It is a staggering figure. Londoners must earn more than £76,000 a year to afford the average privately rented home in the capital. A report by the G15 group, which represents London’s largest not-for-profit housing associations, highlights just how unaffordable the city has become.
Consider that two nurses on a salary of £38,000, sharing an averagely priced rented two-bedroom home, would be unable to afford market rents in almost half of London’s 32 boroughs. The capital simply cannot continue to thrive if it becomes a gated community for the rich.
The Government must eschew calls for rent controls — a red herring that has only ever served to choke off supply — and ensure that more homes get built. Planning reform is rightly a key priority for Labour, and there are already some encouraging signs that ministers are prepared to take on the vested interests to drive through development.
It is a measure of success that people want to live in London. But in order to facilitate this desire, the capital actually has to provide decent places to live at a price ordinary people can afford. Unless things change, more people will reluctantly conclude that life can only begin elsewhere.
Biden’s legacy
Not long ago, Joe Biden may have expected to be accepting the Democratic nomination for president this week. Instead, in an emotional speech to an adoring crowd, he delivered a valedictory address at the opening night in Chicago.
And so, it became a moment redolent with symbolism. This may not initially have been his idea, but Biden did pass on the torch to a new generation of leaders, in the shape of his vice-president, Kamala Harris. Now comes the hard part.
Donald Trump has no plans to hand anything to Harris. Indeed, this is a man who refused to accept defeat in 2020 and spread the lie that the election was stolen. Harris may have surged into a poll lead, but she will know better than most how narrow her path still is to an electoral college victory. But last night, the Democrats were able to give Biden that grateful thanks and warm goodbye he deserved. The president stood against Trump, and won. And when it appeared his running again would allow Trump back in, he stood aside. That is leadership.
Swift’s cool summer
So long, London. Taylor Swift waves goodbye to the capital this evening, following her record-breaking Eras Tour residency at Wembley Stadium. The reality is that Swift could play every Tuesday evening from now until the FA Cup final in May and still sell out the home of football.
