building

A MAJOR building society is set to slash interest rates on 37 of its personal savings accounts within days.

Newcastle Building Society is dropping rates on dozens of variable rate savings accounts from June 5.

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It comes after the Bank of England (BoE) cut its base rate from 4.5% to 4.25% earlier this month.

The base rate is the rate charged by the BoE to smaller high street banks on loans, with any fall usually mirrored in savings rates.

Newcastle Building Society is reducing rates on the 37 personal savings accounts by 0.25 percentage points.

The Double Access Saver/ISA (Issue 4) will drop from 4.05% to 3.80%, for customers eligible for a bonus interest rate.

Meanwhile, the Newcastle Cash Lifetime ISA (Issue 3) will fall from 2.70% to 2.45%.

The Newcastle Junior Cash ISA will be cut from 3.75% to 3.50% and the Regular Saver Plus from 2.50% to 2.25% for anyone receiving the bonus interest rate.

Customers with fixed-rate savings accounts won’t see interest rates fall from June 5.

Interest rates on two variable rate savings accounts – the Loyalty Saver (Issue 1) and Quadruple Access Saver/ISA (Issue 1) – will also not change as they have only been available to customers since April 24.

You can view the table above to find out how the interest rate on your savings account has changed.

Or, you can visit www.newcastle.co.uk/savings/manage-your-savings-account/interest-rates and click on “Current and Closed Issue Variable Savings Interest Rates”.

The Sun asked Newcastle Building Society to comment.

MAJOR BANKS CUTTING RATES

A host of banks are reducing interest rates on savings accounts as the BoE continues to cut its base rate.

HSBC is cutting rates on eight of its savings accounts from June 3, and joins NatWest and Nationwide who are both doing the same.

Nationwide is cutting interest rates on over 60 savings accounts from June 1 including a number of ISAs and easy access accounts.

NatWest is also cutting rates on a number of accounts from the end of this month.

It comes after the BoE cut its base rate from 4.50% to 4.25% on May 8.

The central bank raises its base rate to discourage people from spending and encourage them to save, which in turn is designed to make inflation fall.

It lowers its base rate when inflation is under control, meaning people are encouraged to spend and pump money into the economy.

A lower base rate signals good news for those with mortgages who see the interest rates charged on them fall.

However, it’s usually bad news for those with savings accounts as banks slash interest rates.

If you’ve got a savings account with an interest rate set to drop, it might be worth shopping around for a better deal now.

Check out comparison sites like moneysavingexpert.com and moneyfactscompare.co.uk to browse the best out there.

According to Moneyfacts, Chip is offering the best rate on an easy access savings account, with a rate of 4.77%.

Meanwhile, the best easy access cash ISA is also with Chip and offering a rate of 4.99%.

Always look beyond just the headline interest rate on any savings account though.

Some offer additional perks which can make them more cost-effective and suited to you, based on your circumstances.

For example, some offer you access to free TV subscriptions or cheaper or free cinema tickets.

Different types of accounts pay out interest at different times too while others will offer a bonus interest rate which falls after a set period.

Some savings accounts penalise you for making withdrawals over a certain limit.

Meanwhile, ISAs can be effective for saving cash as any interest earned on them is tax-free.

Read more below about the different types of savings accounts and what they offer.

Do you have a money problem that needs sorting? Get in touch by emailing [email protected].

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

The failure of one of Skid Row’s largest homeless housing providers represents a dire warning for the viability of supportive housing in Los Angeles, according to a new report on the organization’s demise.

Released Wednesday, Redesign Required: Lessons for Permanent Supportive Housing from Skid Row Housing Trust Buildings, concludes that low and inconsistent rental subsidies and other structural problems in L.A.’s homeless housing systems played a key role in the trust’s 2023 collapse.

Without major changes, other supportive housing providers remain at risk, imperiling housing for thousands of the region’s most vulnerable residents and exposing taxpayers to further bailouts, said Claire Knowlton, a Los Angeles-based financial consultant for nonprofits and the report’s lead author.

“This is a wake-up call,” Knowlton said. “It’s time to dig in and figure out a vision for this sector moving forward.”

Once considered a national leader in homeless housing, the trust announced in early 2023 it could no longer manage its 2,000 units across 29 properties, many of which were renovated, century-old single-room occupancy hotels in and around Skid Row. The decision came after years of financial trouble with buildings in disrepair and disarray, replete with squatters, crime, nonfunctional elevators and clogged and broken toilets.

City of Los Angeles leaders pushed the trust into receivership and, after 18 months, all the properties were transferred to new owners. The city allocated nearly $40 million to finance the receivership, though the new owners reimbursed some of the money upon taking control. The trust declared bankruptcy and dissolved in January.

Researchers received access to the trust’s internal financial data and interviewed more than 30 people, including former trust executives and those knowledgeable about its operations, to produce the report.

The report, which was funded by the Conrad N. Hilton Foundation, is not meant to be a definitive understanding of the trust’s failure, Knowlton said. Times reporting has shown questionable decision-making, financial mismanagement and unstable leadership marked the organization’s final few years. The report did not examine specific actions made by trust executives. Joanne Cordero, the trust’s final CEO who took over amid its spiral in late 2022, was a co-author.

The root of the trust’s problems, the report determined, was that tenants’ public rental subsidies did not provide enough revenue to manage the buildings, including costs needed to assist those dealing with mental illness and drug addiction. All trust properties, including newer buildings with studio and one-bedroom apartments, were running annual deficits — nearly $1 million in one case — once factoring in long-term maintenance expenses, the report found.

Not only were the rental subsidies insufficient to cover costs, but also the funding came through multiple programs that paid the trust wildly disparate rates for rooms without any clear way to increase them. Similar trust buildings received subsidies priced at a difference of up to $600 per unit per month.

The report called the calculation of these rates “cryptic” and their variability “indefensible.”

“The subsidies are not covering the cost,” Knowlton said. “The increases are inconsistent. The subsidy types are inconsistent, and there’s no reason.”

The report cites 2015 as a turning point for trust properties. That year, the region implemented a new coordinated entry system for placing homeless residents into trust buildings and other supportive housing through a process designed to prioritize rooms for the neediest.

The system has been criticized broadly among homeless housing providers for taking too long to match potential residents with units and for concentrating too many people with mental illness, physical disabilities and addiction problems within buildings.

After its implementation, vacancies in trust buildings skyrocketed, which further sapped the organization’s revenues. Spending on security immediately jumped from $50,000 annually prior to 2016 to well over $500,000 after, and ultimately soaring above $1.4 million by 2022.

Knowlton said she could not determine that the coordinated entry system was the source of these problems as other factors played a role. The portfolio’s vacancies were stabilizing until staffing and maintenance woes amid the COVID-19 pandemic in 2020 sent them spiraling. Deteriorating conditions in Skid Row broadly over the same period also could explain the greater security needs, she said.

Still, Knowlton said that local leaders should reevaluate decisions to house those with the most severe health problems in single-room occupancy hotels, which have shared kitchen and bathroom facilities.

“I don’t think single-room occupancy is the right type of housing for people with high levels of mental health needs or extreme substance use issues,” she said.

Reaching similar conclusions during the receivership, city housing officials advocated for tearing down trust SROs and replacing them with new efficiency and one-bedroom apartment buildings, but they abandoned that plan as too risky, expensive and disruptive.

Knowlton is pushing to overhaul the region’s system for funding supportive housing, noting that the problems she identified were universal.

Rent subsidies, Knowlton said, should be set to the cost of providing supportive housing, including social services. Doing so, however, would require significant and ongoing funding boosts at the federal level, which she deemed “extremely ambitious.” In the short term, she argued government agencies should increase and standardize the subsidies to reduce their variability.

“That’s going to give us the time and the cushion that we need to really set that longer term vision around how these buildings are stewarded as public assets, as community assets, because that’s what they are,” she said.

The alternative could be worse, she said. Other supportive housing providers have shown signs of stress. SRO Housing Corp., a similar nonprofit landlord operating 30 supportive housing buildings with a large presence in Skid Row, has documented its financial challenges for years. In December, tenants at one building alleged vermin infestations, broken elevators and sewage leaks in a lawsuit.

When the trust failed, the city stepped in to save critical last-resort housing, but at great cost to taxpayers and without resolving underlying problems in the supportive housing system, Knowlton said. Federal, state and local leaders should do everything they can to avoid a similar situation from occurring again, she said.

The trust’s collapse, Knowlton said, was, “a canary in the coal mine situation.”

Times staff writer Douglas Smith contributed to this report.

“Ironheart” may have been delayed, but it appears she won’t be denied.

Marvel Television released the teaser trailer for “Ironheart” on Wednesday, giving audiences their first proper look at the upcoming show staring Dominique Thorne as Riri Williams. The series was announced back in 2020 before the character made her Marvel Cinematic Universe debut in the 2022 film “Black Panther: Wakanda Forever.”

Set after the events of “Wakanda Forever,” “Ironheart” will see Riri back home in Chicago as she strives to make her own impact and establish her own legacy — likely with a new high tech suit of armor she builds.

“After my internship abroad,” Riri says in the trailer, alluding to her time in Wakanda, “I want to build something undeniable. Something … iconic.”

In “Wakanda Forever,” Riri is introduced as an MIT whiz kid who catches the eyes of the Wakandans after inventing a vibranium detector. When Queen Ramonda (Angela Bassett) saves her life, Riri offers up her expertise to help Shuri (Letitia Wright) and the Wakandans beat their foes.

The teaser kicks off with Riri facing a test from the mysterious Parker Robbins (Anthony Ramos), who can tap into the dark arts when he dons a magical hood.

“Riri, I see you,” Parker says in the trailer. “I see you’re fed up, waiting to be acknowledged for your greatness … I can give you the tools to help you carry out your vision.”

The teaser also offers glimpses of others in Riri’s orbit, including her best friend (played by Lyric Ross) and another “shady” young man (played by Alden Ehrenreich).

“Ironheart” boasts “Black Panther” and “Sinners” filmmaker Ryan Coogler among its executive producers. Chinaka Hodge is the show’s head writer and Sam Bailey and Angela Barnes directed all six episodes. “Ironheart” will hit Disney+ on June 24.

Authors: Darynaufal Mulyaman and Abdullah Akbar Rafsanjani*

In June 2025, South Korea will prepare to hold elections, and there is a figure who is in the political spotlight, namely Lee Jae-myung. He is the leading candidate of the Democratic Party in South Korea and represents a new direction of pragmatic progressivism based on the socio-economic reality of society and not an idealistic and rhetorical one. His views on inter-Korean relations, foreign policy, and his approach to the United States and China reflect an effort to balance national identity with geopolitical realities. If you look back at history, in the history of politics in South Korea, there are two big names that show or define progressivism, namely Kim Dae-jung and Moon Jae-in.

Both figures have left a legacy through diplomacy and careful engagement with North Korea. However, Lee Jae-myung comes with a different approach; he still brings the spirit of peace, but the style he carries is a more populist, more grounded style, and his commitment to inter-Korean peace has not diminished. With the presence of Lee Jae-myung as a candidate, it signals a return to building engagement with North Korea. Lee Jae-myung offers more policies, such as conditional sanctions relief, which is linked to verifiable denuclearization, where sanctions will be eased if North Korea shows real and verified steps in the denuclearization process. What Lee Jae-myung is doing is completely different from Kim Dae-jung’s “Sunshine Policy,” which is more based on trust and reconciliation without harsh conditions.

At the same time, however, his economic initiatives, such as reviving joint tourism projects, show continuity with the Moon Jae-in era with thawed relations and cultural diplomacy. Economic projects such as joint tourism, cultural exchange, and cross-border cooperation still remain part of Lee Jae-myung’s vision. He believes that economic stability and social interaction can be a stepping stone to broader peace. However, what sets Lee Jae-myung apart is his distinctive voice in the broader geopolitical discourse and the most prominent aspect of Lee Jae-myung’s foreign policy, namely his vision to make South Korea a strategically autonomous country.

He argued that South Korea should not choose between Washington and Beijing. In a world that is now polarized between the United States and China, Lee Jae-myung offers a pragmatic, non-aligned approach, not as a passive neutral, but as an active position to balance South Korea’s national interests amid the pressures of the world’s two major powers. This is a bold vision because instead of choosing one of the camps to approach, Lee Jae-myung is pushing for policies that can better allow South Korea to maintain close relations with the United States, especially in the defense-security fields, such as through military alliances and defense system development. And at the same time, it continues to establish relations and economic cooperation with China, which is South Korea’s main trading partner. So this is a bold vision because it recognizes the strategic needs of the U.S. alliance and the gravity of China’s economy.

This approach is very different from conservative governments that are more inclined towards the United States as a whole or even from previous liberal strategies that were sometimes too soft on China. In Lee Jae-myung’s vision, diplomacy is a tool to maintain sovereignty in decisions and not a tool to fully conform to the will of foreign powers. In the midst of new tensions and a global realignment, Lee Jae-myung’s candidacy provides him with a sobering reminder that diplomacy works best not when chasing headlines, but when building trust done slowly. With this approach, Lee can also strengthen South Korea’s position at the regional level, especially through East Asia initiatives that encourage collaboration between countries on energy, technology, and climate change issues. In terms of rich communication, when compared to Moon Jae-in, who tends to be calm and diplomatic, Lee Jae-myung has a more aggressive and approachable communication style than Moon Jae-in. Then, compared to Kim Dae-jung, Lee Jae-myung is more grounded in working-class reality than Kim Dae-jung. Although their communication styles are different, their ambition to bring peace and dignity to the Korean Peninsula is clearly in line with theirs.

Although the style and approach brought are new, the ambition is seen in line with Lee Jae-myung, who does not necessarily reject the legacy of his predecessors to create peace on the Korean peninsula. From Kim Dae-jung, he has inherited the spirit of peace and the recognition that the problems facing Korea cannot be solved by violence. And through Moon Jae-in, Lee Jae-myung continues his efforts to include elements of cultural engagement and economic diplomacy as a tool to build greater trust.

Lee Jae-myung has realized that the South Korean people today are no longer satisfied with symbolism in politics. The South Korean people want real results, both in domestic affairs and foreign relations, especially between the Koreas. Therefore, Lee Jae-myung learns from their weaknesses. The idealism that exists in Kim Dae-jung is often used by North Korea without good faith to repay trust. And Moon Jae-in’s approach, which tends to be too diplomatic, is often criticized for being too slow and not pressuring the opponent enough. So, seeing from this, Lee Jae-myung is more of an approach that can be evaluated and measured, such as verified denuclearization, cross-border economic projects with success indicators, and diplomacy that is open but full of calculations. Therefore, his vision is not idealism, but a steady and deliberate movement towards peace.

Amid the ongoing turmoil and tensions on the Korean peninsula, the trade war between the two great powers, and the rising nationalism in many countries, the presence of figures such as Lee Jae-myung provides a more grounded alternative. Lee Jae-myung is not an idealistic hero but a technocrat who understands the importance of strategy and public communication; this style has made him beloved by many young voters and the working class. Lee Jae-myung’s vision does not dream of instant peace or dramatic reunification, but Lee offers a peace built gradually through small steps and careful calculations and based on trust that is built and tested consistently.

It is a pragmatic progressivism that sees the reality of what is happening in society and remains faithful to the principle that progress is only possible if the small people become the center of determining the direction of policy. In this context, Lee placed the people at the center to determine the direction of policy and did not place the elites or elite-centric ones who often ignored the needs and voices of ordinary citizens. Because, according to Lee, to achieve peace and especially security, it is not only about weapon systems such as missiles or soldiers but also about jobs in border areas and ensuring price stability for the South Korean people so that with development that leads to the economy, stability will be created.

This is what finally made Lee Jae-myung think about more often voicing policies of wealth redistribution, reducing inequality in society, and protection for vulnerable groups as part of achieving diplomacy and national security strategies. Therefore, pragmatic Progressivism is not trapped by moral rhetoric but is faithful to the principle that progress can be achieved or is possible if the people become the center to determine the direction of policy. And with the pragmatic progressivism carried by Lee Jae-myung, he can bring together the spirit of healthy change with a political vision that is not only ideal but also capable of being implemented in the complex realities that occur in today’s world.

*Abdullah Akbar Rafsanjani is a researcher assistant of CEO Research. Research interests are around security issues and foreign relations.