Early rain clearing the northeast of the UK, then a brighter day is expected with some sunny spells for many. A scattering of showers developing in the west this afternoon, feeling pleasant in the light winds and sunshine. TONIGHT: A
Editorial 17.10.24
Thursday’s front pages continue speculation about the upcoming October Budget. The papers offer up their predictions and reports on whether the chancellor will raise taxes or cut spending.
Other domestic topics are splashed on the front pages including reports on whether Russian spies planted devices in Birmingham, and there’s ongoing coverage of showbiz topics.
The newspapers had gone to print long before news broke of the death of One Direction star Liam Payne in Argentina. The 31-year-old fell from his balcony at his hotel. The story is dominating the UK news cycle online and on social media.
The papers continue their coverage of the appointment of Thomas Tuchel as the new England Football manager.
The Times says Chancellor Rachel Reeves will raise capital gains tax – but only on the sale of shares and other assets, not on a second home. The paper reports the current 20% paid by higher rate taxpayers is likely to rise by “several percentage points” with a source predicting the revenue it will bring in will be in the “low billions.”
The Daily Telegraph says the chancellor will bring in tax rises, rather than spending cuts. The paper says she is planning the “biggest Budget tax raid in history.”
The paper quotes a Downing Street spokesman saying such exchanges are “a standard part of the process.”
The Daily Express claims Reeves is being accused of “bogus” claims about a £40 billion black hole. The paper says senior Tories have said that the chancellor is inventing the shortfall to justify “hammering taxpayers.”
The i newspaper reports Chancellor Rachel Reeves faces a “Labour backlash.” Reeves is under pressure to restructure the system for calculating benefits. “Benefits to rise £1.50 a week” the paper says.
The Guardian leads on a story that says UK counter-terrorism police are investigating whether Russian spies planted an incendiary device in a parcel which caught fire at a DHL warehouse in Birmingham in July. The police say they are examining links to a similar incident in Germany.
The Telegraph says the device could have caused a plane to crash – if it had caught on fire mid-air, and that Russia is suspected of being behind it.
The Sun says Tuchel is on a mission to end “60 years of hurt” for England fans still waiting for another major trophy. The paper calls him “ruthless, demanding, humourless – just what England need.”
The Mirror says if England win the World Cup, Tuchel will be an English hero, saying: “Winning, not nationality, is how a football coach deserves to be judged.”
Thomas Tuchel is also on the front of The Guardian with the caption “Tuchel takes hot seat as England manager”.
Online the newspapers report on the death of the British musician – formerly of One Direction, who died in Argentina late last night after falling from his balcony.
BBC News says Payne was a boyband star who ‘had the X Factor’.
“Ambitious One Direction star who struggled with dark side of fame,” says The Independent.
Payne had been in Argentina supporting his former 1D bandmate Niall Horan says The Guardian.
The Metro says fans are holding vigils outside his hotel, The Sun says Payne’s final hours were “erratic” whilst the Mirror reports TMZ has been slammed for publishing pictures of Payne’s dead body – still lying on the decking below the balcony he fell from.
Elon Musk, CEO of Tesla and SpaceX, is under fire after making a gesture at a rally celebrating President Donald Trump’s return to office. Critics have likened the movement to
Colombia has declared a state of emergency and deployed 5,000 troops to combat left-wing guerrillas after violence claimed over 100 lives in just five days. The conflict spans three departments,
President Donald Trump signed an executive order to withdraw the US from the World Health Organization (WHO). This move revives his previous efforts to leave the global health agency, which
President Donald Trump has signed a series of executive orders focused on immigration reform, including declaring illegal immigration at the US-Mexico border a national emergency and targeting birthright citizenship.
Panama’s president firmly rejected Donald Trump’s claim to “take back” the Panama Canal, emphasising that the vital trade route “is and will remain” under Panama’s control.
There are no easy answers to the decline of UK’s Aim
FT.com Tweet
The government must reform the UK’s “broken inheritance tax system”, a respected think tank has urged, after fresh research found uncapped exemptions in the current framework means a quarter of estates worth over £10m pay a rate of just nine per cent.
CITY AM Tweet
The UK has been ranked as the second most attractive country to invest in by global CEOs, behind only the US, as British CEOs feel confident about growth in the country’s economy.
This is the first time that the UK has been ranked second in the 28-year history of PwC’s CEO Survey.
“Our CEO survey findings are a vote of confidence in the UK as a place for business and investment,” said Marco Amitrano, senior partner at PwC UK.
“The UK’s relative stability at a time of instability should not be underestimated, nor should its strength in key sectors including technology.”
https://www.cityam.com/uk-ranked-second-best-investment-target-by-global-ceos/
A February interest rate cut is a “certainty” after new data suggests that inflationary pressures are weaker than previously thought, but the path beyond remains unclear.
Economists expect the Bank of England to back a third rate cut next month after two important pieces of economic data were published this week.
Figures out on Wednesday showed that the headline rate of inflation fell to 2.5 per cent in December, down from 2.6 per cent previously and below expectations.
Rate-setters will likely have been paying particular attention to services inflation, which is a good gauge of domestic price pressures.
https://www.cityam.com/uk-economy-interest-rate-cut-a-certainty-in-february-after-weak-data/
Thousands of graduates will find themselves stranded in their home town, unable to root out professional opportunities, when April’s hike in the minimum wage drags them into the threshold of student loan repayments, a top financial services firm has warned.
The government announced an above inflation rise in the National Living Wage of 5.6 per cent as part of October’s Budget, prompting warnings of price rises and hiring freezes from business lobby groups.
But according to Blick Rothenberg recent graduates will bear much of the brunt, with those earning as little as £12.21 per hour in a full-time job sucked into to student loan repayments.
A full-time employee on the National Living Wage is set to earn roughly £26,660 when April’s uplift is introduced, meaning they will surpass the £25,000 threshold at which student loan repayments kick in.
https://www.cityam.com/student-tax-to-hit-graduates-on-minimum-wage-by-april/
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