Thursday newspaper round-up: House prices, Co-op, BoE rates

Britain’s housing market has taken a post-referendum nosedive with a sharp drop in purchase enquiries at estate agents, a reduction in sales agreed and expectations of falling prices. In its latest survey of estate agents and surveyors, conducted after the June 23 vote to leave the EU, the Royal Institution of Chartered Surveyors found a “marked drop in activity in the housing market”. – Financial Times

The Co-op Group has sold 298 of its smaller food stores in a £117m deal to convenience retailer McColls as part of the mutual’s turnaround strategy. Earlier this year the Co-op hired advisers at investment boutique Rothschild to find prospective buyers for the shops, which equate to nearly 10pc of its estate, to raise funds for investment in the rest of its stores. – Telegraph

The complexities of executive pay packets could move up the agenda following the EU referendum vote, as investors capitalise on Theresa May’s calls for companies to be more responsible citizens, a leading remuneration firm has said. The new Prime Minister said in a speech this week that she wanted to see binding votes on corporate pay, not just on future pay targets, and full disclosure of how much more a chief executive earns than his employees. – Telegraph

Theresa May’s new government should reject concerns that leaving the European single market will damage Britain’s economic prospects and embrace unilateral free trade to boost exports, according to a group of economic analysts. The Economists for Brexit group, which campaigned for Britain to leave the European Union, said a unilateral free trade deal would allow the UK to import cheaper goods and gain access to new markets, delivering greater prosperity. – Guardian

Half a billion people in 25 of the west’s richest countries suffered from flat or falling pay packets in the decade covering the financial and economic crisis of 2008-09, according to a report highlighting the impact of the Great Recession on household incomes. Research by the McKinsey Global Institute found that between 65% and 70% of people in 25 advanced countries saw no increase in their earnings between 2005 and 2014. – Guardian

The Bank of England is tipped today to slash interest rates to a record low in a pre-emptive strike to head off a Brexit-related slowdown and encourage investment. In a Reuters poll of 60 leading economists, 39 predicted that the nine-strong monetary policy committee would shave at least 0.25 of a percentage point from the present 0.5 per cent base rate that was set in March 2009. In the same survey a week ago a big majority expected no change from policymakers. – The Times

Up to eight North Sea oil platforms owned by Royal Dutch Shell were facing the threat of strike action last night after rig workers rejected plans for further steep pay cuts. More than 200 employees of Wood Group, one of the North Sea’s biggest engineering contractor groups, voted overwhelmingly in favour of the strike, with 99.1 per cent of members of the Unite union and more than 98.5 per cent of RMT members coming out in support. – The Times