Uk Acts To Reduce Housing Bubble Fears

Britain is one of only five officially recognised nuclear-armed countries. Four submarines equipped to carry nuclear missiles – the Vanguard, Victorious, Vigilant and Vengeance – are based in deep-water lochs along the west coast of Scotland, and concrete missile storage bunkers are built into the Scottish hillside. At least one of the four is always at sea. The LibDems, junior partner in the Conservative-led coalition government, want to reduce the number of submarines when the current class is decommissioned, but Prime Minister David Cameron has called any such plan “naive or reckless”. If Scotland votes to break away, Britain would face a huge, expensive and time-consuming task to relocate the system. The Ministry of Defence confirmed on Thursday it currently has no contingency plan. “No contingency plans are being made to move Trident out of Scotland,” a Ministry of Defence spokesman told Reuters. “The scale and cost of any potential relocation away from Faslane would be enormous. We are confident that the Scottish people will vote to remain a part of the United Kingdom.” Defence Minister Philip Hammond said during an evidence session for the report that it was “unhelpful” to speculate over any possible relocation sites, but that ultimately he was confident it could be done. “I am confident that we would be able to solve this problem, but it would cost a significant amount of money,” Hammond told the committee in July. A Trident renewal decision will not be taken until after the next 2015 general election. Britain’s four Vanguard class nuclear submarines reach the end of their service lives in the 2020s. Keith Brown, a minister in the devolved Scottish government, called the current nuclear programme a “huge waste of money” and said an independent Scotland would focus its military efforts differently. “An independent Scotland can halt the disproportionate cuts to our defence footprint and deliver the defence jobs, the equipment and the security that Scotland needs,” he said. Trident missiles are built by Lockheed Martin Space Systems and are also used by the U.S.

British Defense Secretary Philip Hammond and U.S. Defense Secretary Chuck Hagel (not pictured) hold a joint news conference at the Pentagon in Washington, May 2, 2013. REUTERS/Gary Cameron

Osborne: There’s no housing boom in UK George Osborne, the U.K.’s finance minister, says that while there is cause for concern, the U.K. is not in the midst of a housing boom. “The FPC’s assessment this week – in line with that of the Chancellor and the Governor – is that recent developments in the housing market represent a broadening recovery from low levels of activity, but that we must remain vigilant as that recovery progresses,” a Treasury spokesperson said. Help to Buy assists buyers with a 5 percent deposit on properties worth up to 600,000. The government provides the buyer with a 20 percent loan. Osborne’s proposals come at a time of growing backlash against the government’s flagship housing policy, introduced earlier this year to help first time buyers get on the property ladder. U.K. house prices increased by 0.9 percent in September from August and were 5 percent higher year-on-year, according to new figures released today by Nationwide, pushing the average house price in Britain to 172,127. “There are also signs that the pickup is becoming increasingly broad-based. For the first time since 2007, all 13 U.K. regions experienced annual house price growth in the third quarter of 2013, said Robert Gardner, Nationwide’s chief economist in a statement. “However, the southern regions of England continued to see the strongest rates of growth especially London, where the annual rate of growth reached double digits in the three months to September.” By CNBC’s Arjun Kharpal: Follow him on Twitter @ArjunKharpal

UK Man Builds His Very Own Street-Legal F1 Car

F1 Car

UK resident Russ Bost was in such a predicament. An engineer himself, Russ just couldnt find a new car that suited his fancy. So, rather than settle for something ordinary, Bost went ahead and built himself his very own F1 car. Complete with Red Bull racing livery and all. You get a lot of reaction, Bost told BBC News , You can usually work out what they are saying by watching their lips. It is usually what the heck? RELATED: 2013 Formula Ford 1.0 Liter EcoBoost At 190 horsepower, the Ford Formula-based kit car is no track-ready racer, but Russ says he can manage 60 mph in only 3.5 seconds. And unlike your standard F1 car, its made to be driven on the road, even over speed bumps. Not letting an opportunity go to waste, Bost has decided to build 17 more chassis for sale in the UK under the brand name Furore. Image Credit: BBC News @yahooautos on Twitter, become a fan on Facebook More on Yahoo! Autos Sports Car Face-Plants: Volkswagen Corrado (1988 to 1995) Craig Fitzgerald (Ed. Note: This was going to start out as a Top 10 kind of a story, but theres so much great archival material out there, it felt like we should run it as a continuing series once a week.