, with the goal of reaching a lineup of three hatchbacks and three urban SUVs by 2027.
At a press conference in Hangzhou, China, Tavares said: "Like it or not, Chinese cars are grabbing European share. We have to act very quickly and very aggressively to capture more market share. ”
The mayor of London has warned that without more government funding, Londoners will not have enough housing for many years
London Mayor Sadiq Khan has warned that London will not be able to provide enough affordable housing for residents for years to come if the central government does not provide more funding. The warning comes amid an attack on the central government over housing construction today, after he officially took office last week for his third mayoral term.
Sadiq claimed that "government investment is nowhere near enough, which means that affordable housing construction in London will be lower than what will be needed in the coming years". The Mayor also reiterated his call for the Westminster Government to provide £2.2 billion in "emergency investment" funding for new social housing and affordable housing, which is supported by private, public and not-for-profit housebuilders across London.
In addition, the mayor pledged on Tuesday to use City Hall funds to fill a small gap left by the government's underinvestment. "The new £100 million Housing Start-Up Fund will target stalled developments across London, with a particular focus on converting market-sale housing into social housing in stalled developments to restart construction," the Guild Hall said in a statement. ”
A spokesperson for the Ministry of Equalization, Housing and Communities said: "These claims are misleading. As part of our £11.5 billion affordable housing programme, we have allocated £4 billion to the Greater London Authority to build affordable housing for London, with last year being the highest year on record for affordable housing deliveries nationwide and a 12% increase on the previous year. ”
The government claims to have delivered 147,400 new affordable homes in London since 2010 and more than 696,100 new affordable homes nationwide. A government spokesperson added that affordable housing starts increased by 12 per cent last year compared to the previous year.
Last year, the government said it was working with the Greater London Authority to protect housing deliveries in London by "allowing the Mayor to renegotiate programme targets and delivery contracts". Officials said they will deliver 1 million homes during the current administration's term and remain committed to the goal of building 300,000 homes a year.
The government added that it is "on track" to achieve its target of building "about 250,000 affordable homes" through the 2016-23 Affordable Housing Plan, with about 244,000 new homes to be delivered by March 2023 and another 5,000 units allowed to postpone construction until March 2024.
King Charles' first portrait since his coronation
King Charles of the United Kingdom unveiled his first official portrait since his coronation in May last year on Tuesday.
Portrait by artist Jonathan Yeo depicts Charles against a bright red background, wearing a Welsh Guard uniform with a butterfly falling on his shoulder.
Young, 53, who painted a portrait of Charles' late father, Prince Philip, said in a statement: "Like the butterfly I painted hovering over his shoulder, this portrait has evolved as the subject's role shifts in our public lives." ”。
"My aim is also to reference the tradition of royal portraiture, but in a way that reflects the monarchy of the 21st century and, above all, conveys the deep humanity of the subject."
The portrait, unveiled at Buckingham Palace, was commissioned in 2020 to celebrate the 50th anniversary of the then Prince of Wales becoming the granting agency The Drapers' Company in 2022, Buckingham Palace said.
Young's past subjects include BBC and naturalist David Attenborough, Oscar-winning actor Nicole Kidman and former Prime Minister Tony Blair.
The data shows that more and more elderly UK buyers are looking to buy their first home
One loan servicer recorded an increase in the number of buyers in their 50s and 60s.
Legal & General Mortgage Services, the loan services division of Legal Insurance, said that in the first quarter of 2024, there was a 13% increase in people aged 56 to 65 looking to buy a home, compared to the same period last year.
The data comes from the Ignite platform of the Loan Services division of Legal General Insurance, which is used by mortgage brokers to obtain information on loan products. The Loan Service of Legal Counsel says it is involved in about a quarter of all loan applications in the UK.
Its data also shows that between April 2023 and April 2024, 38% of potential buyers in the UK are first-time buyers, with an average age of 33.
High rents can encourage some tenants to buy a home, and further analysis by the Ignite platform found that over the past year, mortgage advisers reported that the average loan value searched by first-time buyers was £217125.
The most prevalent loan term searched by first-time homebuyers is 31 to 35 years, followed by 26 to 30 years, and then 36 to 40 years.
Kevin Roberts, managing director of Legal's loan servicing division, said: "Our data shows that the desire to own a home remains strong even for those who wait longer to take the first step towards home ownership. ”
"As affordability begins to decline, we are likely to see further activity in the first-time home buyer market, especially if inflation continues to fall and the Bank of England lowers its base rate later this year."
"There are a lot of factors that can influence people's decision to buy a home. High rents may encourage some clients to own a home. Similarly, with mortgage rates falling at the beginning of the year, customers who have been waiting for the right time to buy a home may have found a more affordable property. ”
Earlier this week, Sir Steve Webb, former pension minister and now a partner at LCP (Lane Clark & Peacock), warned that some buyers could be gambling on their retirement prospects by taking on extraordinarily long loans.
He obtained freedom of information data from the central bank, which showed that 42% of new loans (91,394) in the fourth quarter of 2023 were over the national retirement age.
Emily Shepperd, chief operating officer of the Financial Conduct Authority (FCA), said in a recent speech: "In addition to longer repayment periods, we are seeing a greater proportion of loan products that have their terms relaxed around retirement age." The median projected age at maturity for first-time buyers is now 65, up from 56 in 2005. And these loans are moving from niche to normal. ”
With high home prices and high mortgage rates, a longer loan tenure can result in lower monthly payments, but owners end up paying more interest in the long run.
Karina Hutchins, head of lending policy at the Department of Finance, has previously said: "When reviewing new loan applications, lenders will act within the responsible lending rules set by the Financial Conduct Authority and carefully consider whether borrowers can afford to repay their loans in the future." ”