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 22.10.24
Tuesday’s front pages report that police officer Martyn Blake has been cleared of the murder of Chris Kaba – an unarmed man who was shot dead during a police stop in south London in 2022.
Several papers feature images of Australian senator Lidia Thorpe heckling King Charles during his tour of the country.
The upcoming October Budget has prominent coverage on today’s front splashes as well as the Conservative leadership race.
The back pages report on tonight’s Champions League fixtures.
The Metro reports that Kaba was unarmed at the time of the shooting but was driving a car that had been linked to a previous shooting. The paper says the Old Bailey jury found Martyn Blake not guilty in just three hours following the three-week trial.
The Daily Mirror says Blake was “overcome with emotion” when the verdict was read out, but also quotes Chris Kaba’s saying it has left them suffering the “deep pain of injustice” and vowing to fight on.
The Guardian reports that the verdict has fuelled police anger that Blake was put on trial in the first place. The paper says cops want to see reform of a system they say punishes them for doing their job and that cops are lobbying ministers to make it harder for such a trial to happen again.
The Daily Telegraph reports Kaba was shot as he tried to ram his way through a police roadblock and that the officer told the trial he feared for one of his colleagues. The paper also quotes Conservative leadership hopeful Robert Jenerik who says the decision to prosecute Blake was wrong in the first place and calls Blake a “hero.”
The Times quotes Met Police boss Sir Mark Rowley as saying “no firearms officer sets out on duty intent on ending a life” and “the more we crush the spirit of good officers, the less they can fight crime.” The paper says Blake’s suspension from duties was immediately lifted following his acquittal.
The Sun’s headline highlights Blake was acquitted in just three hours after a two-year probe and a three-week trial.
The i newspaper leads on the upcoming October Budget saying teachers and nurses are among two million people who could be dragged into paying the 40% income tax rate by the end of the decade. Tax thresholds were frozen by the Tories in 2022 and were due to rise again from 2028, but the chancellor is said to be considering using next week’s Budget to extend the freeze until the end of the parliament.
The Daily Mail and the Financial Times lead on a government assessment of workplace reforms.
The FT says the changes could cost business £5bn a year. The reforms, which include the employment rights bill, include a ban on zero-hours contracts and measures to give unions access to workplaces. The British Chambers of Commerce is quoted by the paper warning that companies risk being “buried under a mountain of additional cost.”
The Mail’s front page notes the assessment found the changes could lead to more strikes and workplace disputes, though it also quotes deputy PM Angela Rayner, who insists the government is “pro-business” and praised a “new era for working people.”
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Gold has surged to an all-time high, fuelled by geopolitical tensions and central bank interest rate cuts
FT.com Tweet
Despite uncertainty about the coming Autumn budget, buyers continued to pile into the property market after the Bank of England cut interest rates, with the number of homes sold up by a third year on year.
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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