Sharecast - A quarter of young homeowners who have a new mortgage have opted to pay it back over 35 years or more in an attempt to make monthly payments more affordable, according to Experian. Analysis by the credit data company found that 25% of new homeowners aged 29 and under between January and March this year had opted for a repayment term of at least 35 years. – Guardian
The former boss of BP (LON:BP) Bernard Looney is facing fresh allegations after the oil company’s 60,000 pensioners accused him of slashing their retirement pots. BP Pensioner Group has written to the company’s legal team to raise concerns over Mr Looney’s management of the pension fund and is now preparing a possible lawsuit against the firm. – Telegraph
BAE Systems (LON:BAES) has been handed a £3.95bn contract to build the next generation of nuclear-powered submarines as part of the Aukus security pact with Australia and the US. The deal with the UK defence giant was announced by defence secretary Grant Shapps and follows plans laid out by the three countries in March to supply Australia with attack submarines to counter China’s ambitions in the Indo-Pacific. – Telegraph
The City regulator broke data protection rules by “intercepting and diverting” emails, a policy that was allegedly signed off by Andrew Bailey’s office and used to keep track of people “considered a nuisance”. The Information Commissioner’s Office, the UK’s data regulator, concluded that the Financial Conduct Authority had “infringed their data protection obligations” after a former member of staff at the regulator complained about the policy. – The Times
Businesses will pay an extra £1.56 billion in property bills from next year unless the chancellor freezes business rates again, a real estate firm has warned. last autumn Jeremy Hunt announced a support package worth £13.6 billion to help businesses still recovering from the pandemic. It included freezing business rates, which usually increase annually, as well as increasing the discount for retail, hospitality and leisure businesses from 50 per cent to 75 per cent for 12 months, capped at £110,000 per company. – The Times