A no-deal Brexit will cause UK house prices to plummet, the governor of the Bank of England has said. Mark Carney warned the cabinet yesterday that prices would fall by 35 per cent over three years if the UK left the EU without any agreement on future relations. Mortgage rates would also rise, making it harder for first-time buyers.
At least 150,000 people are without power in North Carolina as Hurricane Florence makes landfall with winds of 100mph. Forecasters say conditions will worsen as the storm moves inland, but it has been downgraded to category one. There are fears it will cause flooding, with storm surge waves breaking across coastal towns and cities.
Theresa May has said claims by two suspected Russian secret service agents that they visited Salisbury as tourists, and not to poison the former spy Sergei Skripal, are “lies and blatant fabrications” which “are an insult to the public’s intelligence”. Alexander Petrov and Ruslan Boshirov are accused of using novichok.
One of British artist David Hockney’s most recognisable paintings, Portrait of an Artist (Pool with Two Figures), is expected to fetch £80m when it is sold at auction in New York in November. If it makes the estimate, the colourful painting will become the most expensive work by a living artist. The large canvas was painted in 1972.
Amazon chief Jeff Bezos, the world’s richest man, is to use $ 2bn (£1.5bn) to set up a charitable fund to help the homeless and found pre-schools. Worth $ 164bn (£125bn), Bezos has been criticised for not giving to charity. His Day One Fund will help existing homeless charities and create a network of pre-schools in low-income areas.
Car-maker Volkswagen has announced it will cease production of its iconic Beetle car, redesigned in 1999, next year. The Beetle was originally designed for Adolf Hitler as a car for the German masses. Its modern incarnation has been very successful in the US – and production was moved to Mexico in consequence.
Campaigners say off-roading by 4×4 drivers and motorcyclists should be banned in the Lake District because the damage they cause to farm tracks is threatening the region’s World Heritage Site status. A global body that advises Unesco says the problem is particularly bad in a one-mile square of land north of Coniston Water.
A shopkeeper in Bristol has half-destroyed an early artwork by the street artist Banksy, not realising its potential value. Jo Xie was painting over a graffiti-covered metal roller shutter as she got ready to open a new cafe when a passer-by asked if he could take a photograph because it was an early Banksy, painted when the unit was a skate shop.
The launch of a new local newspaper in Missouri has caused controversy. The Uranus Examiner will serve the town of the same name – but mayor Luge Hardman has threatened to boycott it, saying the “innuendo of that title puts my city up for public ridicule, and I will not be a part of it”. The town also boasts a fudge factory.
A new movement called FIRE is growing in the US, with more young professionals hoping to quit their high-pressured jobs forever.
Millennials see FIRE, which stands for Financial Independence, Retire Early, as “a way out of soul-sucking, time-stealing work and an economy fueled by consumerism”, reports The New York Times.