THE CITY VIEW

prices, meanwhile, continue to increase at an absurd level, giving first-time buyers an often insurmountable hill to climb to put down a deposit should they have the temerity to want to live somewhere even close to where they might actually want to.

Ask most twenty-somethings with a vague grasp of the public finances and they will further add that their likelihood of seeing a state pension is somewhere equivalent to aerial porcine.

It was insult added to injury then, yesterday, when the pensions secretary dangled the idea that the pension age would be bumped up to 68 perhaps as soon as the end of the next decade. It’s largely semantics, as auto-enrolment schemes have largely moved the burden of oldage support in the long-term from ‘the taxpayer’ at large to individuals, but it is hard to square the financial imperatives behind that decision with the utterly absurd decision to reimpose the triple lock this year.

That triple lock is increasingly indefensible. It’s another example of the British political class’s unwillingness to make a tough decision or make a choice that risks upsetting people. The failure to reform the planning system is another can kicked into the long grass, ensuring a generation will struggle to afford an asset vital for building a nest egg.

Meanwhile taxes keep creeping on up, leaving youngsters with even less to put away. London is the most vibrant, buzzing city in the world, but young talented people won’t stay here just for the food if they’re still renting at 40 and working at 80.

The Guardian

FORD TO CUT 3,200 JOBS IN EUROPE AND MOVE SOME WORK TO US

Ford plans to cut 3,200 jobs across Europe, according to Germany’s largest union, as the carmaker looks to cut costs and shift its focus towards electric vehicles.

The Times

PREMIUM BOND PRIZE RATE BOOSTED TO 14-YEAR HIGH

The number of Premium Bond payouts worth £50 to £100,000 will increase after the prize rate was lifted to a 14-year high. National Savings & Investments is from next month increasing interest rates across a range of its products.

BARCLAYS SET TO REVEAL CATHAL DEASY AS CO-HEAD OF GLOBAL BANKING

Barclays is set to choose former Credit Suisse dealmaker Cathal Deasy as cohead of global banking as the British lender continues to overhaul its investment banking unit.