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Public inquiries not delivering change, Lords report warns

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Public inquiries not delivering change, Lords report warns
PA The Grenfell Memorial Wall in west LondonPA

Public inquiries into disasters such as the Grenfell Tower fire take too long and often do not lead to change, a Lords report has found.

Inquiries are routinely set up by governments to “learn lessons” and avoid future tragedies.

But Lord Norton, who led the report, said: “Lessons learned’ is an entirely vacuous phrase if lessons aren’t being learned because inquiry recommendations are ignored or delayed.

“Furthermore, it is insulting and upsetting for victims, survivors and their families who frequently hope that, from their unimaginable grief, something positive might prevail.”

The report sets out ways to make inquiries more effective. The government said it would study the recommendations.

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In recent years there have been large-scale inquiries launched into subjects including Grenfell, the infected blood scandal and the Covid pandemic.

However, earlier this year bereaved families expressed their fears that the recommendations from these inquiries would “simply disappear”.

Some campaigners said they have “no faith” that the reports would lead to change.

A report by the House of Lords Statutory Inquiries Committee has now called for a rethink in how inquiries are carried out and crucially, how their recommendations, are implemented.

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The committee warned that inquiries were perceived as “frequently too long and expensive, leading to a loss of public confidence and protracted trauma”.

“Currently, millions of pounds are spent on public inquiries yet too little is done to ensure that the desired outcomes are achieved.”

A government spokesperson said: “We remain absolutely committed to righting past wrongs and working to ensure justice is delivered for victims.

“We thank the committee for its report and will take the time to consider its findings and recommendations.”

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In the course of taking evidence, the Lords committee was told that some patient deaths at Mid-Staffordshire Hospital could have been avoided if recommendations from an inquiry into Bristol Royal Infirmary had been implemented.

Similarly, the committee heard that recommendations made following the Lakanal House fire could have prevented the fire at Grenfell Tower.

Conversely, witnesses told the committee that a report on the Soham murders led to better child protection rules, while an inquiry after the Dunblane shootings strengthened gun ownership laws.

The Grenfell inquiry, which took seven years, made 58 recommendations.

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Prime Minister Sir Keir Starmer has said the government will look at them in detail and respond within six months.

The Lords committee said there was a perception that inquiries were established by ministers to “kick a problem into the long grass”.

One of their key proposals is for Parliament to establish a new committee which would “hold the government to account” for implementing recommendations.

Lord Norton said such a body could create a “deterrent effect” and “stop minister from not paying enough attention”.

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He says inquiries could also be speeded up if they are placed on a non-statutory rather than statutory footing.

Statutory inquires have the power to compel people to give evidence and to give it in public and under oath.

In 2018, the Institute for Government think tank found that between 1990 and 2017, 69 inquiries had been launched, taking an average of around two years to report and costing a total of at least £630m.

One of the most expensive was the Bloody Sunday inquiry which lasted 12 years and cost £210.6m.

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Lord Norton’s report argues that often inquiries try to “investigate too widely” instead of “focusing on the key purpose of learning lessons”.

It says ministers should “resist the temptation to charge an inquiry with the responsibility of investigating wider policy areas”.

It also advises setting deadlines to “concentrate the efforts of the inquiry chair”.

The government argues that, by law, the process, timing and procedure of inquiries are decisions for their independent chairs.

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What is Elon Musk’s net worth? How Tesla shares zoomed after Donald Trump wins election- The Week

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What is Elon Musk's net worth? How Tesla shares zoomed after Donald Trump wins election- The Week

With shares if Tesla surging after Donald Trump’s election victory, Elon Musk’s net worth surpassed $300 billion, according to Bloomberg Billionaires Index.

What is Elon Musk’s exact net worth?

Tesla stock soared around 28 per cent, taking Musk’s fortune to $313.7 billion with a leap of $50 billion. The business mogul, who owns X, is the biggest gaining individual since Trump’s emphatic victory.

However, this is not the first time Trump’s net worth crossed the $300 billion mark. In 2021, his fortune was touched an all-time high of $340.4 billion. 

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This comes after the President-elect announced that his policies would benefit the SpaceX founder, including support for the astronautics firm’s push to reach Mars.

Musk, on the other hand, had donated a whopping $1 million to Trump’s presidential race.

Another move by Trump in Musk’s favour was backtracking from his July announcement to slow the transition to electric vehicles. In August, after Musk backed and donated for the Trump campaign, the Republican said, “I am for electric cars. I have to be, because Elon endorsed me very strongly.”

A strong earnings report by the car-maker also boosted Musk’s fortune in mid-October, raising his net worth by $34 billion in a single day.

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The Republican has also hinted that Musk will be given the role of an advisor.

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Mixed news on China’s stimulus

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This article is an on-site version of our Unhedged newsletter. Premium subscribers can sign up here to get the newsletter delivered every weekday. Standard subscribers can upgrade to Premium here, or explore all FT newsletters

Good morning. A question for readers: will we see a significant shift in consumer sentiment now that a change in presidential administrations is coming? As a reminder, the University of Michigan sentiment index, at 70, is 40 per cent off of its 2022 lows, but still well below historical averages. Will there be a step change in the next survey or two, or a continuation of the current trend? Send us your thoughts: robert.armstrong@ft.com and aiden.reiter@ft.com

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Chinese stimulus

Holders of Chinese equities got mixed news on Friday. At the National Peoples’ Congress meeting, the government announced an Rmb10tn ($1.4tn) fiscal package to bail out local governments’ bad debts. The package itself, following the pattern of recent stimulus measures, is underwhelming. The Shanghai and Shenzhen CSI 300 stock index and the Rmb edged down on the news: 

Bad debt is a problem for China. Chinese local governments, which are not able to issue their own bonds, have traditionally used financing vehicles similar to investment companies to borrow money; after the real estate market crash, many provinces could no longer use land sales to pay back those loans, resulting in bad “hidden” debt not on their official balance sheets. Swapping out the debt will limit financial risks and free up spending capacity, at a moment when many local governments have cut back on public services. But the size of the relief is relatively small. From Tianlei Huang at the Peterson Institute:

The impact of this package on the immediate economic situation will be limited. [Finance minister Lan Fo’an] estimates that local governments will save about Rmb600B [$83bn] in interest payments over five years. [Rmb120B, or $17bn] each year is just too small to make a difference . . . the actual spending [by the local governments] so far this year is almost Rmb3tn [$417bn] lower than the amount that was budgeted [for] this year. 

Rmb10tn is probably not enough to make a lasting dent in the hidden debt problem. While Lan said there is around Rmb14.3tn ($2tn) in hidden debt on provinces’ balance sheets, the IMF put the number at Rmb60tn in a report last year. On top of that, the Rmb10tn number is not all new commitments. While Rmb6tn of new debt will be issued for the debt swap facility, Rmb4tn is debt that was already available to local governments for related purposes. 

Without more muscular stimulus, chances that the economy will hit the government’s 5 per cent growth target this year remain low. But more may be forthcoming. The MOF meeting in October laid out four goals of the stimulus, of which resolving local hidden debt was the first (followed by boosting bank lending, stabilising the real estate market, and supporting consumers). While we are not sure they will continue to be rolled out in the announced order, statements made by Lan imply the government will deliver on the other three goals. 

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Markets have been impatient for details on the stimulus. The timing of this package, right after the US election, suggests that the Chinese government was waiting to learn who would win the White House before making strong financial commitments. And the scale of this package raises the possibility that the government is saving its fiscal firepower in order to respond to the Trump administration’s eventual China policies. A more concrete and substantial fiscal package may emerge soon.

(Reiter

Regional banks

Regional banks rallied furiously after Donald Trump was elected. The KBW Regional Bank Index, which has been a terrible performer for years, is 12 per cent higher than the day before the election. Does this make sense?

The reasons to be bullish on banks under the new administration are something of a grab-bag. Lighter regulation should help a bit, though Basel “endgame” capital rules have already been watered down. The Consumer Financial Protection Bureau’s cap on late credit card fees, currently in legal limbo, seems likely to disappear now, which will help issuing banks. And it appears that bank investors never believed Trump’s own promise to cap interest rates on cards at “around 10 per cent.”

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Lighter touch regulation of mergers will certainly help big banks with merger advisory operations. But it could help the regionals, too. Consolidation among midsized banks makes economic sense in an industry dominated by a few large players. But it is not clear — at least to Unhedged — that merger rules were the most important bottleneck to consolidation. The problem, instead, has been getting the management teams of acquisition targets to give up their prestigious, well-paid jobs. This is what made the 2019 merger of BT&T and SunTrust, creating Truist, so remarkable. 

More important is Trump’s impact on interest rates. If you believe that Trump means high deficits, low taxes, and high growth, all that suggests that the Fed will keep short term interest rates relatively high. And high — but not too high — short term rates are good for banks. Here is a chart of the US banking industry’s net interest income plotted against the policy rate:

Line chart of % showing Higher short rates are good for bank profits

The magnitude of the changes in net interest margins is much lower than the magnitude of changes in the Fed policy rate. But remember that very small shifts in net margins make big differences in banks’ net income. And while many banks have sources of revenue that are not rate sensitive, for regional banks, interest margins are important.

At the same time, the old cliché that banks borrow short and lend long still persists. This would suggest that bank margins are better when the yield curve is steep. To the degree that a given bank has a significant amount of long-term bond or mortgage assets on its balance sheet, this may be true. But in the last five years, the relationship in the industry has been almost the opposite of what the cliché would suggest (note that this chart is quarterly, so it does not capture the recent steepening of the yield curve):

Line chart of % showing Borrow short, lend long, not

But here is the weird thing: financial reality and market perception are different. One bank analyst of long experience noted to us that while the yield curve is not particularly important for regional bank profits, buying regional banks when the curve steepens is a “turn off your brain trade”. Whether it matters for earnings or not, bank stocks rise on a steepening curve. Here is the KBW regional bank index and the Treasury curve:

The relationship is sloppy in detail, but it is clear that big moves in the curve move bank stocks. 

So a key question for regional bank stocks is whether the curve will continue to steepen; if it doesn’t, the nascent rally may stall. Many economists have argued that Trump’s policies are, on balance, inflationary. If that’s right, and the Fed has to lean policy against them, the curve may stay flat. But Trump, and his policies, have been known to surprise people.

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Amsterdam Schiphol unveils Lounge 1 expansion

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Amsterdam Schiphol unveils Lounge 1 expansion

Existing areas including a car park have been converted into 5,000 sqm of additional passenger space

Continue reading Amsterdam Schiphol unveils Lounge 1 expansion at Business Traveller.

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Money

Exact amount DWP payments for parents will rise next year including child benefit and tax credits

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Full list of DWP benefits and free cash you can claim with PIP

PARENTS who get benefits should see payments rise by 1.7% from next April, helping them to manage the increasing cost of living.

Chancellor Rachel Reeves, confirmed in the Budget that all working age benefits would be going up in line with the Consumer Prices Index (CPI) inflation rate.

Benefit payments will increase next year for millions of claimants

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Benefit payments will increase next year for millions of claimantsCredit: Alamy

That means that everything from Universal Credit to Child Benefit will increase by this amount.

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For parents specifically, the child specific elements of various benefits will also increase by 1.7%.

However, working-age people may feel hard done by compared to pensioners, because the State Pension is protected by something called the triple-lock.

This means that the State Pension will rise by 4.1% compared to the lower than 2% rise that everyone else will receive.

We’ve crunched the numbers on the benefits aimed specifically at parents, to see how much they’ll increase by. Here’s what you need to know.

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Universal Credit

Universal Credit is the standard benefit for working-age people in the UK, replacing several legacy benefits.

The government has slowly been moving people across to this benefit since its introduction in 2013, with a view to stopping benefits such as child tax credit, housing benefit, income support, jobseeker’s allowance, employment and support allowance, and working tax credits.

Almost all new benefit claimants are enrolled under Universal Credit, and the aim is for everyone on legacy benefits to be moved across by the end of next year.

Like most benefits, Universal Credit will increase by 1.7%, which the government says will see around 5.7 million families gain £150 on average over the next tax year.

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Understanding the Two-Child Benefits Cap

Exactly how much you’ll get depends on how your family is made up and which elements you receive, but for joint claimants where one or both are 25 or over, the standard allowance will rise from £617.60 to £628.099.

Parents will also see an uplift in the monthly child element:

  • For those with a first child born before April 6, 2017, the extra amount will go up from £333.33 to £338.99
  • For those with a child born on or after April 6, 2017, or a second child, the extra amount will go up from £287.92 to £292.81
  • For those with a disabled child, the lower rate additional payment will rise from £156.11 to £158.76 and the higher rate from £487.58 to £495.86

Child Benefit

Child Benefit is designed to help with the cost of raising a family in the UK.

It’s paid every four weeks and currently worth £1,331.20 for the eldest eligible child and £881.40 for all subsequent eligible children.

From April 6, 2025 this will increase to £26.04 for the eldest and £17.24 for each extra child.

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You can claim child benefit for any child aged under 16.

If your child stays in approved education (such as doing A-levels or Scottish Highers), you can keep claiming until your child is 20.

If they leave approved education, for instance to go to university, you stop getting the money.

While anyone can claim the benefit, if you or your partner earns £60,000 or more, you start having to pay some of the money back.

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Once either of you earns over £80,000 (individually) you have to pay all of it back.

Despite that, it’s often worth claiming because it also gives you national insurance credits if you have a child under 12.

These are really important if one parent is either a stay-at-home parent, working part time, or on a low income, because it helps build up State Pension entitlement.

Child Tax Credit

Child tax credits are due to stop from April next year, so the amount you get won’t increase. However, you may be able to claim Universal Credit, and get the child elements outlined above, which are rising by 1.7%.

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Housing Benefit

Housing benefit is stopping for most people by the end of 2024, however the government says that it will continue to pay it for people who live in supported or temporary accommodation.

There are different rules for people who are above state pension age, who may continue to get the benefit.

If you get Housing Benefit, you should receive something called a managed migration notice that explains about your switch to Universal Credit.

It’s really important to respond to this, because otherwise your benefits might stop and you’ll miss out on important transitional protections.

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Carer’s Allowance

You can claim Carer’s Allowance if you care for someone at least 35 hours a week and they get certain benefits.

These include:

  • Personal Independence Payment – daily living component
  • Disability Living Allowance – the middle or highest care rate
  • Attendance Allowance
  • Pension Age Disability Payment
  • Constant Attendance Allowance at or above the normal maximum rate with an Industrial Injuries Disablement Benefit
  • Constant Attendance Allowance at the basic (full day) rate with a War Disablement Pension
  • Armed Forces Independence Payment
  • Child Disability Payment – the middle or highest care rate
  • Adult Disability Payment – daily living component at the standard or enhanced rate

The rate will go up from £81.90 to £83.29 a week.

The threshold at which you become ineligible for carer’s allowance – known as the “cliff edge” will also rise from April.

Maternity, paternity, adoption and shared parental pay

If you’re pregnant or hoping to be next year, then you might be thinking about maternity, paternity, or adoption leave.

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While many employers are more generous, for a lot of people this means looking at the statutory rates, which are typically 90% of average weekly earnings or £184.03 – whichever is lower.

All of these benefits will also increase by 1.7% from the beginning of next April from £184.03 a week to £187.16.

Maternity Allowance

New mums who don’t qualify for standard maternity pay could still get a payment adding up to thousands of pounds from Maternity Allowance.

This will also rise from £184.03 a week to £187.16 from April 2024.

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Child benefit

Everything to know about child benefit:

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

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SpiceJet conducts seaplane trials; to offer services across India soon- The Week

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Chandrababu Naidu seaplane trials

SpiceJet announced it will launch seaplane services across the country from next year. The destinations will include places like Lakshadweep, Shillong, Guwahati, Hyderabad etc.

The seaplane service seems aimed at boosting tourism and connectivity to remote and picturesque locations. The airline already has the rights to operate seaplanes on 20 routes. “Seaplanes have the potential to transform India’s regional connectivity, opening up access to some of the most stunning, yet remote, parts of the country,” said SpiceJet chairman & MD Ajay Singh. “We are taking concrete steps to bring seaplane operations to life in India once again. We are excited to help drive this initiative forward, partnering closely with the government and civil aviation authorities to ensure these services become a reality and a success.”

Chandrababu Naidu seaplane trials

Avani Singh, CEO, Spice Shuttle (right) and Ajay Singh, CMD, SpiceJet with Andhra Pradesh Chief Minister N. Chandrababu Naidu 

SpiceJet has partnered in seaplane trials across multiple locations, providing crucial engineering, technical, and logistical support. “Our journey in regional connectivity has been a purposeful one, rooted in the belief that everyone, no matter how remote, deserves access to affordable and efficient air travel,” said Avani, Ajay Singh’s daughter who previously led SpiceHealth, is now spearheading SpiceJet’s seaplane project.

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The announcement was made on Saturday during a demonstration seaplane flight from Prakasam Barrage in Vijayawada to Srisailam Dam, both in Andhra  Pradesh, attended by Chief Minister Chandrababu Naidu and Union Civil Aviation  Minister K. Rammohan Naidu.

SpiceJet started India’s first scheduled seaplane service in October 2020 linking the Sabarmati Riverfront in Ahmedabad to the Statue of Unity in Kevadia, Gujarat. But the service had to be discontinued soon. The budget airline is planning to restart seaplane services under the UDAN (Ude Desh ka Aam Nagrik) scheme of the union government which offers subsidies and a cap on airfares.

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Seaside town less than one hour from major cities where you can buy a home for under £30k – and there’s no catch

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Seaside town less than one hour from major cities where you can buy a home for under £30k - and there’s no catch

PROSPECTIVE buyers may be shocked to learn about a well-connected seaside town in the UK where you can buy a home for just £35k.

House prices have been on the rise, with the average buyers forking out close to £300k to make their dreams of ownership come true.

These houses are up for grabs at a fraction of the national asking price

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These houses are up for grabs at a fraction of the national asking price

This, coupled with upcoming changes to Stamp Duty, means hopeful homeowners could end up forking out more than they had a few years ago.

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Under current rules, if a property is more expensive, buyers only pay tax at 5% on the portion above £425,000 and up to £625,000.

The lower limit for the first-time buyer stamp duty exemption was temporarily increased in 2022.

But now it is scheduled to revert to £300,000 in April 2025.

However, hope is not lost for buyers who are willing to be flexible on location.

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In the seaside town of Hartlepool, County Durham, homes can go for as cheap as £25,000, making it £275,000 less than the national average.

Meanwhile, a 55-minute train ride can take you to Newcastle city centre for just £2.20.

Take a look at the cheapest houses in this area…

Two-bed end terrace house – Hartlepool – £25,000

This house is £275,000 below the national average

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This house is £275,000 below the national average

This two-bed end terrace is up for sale in Hartlepool, County Durham for £25,000.

It has two bedrooms, one bathroom, and one reception alongside a kitchen.

The street is within walking distance to a number of schools, and a seven-minute drive to Hartlepool train station.

This home would require a bit of work to bring it up to standards but that is always worth factoring in when looking at an affordable property.

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You might be able to get a mortgage for this house with a 10% deposit of £2,500.

If you got accepted for a 25-year loan with 5% interest, you would be expected to pay back £131 per month.

Best schemes for first-time buyers

Two-bed terrace – Bishop Auckland – £29,999

This two-bed terrace would also require some work

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This two-bed terrace would also require some work

This two-bed terrace is up for sale for £29,999 in nearby Bishop Auckland, County Durham.

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This town is just an hour and 13 minutes train journey to Newcastle and a 41-minute journey to the city centre in Durham.

Again, this home would require some work to bring it up to scratch, but it is just a two-minute drive to the nearest train station – something that often adds value to a property.

You might be able to get a mortgage for this house with a 10% deposit of just £3,000.

If you got accepted for a 25-year loan with 5% interest, you would be expected to pay back £157 per month.

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Two-bed terrace – £36,000

This home is located in Cheapside, Shildon

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This home is located in Cheapside, Shildon

This two-bedroom home is priced at £36,000 and is located slightly inland from Hartlepool in nearby Shildon, County Durham.

It comes with two bedrooms, one reception, a bathroom and a kitchen.

The property is just a short four-minute drive to the nearest train station and is also just a short walk to a number of local primary schools.

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This home would require a fresh lick of paint and some money to refurbish the bedrooms and kitchens, so that is worth bearing in mind.

You might be able to get a mortgage for this house with a 10% deposit of £3,600.

If you got accepted for a 25-year loan with 5% interest, you would be expected to pay back £189 per month.

How to save for your first home

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HAVE you ever wondered how first-time buyers manage to go from savers to homeowners?

Getting a foot on the property ladder might seem like a daunting task, but The Sun’s My First Home feature allows you to find out exactly what it takes to finally get the keys to your own place.

Leanne Gem managed to buy her £456,000 four-bed house with an “underrated scheme”.

Karis Jacobs and her husband George used the 50/50 method to buy their first home just two years after losing their jobs.

Parents Chae and Cem used a “DIY Help to Buy scheme” to buy their £466,000 first home.

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Anupam and his wife Shrabanti lost £6,000 free cash when buying their first home – here’s how you can avoid it.

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