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.
The £40bn question: How will Rachel Reeves balance the books? Rachel Reeves is being warned that she may have to break Labour’s manifesto pledge not to raise income tax or
Schoolgirl Sara Sharif suffered a catalogue of 71 injuries before her death, jury told Schoolgirl Sara Sharif’s body was found with at least 71 recent injuries and two traumatic brain
Counter-terrorism police investigating UK warehouse fire over possible links to Russia Counter-terrorism police are investigating possible Russian involvement in an incident in Birmingham where a package caught fire at a
Former One Direction member Liam Payne dead at 31 Liam Payne has died age 31. The One Direction singer fell from Hotel Casa Sur balcony this afternoon in Buenos Aires,
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
Ministers have hailed £63bn worth of investment into the UK that was unveiled at the government’s investment summit in the City today.
The figure, which includes a number of investment projects announced in recent weeks, covers a range of industries and sectors from clean energy, life sciences, data centres and aviation.
Prime Minister Sir Keir Starmer began the high-powered summit with a speech to CEOs and investors in which he deployed the word ‘growth’ a total of 24 times.
“I am determined to do everything in my power to galvanise growth,” he vowed, as he reiterated his ambition for the UK to secure the highest sustained growth among G7 nations.
Closing the summit last night Chancellor Rachel Reeves said: “The decisions that lie ahead will not always be easy, but by making the right choices – to grow our economy, drive investment, we will create good jobs and new opportunities across every part of our country.”
UK inflation out this week is tipped to fall below the Bank of England’s two per cent target for the first time in more than three years, according to economists.
Official data from the Office for National Statistics, due to be released on Wednesday, is expected to show annual consumer price inflation fell to 1.9 per cent in September from 2.2 per cent in August.
That would be the first time inflation has fallen below target since April 2021, and will likely add to calls for UK ratesetters to lower borrowing costs at their next meeting in November.
Both the European Central Bank and US Federal Reserve have loosened monetary policy more aggressively than the BoE after positive news on inflation, with the ECB expected to make its third rate cut in four months on Thursday.
Wage growth eased in line with expectations, new figures show, helping to pave the way for further interest rate cuts this year.
According to the Office for National Statistics (ONS), pay growth excluding bonuses eased to 4.9 per cent in the three months to August, down from 5.1 per cent previously.
This was in line with expectations and the slowest rate of pay growth since June 2022.
Including bonuses, annual wage growth fell to 3.8 per cent, down from 4.0 per cent and slightly ahead of the 3.7 per cent expected by economists.
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