Thursday newspaper round-up: Retailers, first-time buyers, Kevin Hassett

(Sharecast News) - Retailers have breathed a sigh of relief after changes to their business rates bills in the budget were not as bad as feared, after the industry had warned for months that more punitive measures could lead to shop closures and jobs losses. The chancellor, Rachel Reeves, on Wednesday revealed plans to permanently reduce business rates for retail, hospitality and leisure properties - although the discounts are not as generous as those that have been in place since the pandemic. About 750,000 properties in those sectors will see their bills set below the current standard level, with deeper discounts for smaller operators, according to the government. - Guardian Rachel Reeves's benefits spending spree is poised to swallow up more than half of her Budget tax rises. Welfare spending will be £16bn a year more than expected by 2030, according to the Office for Budget Responsibility (OBR) - a significant proportion of the £26bn tax raid announced on Wednesday. This jump will take the UK's total welfare costs to £406.2bn by 2030-31, representing an increase of £73.2bn on this year's bill. - Telegraph

Not for a decade has it been as affordable as it is now for first-time buyers to get on the property ladder. A combination of lower interest rates, higher incomes and muted house price growth has improved affordability for first-time buyers over the last year. Data from Lloyds Banking Group, Britain's largest mortgage lender, shows the price of a typical first-time buyer home is 5.9 times the average first-time buyer salary, down from 6.2 times at the end of 2024. - The Times

An economic adviser to President Trump considered doveish on inflation has emerged as the frontrunner to succeed Jerome Powell as chairman of the US Federal Reserve. Kevin Hassett, director of the White House National Economic Council (NEC), was named by Bloomberg as the favoured candidate. Hassett said only last week that he would cut US interest rates "right now" if he was in charge at the Fed. - The Times