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Business live
UK house prices rebound modestly in May; investigation launched into Nationwide’s takeover of Virgin Money
Live  
UK house prices rebound modestly in May; investigation launched into Nationwide’s takeover of Virgin Money
Rolling coverage of the latest economic and financial news
Headlines
Royal Mail  
Postal workers union wants staff to have stake in business
Postal workers union wants staff to have stake in business
Retail sector  
Call for business rates and planning reform after fall in shoppers
Energy  
No need for countries to issue new oil, gas or coal licences, study finds
WeWork  
Company eliminates $4bn in debt after judge approves bankruptcy plan
'World’s largest botnet’  
Europol and US seize website domains, luxury goods in $6bn cybercrime bust
Transparency gap  
Reveal party funding before elections, says European anti-corruption chief
Fiscal tussle  
Who will win the battle to put up taxes the least?
Business manifestos  
Six pre-election proposals touted by UK industry
Environment  
Market value of carbon offsets drops 61%, report finds
Football  
Everton can talk to new buyers with 777 Partners set to miss latest deadline
Salesforce  
Shares plummet as weak forecast sparks concerns of AI competition
Meet the Chinese army’s latest weapon  
The gun-toting dog
Environment  
Bids for bathing water status in England paused in blow for river cleanups
Fantasy house hunt  
Homes for sale in England and Wales with a kitchen garden
Today's agenda
Whether people feel wealthier can be a key factor in where they place their tick at the ballot box.

People owning a house became slightly wealthier this month, data shows, while a separate report shows living standards have languished for more than a decade.

The lender Nationwide has reported that UK house prices rose by 0.4% month on month in May, ending a two-month run of falling prices.

This has lifted the annual rate of house price inflation up to 1.3%, from 0.6% in April, with the average house price now £246,249.

Nationwide said that the market was showing some resilience, even though some lenders raised mortgages rates this spring.

Its chief economist, Robert Gardner, said: “The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer-term interest rates in recent months. Consumer confidence has improved noticeably over the last few months, supported by solid wage gains and lower inflation."

The Institute for Fiscal Studies reported this morning that median incomes grew by only 6% between 2009–10 and 2022–23; before the 2008 crisis, economists would have expected growth of 30% over that period.

The IFS warns that there is no “silver bullet” but reforms to taxes, planning, education and more can make a material difference to the UK’s long-term prospects.

It is a busy morning for Nationwide Building Society.

As well as its latest house price data, we have also learned that the UK’s competition authorities have launched a merger inquiry into its £2.9bn takeover of rival Virgin Money.

The Competition and Markets Authority (CMA) said it was considering whether the deal – the biggest since the financial crisis – would lead to a substantial lessening of competition within the UK banking sector.

The CMA is seeking views from interested parties, by 14 June.

Last week, Virgin Money shareholders voted in favour of Nationwide’s offer, despite one investor claiming the takeover was “likely to sell shareholders very short”.

As well as the shareholder vote, the deal still needs formal approval from the City regulators the Financial Conduct Authority and the Prudential Regulation Authority, as well as a signoff from the CMA.

The agenda
• 
9.30am BST: UK mortgage approvals and consumer credit stats
• 10am BST: eurozone inflation report
• 1.30pm BST: Canadian Q1 GDP report
• 1.30pm BST: US PCE inflation index

We’ll be tracking all the main events throughout the day ...
Opinion
Analysis  
Is Rishi Sunak facing a repeat of John Major’s 1997 landslide defeat?
Is Rishi Sunak facing a repeat of John Major’s 1997 landslide defeat?
 

Pippa Crerar

UK political editor

Pippa Crerar

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As the campaign gears up, we will also turn our focus on to the plans of Labour and the other opposition parties as they set out their own pitches for power. We can only ​d​o all this with your support. If you can, please consider supporting us on a monthly basis from £4. It takes less than a minute to set up, and with your help we will continue to hold power to account – whoever ends up in No 10.

 
Media
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Firm says Russian and Israeli groups used its tools to spread disinformation
Firm says Russian and Israeli groups used its tools to spread disinformation
‘Show this to everyone’  
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Spotlight
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Can they be installed in older properties?
Critics claim the technology is best suited to newbuilds – but studies reveal success with retrofits and in poorly insulated homes
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