A rather cloudy day across the central swathe of the UK with outbreaks of rain. Elsewhere, fog patches gradually lifting allowing some bright or sunny spells to develop, especially across Scotland and Northern Ireland. Temperatures near or slightly below average.
Editorial 24.10.24
Thursday’s headlines continue to speculate on the upcoming October budget, due out next week. The papers report on measures they expect to be included.
A handful of broadsheets lead with the supposed row that has erupted after Donald Trump accused the Labour Party of election interference.
Elsewhere, other domestic stories make the front pages including the death of a former British Olympian and the remarkable story of a baby who survived after her mother fell from a block of flats in Leeds.
The Daily Mail says the chancellors’ plan to impose national insurance on employers’ pension contributions in the private sector while sparing those in the public sector has sparked “fury.” The paper said such a move would raise £15 billion in the budget.
The i newspaper suggests the MoJ budget will be “on the chopping block” as the chancellor looks to make savings. Former justice secretaries Robert Buckland and Alex Chalk are quoted warning against the move. Buckland says “the idea there’s anything left to cut is fanciful”.
The Daily Telegraph leads on a different political story saying aides to the PM have been drawn into a row with Donald Trump over claims that Labour activists volunteering on the Kamala Harris campaign broke US electoral law.
The paper reports that several high-ranking members of the Labour Party attended the Democratic National Convention in August. It cites a US election lawyer who suggests that conversations between Labour and Democratic officials may have violated rules prohibiting foreign involvement in election campaigns. However, the paper notes that Labour has denied holding any formal meetings with Kamala Harris’s team.
The Times reports that Trump has accused the Labour aides of “anti-American election interference,” claiming it is part of a “far-left” scheme to install Harris in the White House. The paper describes his remarks as an “extraordinary attack” and warns that the incident could strain UK-US relations if Trump wins the November election.
The Sun says there will be a UK-wide ban on disposable vapes from 1 June 2025. The paper says new laws are being drawn up to protect children’s health and the environment but some are accusing the prime minister of “nanny state meddling.”
The Guardian says a report by the National Audit Office has found the cost of special needs education in England has hit £10bn a year. It says some local authorities have been forced towards insolvency by the rise in demand. The paper says the number of children entitled to support is expected to double to one million within a decade.
The Daily Mirror’s front page pays tribute to Olympian and professional strongman Geoff Capes who has died at the age of 75.
The Metro reports on the delivery of a baby whose pregnant mother died after falling from the tenth floor of a tower block in Leeds. The paper carries a picture of the baby, named Posie, on a critical care unit while big sister Demi looks over her.
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WSJ Business 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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