Latest news with #RichardCarr
Telegraph
7 days ago
- Business
- Telegraph
Sandbanks property developer closes after Labour's tax raid
A property developer in the exclusive coastal resort of Sandbanks has closed, blaming Labour's policies. Richard Carr said tax rises had ruined the second home market in the Dorset town, leaving him no choice but to shut. Fortitudo, which sold a single plot in Poole for £16 million in November last year, has ceased trading in the high-end property market, closing its website and clearing out its offices. A different part of the business will continue to sell commercial property, including roadside retail and student accommodation Mr Carr, the chief executive, described the current economic climate as 'absolutely terrible for developers'. He said he could not sell 'anything' after the Government allowed local councils to charge double council tax for second homes. This power was introduced by the Conservatives in 2023 as part of the Levelling Up and Regeneration Act and came into effect in April this year. Since April 1, the Lib Dem-led Bournemouth, Christchurch and Poole council has made use of the power. Celebrity residents The average property price in the 0.39-sq-mile peninsula crossing Poole Harbour was £1.73 million over the past year, making it one of the most expensive places in the world to buy a house. Well-known former residents include Liam Gallagher and Harry Redknapp. Mr Carr said: 'Residential property is very, very difficult to sell, particularly high-end property, and so we have decided to shut the businesses as it was. We closed it because we just can't sell anything, can't make any money. 'If you talk to estate agents – we had nine properties on, ranging from £1.4 million to £2.8 million – and there are just no buyers. The only way you could sell them was by heavily discounting them. 'Labour have brought in double rates on second homes. A lot of homes in Sandbanks are second homes so all of a sudden that second home market has all but evaporated.' Mr Carr said some ongoing Fortitudo projects had been handed to another developer to complete, while he would finish others himself. He added: 'We all know there's tax rises coming again in November and there's a real lack of confidence in the market. I see no light at the end of the tunnel...' Wealth tax 'could create brain drain' Mr Carr said a potential wealth tax would worsen the situation by leading to a 'brain drain' in which wealthy entrepreneurs would leave the country. Speculation that Labour might bring in such a tax has been mounting after Lord Kinnock suggested the Government was 'willing to explore ' the option. The party's former leader said a 2 per cent tax on assets worth more than £10 million could raise £10 billion a year for the Treasury, prompting some of Labour's union paymasters to back the idea. On Monday, a No 10 spokesman refused to rule out the idea of a new levy on wealthy taxpayers. Mr Carr's two previous companies, Future 3000 and Ravine Lifestyle, collapsed in 2008 and he was declared personally bankrupt. He was prevented from becoming a company director again for 10 years without a court's permission. Bournemouth, Christchurch and Poole council and the Ministry of Housing, Communities and Local Government have been approached for comment.
CBC
16-05-2025
- Climate
- CBC
B.C. forecast for drought and wildfire is bleak, but don't panic yet, say officials
B.C. is already reporting some areas of extreme drought, which could spell bad news for the summer ahead. In the province's first drought update of 2025, a few areas have been highlighted as regions of concern, including the Fort Nelson, North Peace and East Peace regions which have been recorded as having moderate to severe drought conditions. Most of the province has yet to be assessed but Vancouver Island is also reported as having level three drought conditions, on a scale of zero to five. Dave Campbell of the River Forecast Centre says while conditions are not as dry as they were in 2024, they are still concerning. The northeast, in particular, he said is now entering its third year of a multi-year drought where there are "long-term precipitation deficits" that contribute to dangerous conditions overall, such as wildfires. Already, the province is battling multiple fires in the area that have reemerged after laying dormant over the winter months, a phenomenon that is aggravated by a lack of rain and snowfall and open burning bans are in place in parts of the northeast and Kamloops regions effective noon Friday. Fire research analyst Richard Carr of Natural Resources Canada says his agency's forecast shows the potential for yet another active wildfire season across Western Canada, though he noted that many parts of B.C. have seen more precipitation this year than they did last year. Forecast maps released by the agency show the potential for a particularly dangerous fire season in July and August, with parts of southwest B.C. marked in red due to elevated risk. Carr cautioned, though, that it can change quickly depending on what sort of weather occurs in the months ahead. "It's not truly alarming at the present time but really, it depends on how much rainfall we get through June and the summer," he said. "It if turns out like 2017 or 2018 then, you know, by July we could have fairly dry conditions again and potentially active fires."
CTV News
10-05-2025
- Climate
- CTV News
Wildfires expected to continue throughout the summer, expert says
Watch Fire research analyst Richard Carr says the wildfires currently burning through the prairie provinces are expected to continue.
