Capital Markets

Mnuchin expected to be Trump’s Treasury secretary

Donald Trump has chosen Steven Mnuchin as his Treasury secretary, US media outlets reported on Tuesday, positioning the former Goldman Sachs banker to be the latest Wall Street veteran to receive a top administration post. Mr Mnuchin chairs both Dune Capital Management and Dune Entertainment Partners and has been a longtime business associate of Mr […]

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Financial system more vulnerable after Trump victory, says BoE

The US election outcome has “reinforced existing vulnerabilities” in the financial system, the Bank of England has warned, adding that the outlook for financial stability in the UK remains challenging. The BoE said on Wednesday that vulnerabilities that were already considered “elevated” have worsened since its last report on financial stability in July, in the […]

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Zoopla wins back customers from online property rival

Zoopla chief executive Alex Chesterman has branded rival OnTheMarket “a failed experiment”, and said that his property site was winning back customers at a record rate. OnTheMarket was set up last year, aiming to compete with Zoopla and Rightmove, the UK’s two biggest property portals. It allowed estate agents to list their properties more cheaply […]

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Hard-hit online lender CAN Capital makes executive changes

The biggest online lender to small businesses in the US has pulled down the shutters and put its top managers on a leave of absence, in the latest blow to an industry grappling with mounting fears over credit quality. Atlanta-based CAN Capital said on Tuesday that it had replaced a trio of senior executives, after […]

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BoE stress tests: all you need to know

The Bank of England has released the results of its latest round of its annual banking stress tests and its semi-annual financial stability report this morning. Used to measure the resilience of a bank’s balance sheet in adverse scenarios, the stress tests measured the impact of a severe slowdown in Chinese growth, a global recession […]

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Categorized | Property

Heathrow: everyone needs their peace

Posted on July 31, 2012

Among the samosa stalls and sari shops of Southall, uniformed airport workers stand at the bus stop on their way to nearby Heathrow. Overhead, it is silent.

But if a third runway receives the go-ahead, the jets that rumble over parts of London just a 20-minute bus ride away, are likely to fill the sky over this district as well.

    MPs, advocating compensation for the inevitable noise, may think everyone has their price. But the message from the residents of Southall is that everyone needs their peace.

    A few people said they would accept compensation – with estimates of how much varying widely from £1,000 to £20,000. But the vast majority were riled by the idea of a pay-off, describing it as “blackmail”, “adding insult to injury” and, appropriately, as “hush money”.

    “No way,” said Nadia, who did not want to give her last name because she works at the airport. “Money doesn’t buy you rest and peace when you are tired after a long day at work.” It was already noisy when aircraft were diverted over Southall in bad weather, she added.

    Balbi Dogra, a pensioner, chimed in, saying it was impossible to put a price on the local community that could be spoiled. “We have two temples, a church and a mosque all alongside each other – it is very hard to find,” he said.

    Mr Dogra said an airport should be built where it would disturb fewer people – such as on the Isle of Wight. Robert Conway, 45, said the only alternative was to buy everyone’s houses and create green space underneath the flight path. “They will make what? At least £100m? They should use the extra money to buy the houses,” he said.

    Down the road in Heston, the aircraft already fly low over the well-kept semi-detached houses but a third runway would increase the air traffic.

    Noelia and Carla, who both work on check-in at the airport, cannot open their windows because of the noise. They would take the money if they were offered it, but do not think cash would help when they were lying awake at 3am.

    However, residents have little faith their views will be listened to. “Whatever we say, they will just do what they want. They will decide ‘it is good for you’ and do it,” Nadia said.