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Editorial 14.11.24


Thursday’s headlines are made up of a variety of domestic and international stories. 

Chancellor Rachel Reeve’s budget continues to be scrutinised as does other Labour plans. There’s further coverage of the assisted dying bill and a handful of reports regarding the NHS and other medical stories. 

Images of Donald Trump and Joe Biden meeting at the White House following Trump’s election victory last week feature on some of the front pages. Whilst a handful of newspapers report the latest from the US as their lead story. 

There is also some very light coverage of the recent report from the US that says Israel is committing ‘crimes against humanity’ in Gaza.

Showbiz gossip makes up the tabloids with the latest from I’m a Celebrity and the death of actor Timothy West filling up the space.

Several tabloids – and the back pages – report on a shocking new video of David Cootes appearing to sort a white powder. Cootes – a Premier League referee – had already been suspended after a video emerged of his X-rated rant about Liverpool and Jurgen Klopp.

‘Business Backlash Over Budget’

‘Business backlash over budget,’ reports the Times.

The Times is one of several papers to lead on the October Budget. The paper says the government is facing a growing “business backlash” over the Budget which contained a £25bn increase in employers’ national insurance. 

The British Retail Consortium has drafted a letter telling the chancellor its members will not be able to absorb the additional cost of the measures, the paper reports. 

‘Downing Street confirm cap on council tax rises,’ says the Mail.

The Daily Mail says Downing Street has confirmed a cap on council tax rises will remain at 5% next year. The paper says the decision is part of efforts to help councils meet rising costs. But the news comes just after some “eye-watering” tax rises in the Budget and despite previous attacks by Labour on the Conservatives over similar council tax hikes. 

‘Chancellor hoping to unlock£80bn worth of investment,’ says the FT.

The FT says the chancellor is hoping to unlock £80bn worth of investment by reforming local government retirement schemes to form eight pensions “megafunds.” Reeves will deliver her first Mansion House speech in the City of London on Thursday. She tells the paper she wants to reassure businesses the recent tax rises were part of a “once in a-parliament budget.”

‘Labour’s pledge to build 1.5 million homes in doubt,’ says the i.

The i says Labour’s pledge to build 1.5 million homes by the end of this Parliament is doubtful. In an email to staff, Peter Denton, head of Homes England, said the target was “realistically” part of a “two parliamentary term approach.” 

‘Trump and Biden meet’

‘Biden urged Trump to keep supporting Ukraine,’ reports The Times.

Trump and Biden’s meeting at the Oval Office is summed up as “old friends reunited” by The Times. The paper says Biden used the transitional meeting to urge his successor to stand with Ukraine. 

‘triumphant laugh for Trump,’ says The Guardian.

The Guardian’s sketch writer calls the meeting between the two men a “triumphant who’s-got-the-last-laugh-now return to Washington” for Donald Trump.

‘Fox News host gets shock US government job,’ highlights the Metro.

The Metro leads on US politics reporting on the “shock appointment” of a FOX News host as the incoming US defence secretary. The paper says Pete Hegseth, 44, has no government experience and will run the “world’s largest military machine and its $800bn budget”. The former soldier will be responsible for 1.3 million active duty personnel, 1.4 million reserves and civilian staff worldwide. 

Sarah Wilkinson
Sarah Wilkinson@swilkinsonbc
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Heavy & deadly israeli air strikes still continue on the northern #Gaza City of Jabalia, despite that Palestinian civilians are still living in the buildings
Zarah Sultana
Zarah Sultana@ZarahSultana
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The government's plan to raise the £2 bus fare cap to £3 in 2025 could cost daily commuters up to £520 more a year. This 50% increase could make it harder for people to access work, healthcare & vital services.
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US inflation edges higher in October 

Inflation in the US rose slightly in October, halting recent progress in stabilising prices. According to the Labor Department, consumer prices increased by 2.6% over the past year, up from

Tesla, bitcoin and dollar jump as investors pile into ‘Trump trades’

Bitcoin hit a fresh record, the US dollar rose to a four-month high and Tesla shares jumped, as investors raised bets on the big winners from Donald Trump’s US presidential election victory. The dollar was up 0.4 per cent against a basket of its peers on Monday, passing the level it hit the day after the election last week and taking it to its highest since July. The euro fell 0.5 per cent to $1.067, its lowest level since June.  Bitcoin, which has hit a series of record highs in the wake of the election, surged 7 per cent to $82,020, as Republicans looked increasingly likely to take control of the House of Representatives, having already won a majority in the Senate.

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Aquis Exchange accepts £194m offer from Swiss group in blow to London

London’s challenger stock market Aquis has accepted a £194m takeover offer from Swiss-based bourse operator SIX Group, in a move which will likely inflame fears over the health of the UK’s equity markets. In a statement to the market today, Aquis said the offer would value its shares at 727p per share, a 120 per cent premium to Friday’s closing price of 330p per share. Directors at the St Paul’s based bourse, which is dual listed on its own Apex market and the London Stock Exchange’s AIM, said the deal would help provide the scale needed to compete against bigger firms in the European exchange market.

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London Heathrow Airport set for busiest year ever after record October

London Heathrow airport is set to surpass its pre-pandemic passenger record after its busiest October ever saw seven million travellers use the airport. More than 7.2m passengers flew through Heathrow in October as the half term peak helped the airport to its sixth consecutive month of more than seven million passengers.

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Pension ‘megafunds’ to be created to boost investment and economic growth

Pension “megafunds” are set to be created to help unlock billions of pounds of investment in UK businesses and infrastructure.

Rachel Reeves will use her first Mansion House speech on Thursday as chancellor to outline what is billed as the biggest pensions shake-up in decades.

Consolidating assets into a handful of funds run by professional fund managers will allow them to invest more in infrastructure, supporting economic growth and local investment on behalf of the UK’s 6.7 million public servants, the government says.

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Wage growth comes in ahead of expectations despite loosening labour market

Bank of England rate-setters received a mixed picture from the latest labour market figures, with progress on wage growth stalling even as unemployment crept up.

According to the Office for National Statistics (ONS), pay growth excluding bonuses eased to 4.8 per cent in the three months to September, down from 4.9 per cent previously but slightly ahead of expectations.

This confirmed that regular pay growth remained at its lowest level since June 2022.

Including bonuses, however, annual wage growth rose to 4.3 per cent, up from 3.8 per cent last month and comfortably ahead of City projections.

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