Dame Sharon White to Quit John Lewis After Tumultuous Five Years
Dame Sharon White is set to step down as chair of John Lewis in February 2025, ending a turbulent five-year tenure – the shortest in nearly a century for the retail giant. Her exit follows a staggering £234 million loss last year, which forced the partnership to scrap its much-loved annual staff bonus.
She told the board she won’t seek a second term, signalling a major shake-up. While Dame Sharon remains cautiously optimistic, admitting the company is “making progress” in its transformation, she warned there’s still a “long road ahead.” Her five years pale in comparison to previous chairs who served 13 to 26 years.
Home Buyers Opt for Longer Mortgages Amid Affordability Crunch
With house prices falling and costs soaring, young buyers are stretching their mortgage terms like never before. A recent survey by Experian found that 25% of mortgage holders under 30 are now taking out 35-year loans – up sharply from just 10% in 2020.
Nationwide Building Society reported a 5.3% drop in average property values over the past year. This has buyers scaling down to smaller homes and locking in longer mortgages to manage costs.
TSB Slashes Mortgage Rates to Win Borrowers
TSB has jumped into the mortgage rate-cutting fray, launching deals from 4.89% to lure buyers amid fierce competition. Their five-year fixed 0-60% LTV mortgages for movers and first-timers now start at a tempting 4.89%.
Brokers have welcomed the price war, saying lenders are battling hard for business despite fears of a market slowdown. Borrowers looking to remortgage or buy will want to act fast to snap up the new deals.
