Global Housing Shortages Are Crushing Immigration-Fueled Growth
Households go backwards in 13 developed economies as record immigration runs into a housing crisis.
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Households go backwards in 13 developed economies as record immigration runs into a housing crisis.
Bond traders welcomed their first clear sign of a cooling US labor market, but it’s only a part of what’s needed to fire up the truly sweeping rally they’ve been hoping for all year.
Australia’s central bank will likely keep its key interest rate at a 12-year high and stick with it for much of the year to restrain inflationary pressures underpinned by a surprisingly tight job market.
It’s an oft-told anecdote littering social media: Those who invested early in cryptocurrencies have enjoyed life-changing wealth.
Australia’s housing rental value hit a fresh record in April with some cities seeing renewed growth momentum, a troubling sign for the Reserve Bank that’s likely to leave borrowing costs at a 12-year high this week to stave off price pressures.
Mar 4, 2022
Bloomberg News
,(Bloomberg) -- Prime Minister Boris Johnson’s government is open to cutting a grace period for foreign owners of U.K. property to register their interests, according to two people familiar with talks between the ruling Conservatives and opposition parties.
Under legislation to be debated on Monday in the House of Commons, the government plans to set up a register that identifies the ultimate foreign owners of U.K. real estate, preventing them from hiding behind shell companies.
Under the draft bill, individuals would have 18 months to join the register and the opposition Labour Party says that is too long. It’s proposing shortening it to 28 days and is in talks with Johnson’s Conservatives administration about a potential compromise.
One of the people with knowledge of the discussions said the government is open to a six-month period as a compromise, while a second person said only that ministers are prepared to shorten the proposed period. They requested anonymity speaking about private discussions.
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Russia’s invasion of Ukraine has forced the government to accelerate plans to introduce the register, which had been on the back-burner for successive Tory administrations since 2016. The aim is to bring transparency to property ownership and end concerns among Tory and Labour lawmakers alike that London has become a “laundromat” for wealthy foreigners -- and Russians in particular -- to clean up illicit wealth.
“Why are we giving Putin’s cronies 18 months to quietly launder their money out of the U.K. property market and into another safe haven?” Labour leader Keir Starmer asked Johnson in the Commons on Wednesday, adding that he wanted to “work together” with the premier to speed the process up.
Ministers are concerned about striking the right balance between targeting foreign criminals and trapping legitimate, law-abiding owners, according to one of the people.
Under the legislation, failure to meet the registration deadline is an offense opening up owners to potential imprisonment or a fine.
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