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Building of three new towns will start before election, Labour pledges

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Building of three new towns will start before election, Labour pledges


The construction of three new towns will begin before the next general election, Labour has pledged.

A taskforce has recommended 12 locations in England for development, with three areas – Tempsford in Bedfordshire, Leeds South Bank, and Crews Hill in north London – identified as the most promising sites.

Housing Secretary Steve Reed is expected to announce the plans in a speech on the opening day of Labour’s annual party conference.

Labour has put housebuilding at the centre of its vision of how to get the economy growing, promising to build 1.5 million new homes by 2029.

Tempsford is home to 600 people and currently has around 300 houses. Its parish council chairman David Sutton said residents had been kept in the dark about the potential plans, including how many new homes could be built.

“The biggest problem we’ve got at the moment is that even today, as an announcement’s being made, we’ve been given no idea whatsoever of the scale of what we’re being asked to live amongst,” he told the PA news agency.

“Nobody’s come to talk to us at all.”

The promise of a “new generation of new towns” was included in Labour’s election manifesto last year.

The 12 proposed developments range from large-scale standalone new communities, to expansions of existing towns and regeneration schemes within cities.

Sites in Cheshire, South Gloucestershire, East Devon, Plymouth and Manchester are among those which have been recommended for development.

The chosen sites will be subject to environmental assessments and consultation, with the government confirming the final locations and funding next spring.

Labour said each new town would have at least 10,000 homes and they could collectively result in 300,000 homes being built across England over the coming decades.

The government has welcomed a recommendation from the New Towns Taskforce that at least 40% of these new homes should be classed as affordable housing.

A New Towns Unit will be tasked with bringing in millions of pounds of public and private sector funding to invest in GP surgeries, schools, green spaces, libraries and transport for the new developments.

The taskforce has recommended new towns are delivered by development corporations, which could have special planning powers to compulsory purchase land, invest in local services, and grant planning permission.

This follows the model of the regeneration of Stratford in east London during and after the 2012 Olympic and Paralympic Games.

Prime Minister Sir Keir Starmer said: “For so many families, homeownership is a distant dream.

“My Labour government will sweep aside the blockers to get homes built, building the next generation of new towns.”

In his speech, the housing secretary will promise to “build baby build”, while “taking lessons from the post-war Labour government housing boom”.

“This party built new towns after the war to meet our promise of homes fit for heroes. Now, with the worst economic inheritance since that war, we will once again build cutting-edge communities to provide homes fit for families of all shapes and sizes,” Reed is expected to say.

After World War Two Clement Attlee’s government planned the first wave of new towns, including in Stevenage, Crawley and Welwyn Garden City, to relocate people from poor or bombed-out housing, with development corporations assigned responsibility for building them.

The announcement comes as Labour members gather in Liverpool for the party’s annual conference.

It will be Reed’s first major speech since he took over from Angela Rayner as housing secretary, after she resigned for failing to pay enough tax on a flat purchase.

It has been a bruising few weeks for Sir Keir, who is facing questions over his leadership and the direction of his party.

With Labour trailing behind Reform UK in the polls, the prime minister has stepped up his attacks on Nigel Farage’s party.

Arriving in Liverpool on Saturday, he warned Reform would “tear this country apart” and said the conference would be an opportunity to set out his alternative to the “toxic divide and decline” offered by the party.



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Forget Hot Stock Tips: These 2 Money Habits Alone Can Help You Build Wealth Up To Rs 2 Crore

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Forget Hot Stock Tips: These 2 Money Habits Alone Can Help You Build Wealth Up To Rs 2 Crore


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Many investors focus on equities and the stock market, often overlooking a crucial component that should be part of every investment portfolio

Nitin Kaushik said that instead of chasing returns, people should focus on their behaviour, investment ratios, and discipline. (Representative/Shutterstock)

Nitin Kaushik said that instead of chasing returns, people should focus on their behaviour, investment ratios, and discipline. (Representative/Shutterstock)

Social media is flooded with ‘quick riches’ advice and flashy stock tips, yet few ever see real results. Wealth creation, experts say, is far simpler than these trends suggest. Cutting through the noise, a chartered accountant has now shared a clear, practical mantra for building wealth, a formula he says works no matter one’s income is, whether it’s Rs 1 lakh or Rs 10 lakh.

Chartered accountant Nitin Kaushik took to X to explain that wealth stems from good habits, not just high returns.

In his post, he wrote, “Two money habits can make you rich quietly, while others stay busy chasing investments.” He believes real wealth is built through calm, consistent actions—small monthly investments, a clear budget, and periodic rebalancing.

According to Nitin Kaushik, the real problem is that most people lack a system. Whether someone earns Rs 100,000 or Rs 10 lakh, money disappears quickly if it isn’t directed with purpose. “Becoming rich doesn’t start with earnings, but with intentions,” he noted, emphasising that wealth depends more on mindset and discipline than on income.

Habit 1: Compound Interest

The first habit Kaushik highlighted is the power of compound interest, which he called “a force of nature.” Kaushik explained that investing Rs 25,000 a month at a 12% annual return can grow to about Rs 20 lakh in five years, but the same habit maintained for 20 years can build roughly Rs 2.4 crore. He advised that one should start as early as possible to let compounding work in thier favour.

Habit 2: Portfolio Rebalancing

The second habit is portfolio rebalancing. This involves adjusting investments periodically to maintain a balance between equity and debt (stocks and bonds).

He explained, “If you initially hold 70 percent equity and 30 percent debt, but as the market rises, the ratio becomes 85:15, rebalancing helps bring it back to the correct level.” Kaushik added, “It’s like pruning a tree. Pruning is not done to harm it, but to make it stronger.”

Kaushik summed up his thoughts in one line: “Compound interest builds wealth, rebalancing preserves it. One rewards your patience, the other secures your growth.” He added that instead of chasing returns, people should focus on their behaviour, investment ratios, and discipline, as these are the factors truly within their control.

Why Is It Important To Invest In Debt Funds?

Most people invest in equity funds or the stock market, but debt funds are often overlooked, even though they should be an essential part of every investment portfolio. Debt funds are mutual funds that invest in government bonds, corporate bonds, treasury bills, and other fixed-income securities. In simple terms, these funds lend money to companies or the government and earn income through interest.

The benefits of debt funds include:

  • Stable returns and lower risk: Debt funds carry less risk and offer steady, predictable returns, making them a safer option for those wary of stock market volatility.
  • Diversification: Debt funds balance a portfolio by providing stable returns when equities fall, maintaining overall balance and stability.
  • Liquidity: Many debt funds allow for easy and quick withdrawals, unlike fixed deposits with lock-in periods, making them ideal for sudden cash needs.
  • Tax benefits: Long-term debt fund investments (over 3 years) offer indexation benefits, reducing tax burdens and making them more tax-efficient than fixed deposits.
  • Protection and opportunities from interest rate fluctuations: Debt funds can provide good returns when interest rates fall, as the value of older high-interest bonds increases, offering opportunities for investors.
  • Ideal for new investors: Debt funds are a great entry point for those new to mutual funds, helping build investment habits with less risk.

Disclaimer:Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.

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Jaguar Land Rover plunges to loss after heavy cyber attack costs

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Jaguar Land Rover plunges to loss after heavy cyber attack costs



Jaguar Land Rover has plunged to a heavy loss after booking almost £200 million in costs linked to a major cyber attack which saw the firm shut its factories for more than a month.

The UK’s largest car manufacturer said it has “made strong progress” in recovering its operations at pace since the attack.

JLR stopped production across its UK factories for five weeks from September 1 after being targeted by hackers a day earlier.

All of the group’s manufacturing sites – including factories in Solihull, West Midlands, and Halewood, Merseyside – restarted operations last month.

However, it saw revenues plummet by more than £1 billion, around 24%, to £4.9 billion for the quarter to September.

It also swung to an underlying loss of £485 million over the quarter, sliding from a profit before tax and exceptional items of nearly £400 million over the same period in 2024.

In the update, it booked £196 million of extra costs linked to the cyber attack and £42 million related to voluntary redundancies.

The company said its performance was also impacted by US tariffs and a planned wind down in the production of previous Jaguar models.



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PPHE hotel group investors consider stake sale

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PPHE hotel group investors consider stake sale



The biggest shareholders in hotel chain PPHE have said they are in talks over options for the business, including selling stakes.

The company, which runs Park Plaza hotels in Europe, saw shares jump in early trading on Friday as a result.

It followed reports from Bloomberg that the process could lead to the business being taken private.

Founder Eli Papouchado and PPHE president Boris Ivesha confirmed they are planning “to hold a small handful of meetings with financial investors” over potential options for the business.

The shareholders, who own around 44% of the business, said options include investors “contributing growth capital to PPHE” and the “potential partial monetisation of their stakes”.

In a statement, they added: “The shareholders are not in discussions with any parties and are not in receipt of any offer for their collective stake in PPHE.

“There can be no certainty that any such offer will be made.”

Israeli hotelier Mr Papouchado’s family trust owns around 33% of the company.

The company, which has a property estate valued at £2.2 billion at the end of last year, also runs sites under the Art’otel brand, including London locations in Battersea Power Station and Hoxton.

Shares in the business rose by 10.5% to 1,658p on Friday morning, giving the company a market valuation of around £695 million.



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