Chancellor Eyes Mortgage Boost for First-Time Buyers
With the Autumn Statement looming on November 22, the government is rumoured to be extending its mortgage guarantee scheme. The move aims to help first-time buyers struggling to get on the property ladder with just a 5% deposit.
Mortgage Scheme Set for Extension?
Originally launched in March 2021 by Rishi Sunak, the scheme is said to be getting an extra year to tackle Britain’s ongoing housing woes. This boost comes after the Tories’ recent by-election blunders handed Labour two key wins, raising the pressure on the government to act.
The Treasury won’t confirm the talks, but insiders say the extension could be a lifeline for many eager buyers. Since the scheme’s start, lenders have opened doors to more mortgage applicants — though rising interest rates (now at 5.25%) are making repayments tougher.
Airbus Bags Massive €1.2 Billion Deal
In defence news, Airbus has landed contracts worth 1.2 billion euros with French military bodies. The deals will upgrade and support France’s fleet of A330 MRTT aircraft, the world’s top plane-maker revealed on Monday.
Volkswagen Shares Take a Tumble
Volkswagen shares slumped over 3% to their lowest level since April 2020 after the car giant trimmed its profit margin forecast for this year. Raw material hedging losses hit profits hard, with margins now expected at 7.0-7.3%, down from 7.5-8.5%.
Delivery and sales targets remain unchanged, but Deutsche Bank warns the earnings hit could shake up market expectations. The fall highlights the tough times facing even Europe’s biggest automakers.
