Here's a roundup of the latest business news, covering the UK housing market, Donald Trump's approach to cryptocurrency, and ITV's surprising cost-cutting plans.
UK House Prices Keep Climbing
Despite economic headwinds, the UK housing market is showing surprising resilience. According to Nationwide, house prices rose for the sixth consecutive month in February, climbing by 0.4% to an average of £270,493. This growth is partly attributed to buyers rushing to complete purchases before anticipated stamp duty increases in April.
The continued rise in prices comes despite what Nationwide describes as "affordability challenges" facing potential buyers. It remains to be seen how the market will react after the stamp duty changes take effect.
Trump's Crypto Embrace: More Than a Fling?
Former US President Donald Trump has made waves with his newfound interest in cryptocurrency. While his strategic crypto reserve has drawn criticism from some quarters, industry insiders believe his support is genuine.
"He may be making an 'unforced error'," some analysts suggest, but others are convinced Trump "has their back." His evolving stance on bitcoin and other digital currencies is certainly one to watch.
ITV Announces Cost Cuts After Profit Surge
In a move that may surprise some, British broadcaster ITV has announced plans for further cost-cutting measures, despite reporting a 19% jump in pre-tax profits to £472m for 2024. The company, known for popular shows like "Britain's Got Talent" and "I'm A Celebrity... Get Me Out Of Here!", seems determined to maximize efficiency even amid strong financial performance.
The reasons behind the cost-cutting decision are not entirely clear, but it suggests a cautious outlook from ITV management, perhaps anticipating future challenges in the media landscape. This approach contrasts with their profit announcement, which highlighted a strong performance in 2024.
Furthermore, Amancio Ortega's British holding, Pontegadea GB 2020, has strengthened its relationship with Deloitte by hiring the firm for auditing services until 2026, following its separation from EY at the end of the previous year.
Finally, experts warn that tariffs imposed by President Trump could negatively impact the UK's economic growth and increase costs for consumers, highlighting the interconnectedness of global economies and the potential repercussions of international trade policies.