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Editorial 20.10.24
Sunday’s front pages are heavily dominated by Chancellor Rachel Reeves’ upcoming October Budget. Suspected tax ‘raids’ as some papers call them are splashed on the front as political experts offer up their opinions from taxing businesses to the winter fuel cuts.
Many of the tabloids continue reporting on the death of former One Direction member Liam Payne. The 31-year-old pop star fell from his hotel balcony in Argentina on Wednesday and died at the scene.
The Observer leads with the Budget. The paper’s policy editor Michael Savage reports the chancellor is set to increase national insurance contributions for employers to the tune of £9bn “to fund extra resources for the NHS.”
The Sunday Times also covers the budget reporting that there could be a potential “inheritance tax raid” that would close a “loophole” in current tax law.
The Mail on Sunday cites a poll that suggests support for Labour has drastically fallen as voters look ahead to “a welter of tax-raising measures” from Reeves.
The Sunday Express leads on politics too with comments from Tory leadership contender Robert Jenrick, who has attacked Labour for cutting winter fuel payments for pensioners.
The Sunday Telegraph reports on a plan to give millions of people NHS smartwatches that will be able to track health indicators such as blood pressure – a policy aimed at securing a “shift from sickness to prevention”.
The Sunday Mirror leads on a tribute to Liam Payne from his older sister Ruth. The paper calls her tribute “heartbreaking” and quotes her message “I’m sorry I couldn’t save you.”
The Mail on Sunday features an image of Liam on its front page and reports the former 1D member had started playing polo in the months before his death to ‘give him a new purpose in life’.
The Sun on Sunday quotes Ruth and features a large image of the siblings at Ruth’s wedding in 2016.
The Sunday Express devotes space to Ruth’s tribute as well and features an image of Ruth and Liam at her wedding in 2016.
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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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