Commercial news round-up: Article 50, house prices, Google, inflation, Next
updated on 23 March 2017
With news this week that Article 50 will be triggered on 29 March (more on what that means here), the reality of what a departure from the European Union will mean for the economy is likely to start firming up (although the extrication process is long; there are two years of negotiation ahead). For more on Brexit and other commercial new stories of interest, read on:
- In depressing news for would-be homeowners, house prices are now, on average, 7.6 times the average annual salary, putting home ownership fully out of reach for many. Compare this to 20 years ago, when they were just 3.6 times as much.
- Google faces revolt from some of its biggest advertisers, as they pull advertising in response to news that their ads have been placed next to extremist content. M&S, Vodafone and HSBC are just three that have announced they will be withdrawing their custom from Google; more are expected to follow.
- The UK’s inflation rate jumped to 2.3% in February, up from 1.8% in January. This has been largely attributed to rising fuel and food prices.
- High street stalwart Next has reported its first fall in profits for eight years, and is predicting “another tough year ahead”. It is a symptom of what experts have called a “general malaise” among retailers.
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