Plus, mortgage rates rise daily and Goldman Sachs eyes Trillium
BAA warned against Heathrow East cuts
Amid the continuing chaos at Terminal 5, budget airline BMI has threatened to sue BAA if it downsizes its £1.5bn Heathrow East terminal, writes the Observer. The building, to be built by Laing O’Rourke and Ferrovial, will be used by the Star Alliance airlines, who want it to be a “competitive equivalent” to T5.
Mortgage rates rise daily amid turmoil
The cost of an average mortgage has risen so fast that borrowers are paying an extra £150 a year on their old home loans compared with the start of last week, the Daily Telegraph reported on Saturday. It said turmoil in the financial markets caused banks and building societies to raise their rates on a daily basis.
Goldman eyes outsourcer Trillium
Goldman Sachs is considering entering the £1.5bn auctioning of Trillium, the outsourcing arm of property giant Land Securities, The Daily Telegraph reported on Saturday. Goldman is understood to have held informal talk with the private equity group Cinven, which has already approached Land Securities, about being an advisor or potential co-investor.
Urban regeneration may create slums of future, says Rogers
Lord Rogers used a debate in the House of Lords to decry the proliferation of “toy-town houses and Dan Dare glass towers” cropping up in the Thames Gateway, reports the Independent on Saturday. The peer said: “New houses across the country form rootless estates and could just as well be in Beijing, Buenos Aires or Belfast. These are developments which have no regard for a community's sense of place, belonging or identity. I fear we are building the slums of the tomorrow but it shouldn't be. Britain has some of the best architects in the world.”
Speaker’s home gets £1.7m makeover
Refurbishing the home and garden of the speaker of the House of Commons has cost the taxpayer £1.7m, said The Daily Telegraph on Saturday. The bills includes more than £700,000 on furnishing and improving Michael Martin’s official residence. The paper said it would put pressure on him because he is leading attempts to block disclosure of MPs expenses.
BA takes blame for Terminal 5 chaos as more flights are hit
British Airways has admitted it is to blame for the Terminal 5 fiasco at Heathrow Airport, reported The Daily Telegraph on Saturday. On Saturday 54 more flights were cancelled and the airline’s chief executive Willie Walsh faced calls to resign over the 137 cancellations since the £4.3bn facility opened on Thursday.
Regulator demands BAA account for chaos
The Civil Aviation Authority (CAA) is this weekend demand that British Airways presents a formal defence of its treatment of thousands of passengers delayed by the chaos at Terminal 5, reported The Sunday Telegraph. The regulator said passengers claimed the airline had not provided hotel rooms and refreshments after delays or cancellations.
Power firms forced to help the poor
Energy companies will be forced to spend billions of pounds of profits helping customers to save energy, reports the Observer. The government wants power companies to help buy energy-saving lightbulbs and home insulation for its customers.
Travellers winning land-grab wars
Groups of Travellers and gypsies are buying up greenfield sites to house illegal encampments, according to the Observer. Settlements such as the one recently set up next to Tessa Jowell’s house are popping up across the country without planning permission.