First-Time Buyers To Get 20% Off Under Tories

Young first-time buyers will get a 20% discount on their new homes, under plans announced by the Conservatives.

David Cameron has set out plans to build tens of thousands of new homes on commercial "brownfield" land, reserved for first-time buyers, under 40.

As Tories begin gathering in Birmingham for their annual conference, the PM said a Conservative government would implement the plan if they were re-elected in 2015.

Homes built under the proposed Help to Buy: Starter Homes scheme would be exempt from a range of taxes, lowering their price by 20%, say Tories.

First-time buyers have been priced out of many areas, especially in London

In an interview with The Sun, Mr Cameron said the programme would deliver 100,000 starter homes over the lifetime of the next parliament.

"We want to help more young people achieve the dream of home ownership so today as part of our long-term economic plan I can pledge we will build 100,000 homes for young, first-time buyers," he said.

"We will make these starter homes 20% cheaper by exempting them from a raft of taxes and by using brownfield land.

"I don't want to see young people locked out of home ownership.

David Cameron says the new homes would be exempt from some taxes

"We've already started to tackle the problem with Help to Buy mortgages - and these new plans will help tens of thousands more people to buy their first home."

The Conservatives said the homes would be built on brownfield land already zoned for development but no longer needed for industrial or commercial use.

Such land is not normally made available for housebuilding and can be bought more cheaply than other land, and the savings will be passed on to the buyer.

Public sector land which is surplus to requirements will also be brought into the scheme.

At the same time, the Conservatives said that the properties would be exempt from most of the taxes imposed on new homes.

These taxes include the social housing requirement and the community infrastructure levy.

Some future regulations such as the zero carbon homes standard will also not apply to properties built under the scheme.

The announcement is intended to set the tone for the party's final annual conference before the country goes to the polls next May.

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Vauxhall Recall: Warning Over Corsa Steering

Vauxhall has warned owners of around 3,000 models to stop driving their vehicles until they have been inspected because of a steering problem.

The UK carmaker said the affected vehicles are Adam and Corsa/Corsavan models registered since May 2014, which had been manufactured with a steering system part "that did not meet specification".

The discovery was made during a routine quality control exercise at two of the firm's manufacturing plants - one in Germany and one in Spain.

The company said it was not aware of any accident or injury related to the issue.

Vauxhall said: "As a precaution, these vehicles should not be driven prior to inspection.

"Vauxhall puts the safety and convenience of its customers first and as this condition concerns their safety, the company is taking immediate action."

The firm said customers could check on their website from today, whether their vehicle was affected, and that it would also contact buyers directly.

It added: "Alternatively customers can call the Vauxhall customer assistance centre for advice on 0800 026 0034 between 9am and 5.30pm."

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Vast Food: Restaurants Urged To Cut Portions

By Poppy Trowbridge, Consumer Affairs Correspondent

Restaurants should cut portion sizes or charge more for large servings to help reduce food waste and fight obesity, experts have said.

The Chartered Institute of Environmental Health said the measures would also mean significant savings for food outlets and catering firms.

Jenny Morris, policy officer at the professional body for environmental and public health, told Sky News: "Many of us eat too much.

"The portions we expect to see are too big.

"It seems obvious to me, that an easy solution is to only produce the amount of food that is going to be consumed or that is needed."

She also added that there was some rationale for restaurants to charge a premium for large servings, in a bid to combat rising obesity rates.

Campaigns have sought to encourage consumers to cut back on food waste for years, but the CIEH says the industry itself must drive the changes.

Anthony Worrall Thompson says 97p per customer is lost in food waste

"I think that it is business that needs to lead on it because it is business that is in control," Ms Morris said.

"It hasn't always been the focus up until now."

While big business has begun to measure appropriate portion sizes and reduce food waste, the majority of Britain's food businesses are missing out.

Ms Morris said small and medium-sized restaurants could save hundreds of pounds a week by simply reducing how much meat and produce is wasted.

Celebrity chef Anthony Worrall Thompson estimates that 97p per customer is lost in food waste.

"When you add that amongst the thousands of customers we have every year, it's a huge amount of money," he said.

Recycling body WRAP estimates the cost of food being wasted in the UK from the hospitality and food service sector will reach £3bn per year by 2016.

Ms Morris said: "We are in a very privileged situation at the moment where food is relatively cheap. It won't be in the future.

"It doesn't matter whether a business is small or large, it can save a lot of money." 

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Wonga Profit Slumps After Disastrous Year

By Mark Kleinman, City Editor

Wonga saw its profits slump last year amid trading difficulties in its overseas and small business operations, underlining the task facing its new boss to improve the payday lender's performance.

Sky News has learnt that Wonga is expected to publish annual results for 2013 showing a slump in pre-tax profits from £84.5m last year to roughly £50m in 2013, a source close to the company said.

The period covered by Wonga's results is understood to pre-date the scandal triggered earlier this summer when it emerged that the company had invented a number of law firms in order to pursue customers for unpaid debts.

The episode prompted Wonga to agree with financial regulators to pay at least £2.6m to compensate 45,000 customers for sending them letters from non-existent firms such as Barker and Lowe and Chainey, D'Amato and Shannon.

Wonga's disclosures next week are expected to include a big one-off exceptional charge - possibly running to tens of millions of pounds - to cover legal and regulatory costs related to the fake legal letters scandal, although it is unclear which year the charge will be applied to its accounts.

The controversy marked a nadir for Wonga's reputation, and prompted the company to recruit Andy Haste, a respected City figure, as its executive chairman with a brief to clean up the company's affairs.

Mr Haste will be paid £500,000 a year during an initial period while Wonga seeks a permanent chief executive, after which his annual salary will be reduced to £300,000.

A new chief financial officer is expected to be appointed in the coming days, while Mr Haste has also hired a former RSA colleague, Tara Kneafsey, to run its UK business.

Wonga's small and medium-sized business-lending arm, Everline, is thought to be losing money, as are some of the company's international operations.

Its accounts are also expected to show that Wonga bought back around 2.5m shares from Errol Damelin, the founder who stepped down as chairman earlier this year.

"I want to ensure that the business operates responsibly while providing an effective and reliable service for our customers. I have a clear mandate from the shareholders in Wonga to lead that process, both in the UK and across our international operations," Mr Haste told Sky News in July.

"I have asked all the questions I can think of asking, and I believe I've been made aware of everything," he said.

"Time will tell whether that's the case."

The fall in profits in 2013 may be repeated this year, according to company insiders, because of continued underperformance in parts of Wonga's business.

The City regulator is also bearing down on providers of short-term credit, proposing in July a cap on payday lending meaning that from next January, interest and fees must not exceed 0.8% per day of the amount borrowed.

The Financial Conduct Authority is also imposing a cap on the overall cost of a payday loan so that it cannot exceed 100% of the original sum borrowed.

Asked about Wonga's 2013 results, Damian Peachey, a Wonga spokesman, said the company did not comment on "rumour and speculation" and would not confirm that next week's announcement would cover 2013's audited numbers alone.

He added that Wonga wanted to release its results "in a democratic way".

Last year, the company launched an initiative called OpenWonga, aimed at increasing transparency with stakeholders.

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US-Led Airstrikes Target Oil Sites In Syria

Cameron: 'We Must Tackle Islamic State Together'

Updated: 12:41pm UK, Thursday 25 September 2014

Islamic State has "murderous plans" to expand and carry out terrorist atrocities across the world, David Cameron has warned.

Addressing the UN General Assembly in New York, the Prime Minister said the militant group's rapid advance could be tackled with help from Iran and an end to Bashar al Assad's regime in Syria.

Mr Cameron was speaking ahead of an emergency debate in Parliament on Friday where he is expected to win cross-party support for airstrikes against Islamic State (IS) targets in Iraq.

MPs will vote on whether RAF planes should join the US, France and five Arab states in bombing IS positions, possibly by the weekend.

The Cabinet is also meeting in London to discuss action against IS.

Labour and the Liberal Democrats pledged their support after a formal request for assistance from Iraqi Prime Minister Haider Abadi put potential UK involvement on a legal footing.

The Prime Minister insisted Britain had learned from "past mistakes" in Afghanistan and Iraq, but they would not become an excuse for inaction.

"Isil (Islamic State) is not a problem restricted to just one region. It has murderous plans to expand its borders well beyond Iraq and Syria and to carry out terrorist atrocities right across the world," he said.

"It is recruiting new fighters from all over the world. Five hundred have gone there from Britain and one of them almost certainly brutally murdered two American journalists and a British aid worker.

"We should learn the lessons of the past. But we have to learn the right lessons. Yes to careful preparation; no to rushing to join a conflict without a clear plan.

"But we must not be so frozen with fear that we don't do anything at all."

The Prime Minister's proposals only include military action in Iraq and not Syria, however, the Government has indicated that could expand but would need to be put to another vote.

Speaking on his regular LBC radio programme the Deputy Prime Minister Nick Clegg said: "If we were to decide to take a fuller role on Iraq and Syria then we would go back to the vote."

However, he insisted there would not be boots on the ground.

When asked about the cost of the action Mr Clegg said: "There will be funds to contribute to this but we can't say how much at the moment." But he added: "It will not break the bank."

During an historic meeting with Iranian President Hassan Rouhani earlier, Mr Cameron extended an invitation to Iran to join the fight against IS.

"We have severe disagreements," he said. "Iran's support for terrorist organisations, its nuclear programme, its treatment of its people; all these need to change.

"But Iran's leaders could help in defeating the threat from Isil. They could help secure a more stable, inclusive Iraq; and a more stable, inclusive Syria."

The Prime Minister added that an end to Bashar al Assad's regime in Syria was key to defeating the militant group.

"The failure to meet people's aspirations can create a breeding ground where extremist and even terrorist insurgency can take root," he said.

"In Syria, it must mean a political transition and an end to Assad's brutality. I know there are some who think that we should do a deal with Assad in order to defeat ISIL.

"But this view is dangerously misguided. Our enemies' enemy is not our friend. It is another enemy. Doing a deal with Assad will not defeat ISIL."

The PM was speaking as the US and an Arab alliance launched a fresh wave of airstrikes against strategic IS targets in Syria.

The attacks resulted in the death of a 19-year-old British insurgent from Brighton who was reportedly fighting alongside Islamist group Jabhat al Nusra against the Syrian regime.

In France, President Francois Hollande is holding an emergency meeting of his defence council following the "cowardly" beheading of French hostage Herve Gourdel in Algeria by IS-linked extremists.

French flags were set to be flown at half-mast after Mr Gourdel's murder and fighter jets carried out more airstrikes in Iraq on Thursday.

The Dutch Defence Ministry also said it was advising military personnel not to wear their uniforms on public transport over fears they could be targeted.

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Apple Loses $23bn After iOS Glitch

Almost $23bn (£14bn) has been wiped from the value of tech giant Apple, as it releases a second software patch for its troubled iPhone 6.

The drop in market capitalisation on Wall Street came just hours before the tech giant released iOS 8.0.2 on Thursday night.

The company said the patch promised to "fix an issue that affected iPhone 6 and iPhone 6 Plus users who downloaded 8.0.1" on Wednesday.

Apple also repeated an earlier apology to owners of its newest iPhones who were affected by bugs. Some iPad users had also reported complaints.

Some users said the new iPhone 6 Plus was too flexible

Social media was awash with disgruntled users, who complained about a loss of wireless coverage and being locked out by the Touch ID system.

The problems came amid warning from Apple's OS X operating system had a security flaw which could be more serious than the notorious Heartbleed bug.

The have also been complaints from iPhone 6 Plus owners, who said their smartphone had bent substantially after being placed in a tight pocket.

But Apple spokeswoman Trudy Muller said: "With normal use, a bend in iPhone is extremely rare and through our first six days of sale, a total of nine customers have contacted Apple with a bent iPhone 6 Plus."

Last Friday Apple fans queued to get the new iPhone

It said its iPhones feature stainless steel and titanium inserts to reinforce high-stress locations and use the strongest glass in the smartphone industry.

More than 10 million of the new devices were sold in the weekend after its launch last Friday and Apple said the bug-ridden release affected less than 40,000 users.

Apple shares closed down 3.81% at $97.87 on Thursday. Over the last week it has lost more than 4% of its value and earlier this month it hit an all-time high of $103.74.

But some analysts believe the decline was more to do with a wider negative tech sector sentiment from investors than Apple dissatisfaction.

Nestle's Kit-Kat had a dig at Apple's woes over the bendy phone issue

Meanwhile, rival smartphone makers have taken digs at Apple's troubled product and software launch.

A Samsung advertisement compared a bending phone against one of its own rigid products, and BlackBerry boss John Chen said "I would challenge you guys to bend our [new] Passport".

And confectionery maker Nestle tweeted on its Kit-Kat account: "We don't bend, we break."

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Apple 'Pulls Back' iOS 8 Update Due To Flaws

New iPhone Selling For Thousands In China

Updated: 12:17pm UK, Tuesday 23 September 2014

Consumers in China are willing to pay as much as £2,000 to get their hands on a new iPhone 6.

The latest phone from Apple is not yet available in China, despite being made there, but that has not stopped the most dedicated of consumers from trying to buy from overseas sellers.

Sky News has seen numerous posts on Chinese social media websites where the phones are being sold at massive premiums.

One phone, apparently bought in Hong Kong, is now being advertised on China's Taobao marketplace for RMB19,500 (£1,950). Another appears to have been bought in Britain and shipped out to China for re-sale.

A standard iPhone 6 retails at £539 in the UK without a contract, and is as little as £99 with a contract.

The border between China and Hong Kong has been a smuggling route for centuries. The trade was once opium and weapons, but now it is phones.

Over the past three days, 600 iPhone 6 handsets have been seized by customs in the southern Chinese city of Shenzhen, having been smuggled over the border with Hong Kong.

According to the China's Guangzhou Daily newspaper, smugglers had hidden the phones in boxes of tea, coffee and toothpaste.

The iPhone 6 has not yet been given a launch date in mainland China because the telecoms authorities are yet to give it a licence.

But even without access to the Chinese consumer market, Apple still managed to sell 10 million of the new handsets globally in one weekend alone.

Tim Cook, Apple's chief executive, said: "Sales for iPhone 6 and iPhone 6 Plus exceeded our expectations for the launch weekend, and we couldn't be happier."

The first batch of iPhones was only available in the US, Japan, Australia, Singapore, Hong Kong, Canada, France, Germany and the UK. The limited release has caused mayhem among the Apple faithful.

In Japan, the release marked the first time that iPhones were sold without a SIM lock. This prompted dozens of Chinese buyers to fly to Japan and queue outside Japanese Apple stores.

At one Apple store in the city of Osaka, police were called after Chinese customers' anger boiled over when the store ran out of the phones.

An Apple representative in Beijing refused to comment on the unofficial market and would not confirm when the phone would be released in China. 

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RBS Boss Hampton Confirmed As Next GSK Chair

GlaxoSmithKline (GSK) has confirmed Sir Philip Hampton will become its new chairman by September next year.

The announcement, which confirmed an earlier story by Sky News, clarified a staged introduction to the GSK board as he remains chair of Royal Bank of Scotland (RBS).

GSK said: "Sir Philip Hampton will join the Board of the company as Non-Executive Director from 1 January 2015 and will become Deputy Chairman with effect from 1 April 2015.

"He will succeed Sir Christopher Gent as Non-Executive Chairman with effect from 1 September 2015, or at an earlier date if released from other commitments".

The statement revealed Sir Philip would receive a package of £700,000 a year - the bulk of which would be in cash - once he assumed the role of chairman at Britain's biggest pharmaceuticals firm.

The announcement was made just days after GSK was fined nearly £300m for bribery by Chinese authorities.

Sir Philip took his role at RBS at the height of the financial crisis following the bank's taxpayer bailout.

He said: "It has been a privilege to serve as Chairman of RBS since 2009.

"I am looking forward to working with my colleagues in the months ahead as we work to implement the bank's strategy and continue to improve the support we provide to our customers".

RBS added that the process for selecting his replacement was continuing.

The appointment of Sir Philip to the GSK board is likely to be welcomed by investors, who are keen for the company's board to be strengthened with greater corporate experience.

A former finance director of BT, Sir Philip has also held the same role at British Gas and British Steel.

The process of recruiting a new chairman at GSK was complicated by the need of RBS to appoint a successor to Sir Philip, who is likely to want to know which party will form the next government given the state's majority stake in the bank.

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Plane Disasters May Cost Insurers $600m

Lloyd's Of London says the insurance industry is facing claims of up to $600m (£368m) from aviation disasters such as the loss of two Malaysia Airlines flights.

The specialist insurance and reinsurance market made the revelation while reporting profits of £1.67bn for the first six months - a rise of 21% on the same period last year.

It said that In terms of claims, it had been a "relatively benign period for major catastrophes" with total claims down 12%.

But it added: "The most notable claims have arisen from the unusually high incidence of aviation losses, which have been sudden and tragic.

Lloyd's CEO is Inga Beale

"The global aviation hull war market accounts for around $65m of premium per annum; yet already in 2014, claims could exceed $600m for the insurance industry.

"In a period when premium rates have generally fallen, most notably in the reinsurance space, this is a reminder of why pricing must reflect the underlying risks which are being written", Lloyd's said.

It said the aviation sector was already impacted by the tragic disappearance in March of Malaysia Airlines flight MH370 before the shooting down of flight MH17 over Ukraine. 

The search for MH370 is continuing

Lloyd's also cited attacks at Tripoli International Airport, the loss of an Air Algerie flight to Mali and the crash of a TransAsia Airways plane in Taiwan.

It warned: "As the commercial aviation sector approaches its busiest renewal period, terms and conditions and pricing will need to reflect risk exposures".

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Pubs And Bars Slash Prices In VAT Cut Campaign

Thousands of pubs, bars and restaurants will slash their prices today as part of a campaign to cut VAT.

Tax Equality Day - which will see 15,000 establishments reduce the price of food and drink by 7.5%, has been launched to show the benefits of cutting VAT.

Jacques Borel, the man behind the campaign, has managed to get VAT cuts in a number of European countries, including France, Germany, Belgium and Finland.

"Our message is clear - a reduction in the level of VAT on a long-term basis will generate growth and create jobs in the important leisure and hospitality sector," he said.

"At present all food and drink in pubs is subject to 20% VAT, compared to supermarkets which benefit from a zero VAT rate."

A Treasury spokesperson said: "We are committed to supporting the leisure and hospitality industry and have cut the tax on a typical pint of beer by one penny at Budget 2013 and by a further one penny at Budget 2014, making a pint of beer 8p cheaper than under inherited duty plans.

"We are also providing additional support to businesses in a number of ways.

"For example, from April 2014 businesses and charities have been able to benefit from up to £2,000 off their employer national insurance contributions bill and over £1bn of business rates support has been provided."

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