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5 Things You Need To Know, Today, on Friday 25th February 2022
5. The outlook for Britain's housing market has barely changed in the last three months despite the Bank of England embarking on a cycle of interest rate hikes, although the rise in home prices will lag overall inflation this year.
The central bank has recently reversed course to lift rates to 0.50%. It is expected to add another 50 basis points by end-June, increasing borrowing costs for home buyers needing a mortgage.
4. Asian shares have edged higher on Friday, driven by a US rebound as more sanctions were announced against Russia for its actions in Ukraine.
US President Joe Biden hit Russia with a wave of new measures, impeding its ability to do business in the world's major currencies.
3. A £1.9bn scheme to help young people into work is helping far fewer than hoped, a committee of MPs has warned.
The Public Accounts Committee (PAC) said it supported the intention of targeted help for young workers during the pandemic but the "emergency intervention" Kickstart scheme has supported far fewer than predicted.
2. Household energy bills could top £3,000 a year in England, Wales and Scotland from October, in part due to the Ukraine crisis, a report has warned.
The bank Investec said it expects the energy price cap, which limits what suppliers can charge, to hit £3,238 a year for the average home when it's next adjusted in October. The cap is already due to rise by £693 to £1,971 in April.
1. Major Russian banks will be excluded from the UK financial system, oligarchs have been targeted and Russia's national airline Aeroflot will also be banned from landing in the uk due to new sanctions announced by Boris Johnson.
The prime minister told the House of Commons they were "the largest and most severe package of economic sanctions that Russia has ever seen".