BUSINESS LIVE: House prices jump; £5.8bn of Covid fraud

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BUSINESS LIVE: House prices jump in December; HMRC chases £5.8bn of Covid fraud; Bankers rake in £4.5bn in fees


British house prices rose by 1 per cent in December, doubling forecasts of 0.5 per cent and capping the biggest full-year rise in prices since 2006, figures from mortgage lender Nationwide show.

House prices this month were 10.4 per cent higher than in December 2020 and the average price of a property stood at record high of £254,822.

HM Revenue and Customs is set to spend £155million over the next two years clawing back the estimated £5.8billion lost through the Covid support schemes it administered.

The Department for Work and Pensions, in contrast, has been handed £510million to tackle the Covid-related rise in benefits fraud, estimated at £3.4billion.

Investment bankers who worked on takeovers of British businesses raked in a fees bonanza this year.

Firms from Wall Street giant Goldman Sachs to London-based financier Robey Warshaw – which employs former chancellor George Osborne – earned £4.5billion for their work, according to analysis by data firm Refinitiv.

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HMRC is attempting to claw back the £5.8billion lost through the Covid support schemes it administered

HMRC is attempting to claw back the £5.8billion lost through the Covid support schemes it administered

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