Today: Another cloudy day after mist and fog clear through the morning in the south. Cloud lifting in places with some bright or sunny spells developing. Breezier in the north with a few light showers, but remaining mild throughout. Tonight:
Trump’s New World Order – The United States, traditionally isolationist and safely sheltered by two vast oceans, has always decided and declared itself as a ruler, but never before has it pressed its claim so dramatically.
The United States, traditionally isolationist and safely sheltered by two vast oceans, has always decided and declared itself as a ruler, but never before has it pressed its claim so dramatically.
Trumpism is here to stay and will outlive his presidency. The reason for that is that his policies have shifted the dynamics in US politics so severely that now Democrats will have to adapt.
There has been the calamity of leaked information about White House strikes, but by any stretch of the imagination, they were leaked on purpose.
It’s telling that only the parts about EU being the freeloaders were leaked, and that was the point; it was a PR stunt. There are about a 100 ways the administration could have stopped them from getting released, but they chose not to.
The US wanted to show the world ‘what it does to protect the West’ and why it’s having a trade war with Europe. This was a clear message: Europe, do your share, or we’ll release the wolves.
Europe, do your share, or we’ll release the wolves.
Moving on to Ukraine and Russia, why hasn’t there been a deal? In simple terms, Russia and the US are squabbling over ownership of Ukraine’s power plants.
Russia needs to control them so it can start selling again to Eastern Europe.
The United States wants to control them so they can control the prices and supply of energy in Europe. You must remember that the EU severed all its ties with Russia for energy just to buy it at twice the market rate (at the time) from the US.
Finally, is there any hope for Gaza? Doesn’t seem like it. Israel is pursuing Trump’s plan: clear Gaza out and let the US and Israel move in.
Donald Trump is the first US President since World War II to challenge the role that his country set for itself many decades ago. And he is doing this in such a way that, to many, the old world order appears to be over – and the new world order has yet to take shape.
The question is, which nations will step forward? Europeans are questioning their relationship with Trump. A growing number have already decided they’ve had enough, but Middle Eastern politicians and leaders remain steadfast in their allegiance to the United States, and that makes things complicated for the EU. Trump holds all the cards.
Editorial 30.10.24
Wednesday’s newspaper front pages are heavily dominated by the news that the teenager accused of murdering the three young girls in Southport in July has had more charges brought against him.
The news has somewhat distracted the front pages from the release of the budget – expected today between 12.30 and 1 pm.
But a handful of newspapers do lead on the budget – with more speculation ahead of the release.
There’s coverage of the Conservative leadership race as well as a dash of international politics – namely the upcoming US election and the ongoing crisis in the Middle East.
The Guardian says Axel Rudakubana, 18, has been charged with possessing a study of an al-Qaeda training manual – an offence under anti-terror laws – and producing the toxic poison ricin.
The Daily Mirror says the cops found al-Qaeda study and ricin during the search of Rudakubana’s home. He is due to appear in court on Wednesday.
The Daily Telegraph reports the al-Qaeda study was stored as a PDF and included translations of “advice on urban warfare and terrorism, along with instructions to operatives on how to establish cells and what to say if they are arrested”.
The Metro’s front page notes he made racin and recalls how the attack in Southport took place at a Taylor Swift-themed dance class over the summer – and how the murder of the three little girls sparked race riots across the country.
The Mail reports that Rudakubana was charged on Tuesday and questions “why the information [about the items found at his home] was withheld for so long”.
The Times reports both Robert Jenrick and Kemi Badenoch – the last two in the race for Tory leadership – have also questioned the timing of the announcements.
The paper quotes Jenrick asking “facts may have been withheld from the public” and Kemi Badenoch saying it was “quite clear that there are serious questions to be asked” of the police, the Crown Prosecution Service, and Prime Minister Sir Keir Starmer.
But Whitehall has hit back with a source telling the paper that a “party which used to stand for law and order… is headed for a future built on conspiracy theories and the undermining of public faith in our institutions”
The Telegraph says Downing Street has denied any “cover-up”.
The Guardian highlights a plea made by Merseyside Police for people not to speculate about the alleged offences.
The i leads on the release of the October Budget – due late this morning. The paper says the chancellor will use the budget to raise the minimum wage from April next year, but notes that many people are also expected to face “painful” tax increases.
The chancellor will “reject austerity” and set a new financial course for the country by funding investment in hospitals, homes and schools.
The FT also leads on the budget saying the cost of the government’s long-term borrowing hit its highest level since the election. The paper says investors have “braced themselves” because Reeves plans to fund much of the new investment by relaxing the government’s fiscal rules and increasing borrowing by more than £20bn a year.
The Telegraph says the armed forces will get a funding boost of nearly £3bn in the budget. The paper says the money will fund a backdated pay rise of 6% for personnel as well as the replenishment of weapons. It means that the country’s defence spending as a proportion of GDP will remain at around 2.3% the paper adds.
The Daily Mirror praises plans to increase the minimum wage by 6.7%. The paper says the move will create a genuine living wage and make work pay.
The Times has a more negative view, reporting the Institute of Directors has issued a warning that change – along with the expected rise in employers’ National Insurance and workers’ rights legislation – will create a “perfect storm” for firms.
The Mail’s editorial condemns the budget saying it’s nakedly destructive and ideological. The paper says the chancellor is hobbling business at every turn and should focus instead on trimming the public sector and getting more people into work.
Australian police recover 40,000 stolen Bluey coins Australian police have recovered over 40,000 limited-edition Bluey coins, stolen months before their release. In July, 63,000 coins were reported missing from a
Paul Pelosi attacker sentenced to life without parole David DePape, who assaulted Paul Pelosi in his San Francisco home in 2022, has been sentenced to life without parole on state
Former Trump aide Steve Bannon released from prison after four months Steve Bannon, a former advisor to Donald Trump, has been released after serving four months in a Connecticut prison
US condemns Israeli airstrikes on Gaza as ‘horrifying’ At least 93 people are dead or missing after an Israeli air strike on Beit Lahia in northern Gaza, according to Gaza’s
Rescuers search for survivors after hotel collapse in Argentina Rescue teams in Villa Gesell, Argentina, are urgently working to find survivors after the 10-story Dubrovnik hotel collapsed, leaving one confirmed
Rescue efforts continue after deadly flash floods in Spain Flash floods from intense rain have caused devastation in southeastern Spain, especially in the Valencia region. Several bodies have been found,
Saudi Arabia’s wealth fund to cut international investment target
BP Earnings Beat Views Despite Weak Oil Price, Refining Margins
HSBC has unveiled its latest multibillion-pound share buyback after beating profit estimates in the third quarter as the Asia-focused bank gears up for a major restructuring.
The announcement drove HSBC’s share price 4.7 per cent higher in London and up 3.7 per cent in Hong Kong during earlier trading – with both at their highest level in around six years.
The London-based lender reported a pretax profit of $8.5bn (£6.6bn) between July and September, up from $7.7bn (£5.9bn) a year earlier. Analysts had expected a profit of $7.6bn (£5.9bn).
HSBC announced a $3bn (£2.3bn) share buyback and dividend of 10 cents (7.7p) per share to reward investors, bringing its total shareholder distributions to $18.4bn (£14.2bn) this year alone.
FTSE 100 oil giant BP has reported strong-than-expected earnings for the third quarter.
On Tuesday, it posted an underlying replacement cost profit, used as a proxy for net profit, of $2.3bn (£1.8bn) for the three months to 30 September.
The figure beat analyst expectations of $2.1bn (£1.6bn), according to an LSEG-compiled consensus.
However, the figure was worse than the $2.8bn (£2.2bn) profit reported for the second quarter of 2024 and far below the $3.3bn (£2.5bn) reported for the third quarter of 2023.
Yougov shares jumped 13 per cent on Tuesday as the data firm reported revenue and operating profit narrowly ahead of full-year expectations.
In unaudited results for the year to 31 July, 2024, Yougov posted a three per cent organic revenue increase, with reported revenue up 30 per cent to £258.3m, driven by its recent CPS acquisition.
This outpaced guidance offered in August, owing to higher-than-expected research activity in July.
Adjusted operating profit inched up from £49.1m in 2023 to £49.6m, with trading this year tracking last year’s levels and reflecting slower sales bookings in the second half.
There has been fevered speculation about changes to pension savers’ tax allowances and other perks ahead of today’s Budget statement.
Reports that pensioners could have tax breaks cut or axed led to savers withdrawing chunks of their retirement pots ahead of Chancellor Rachel Reeves’s big announcement.
Other speculation focused on tax breaks for workers planning to retire, spurring them to do the opposite, and pack more cash into their pensions in case their own tax incentives are slashed.
You may have missed the fact your bank has cut your savings rate. We are seeing things cut across the board – keep an eye on that
Sarah Coles, head of personal finance at stockbroker Hargreaves Lansdown
Reeves has tasked herself with fixing a gap in the nation’s finances of £22bn. She has also pledged to bring the country’s debts to heel and to avoid raising income tax rates, one of the easiest and least popular ways to bring in money.
Instead, she is reportedly considering other revenue-raising means, such as cutting perks or taxing things like gains in the value of assets like company shares or second homes.
For at least a couple of previous Budgets, there has been speculation that the generous tax breaks pensioners and pension savers get could be cut. This speculation has intensified.
As things stand, a retiree with a private pension pot of up to just over £1m can withdraw a quarter of that money and pay no tax, meaning a withdrawal of up to £268,275. Reeves could cut or end that allowance, since it benefits the well-off the most.
Workers saving for their pension can do so before income tax is paid. For higher earners – taxpayers paying 40 per cent income tax on their earnings – this is a very generous break. It means £100 paid into their pension pot costs them just £60 in taxed income.
But again, it benefits the best off the most, with earners on £50,271 and above getting the 40 per cent relief and lower earners getting only 20 per cent.
Some campaigners advocate for a flat rate of tax relief of 30 per cent, which would benefit everyone.
“The main thing is not to be rushed into action by speculation ahead of the actual announcement,” advises Sarah Coles, head of personal finance at stockbroker Hargreaves Lansdown.
“Don’t do anything rash,” she says. “It’s really important people don’t rip out tax-free cash without having a plan for it.”
Pensions can be accessed from age 55 for some people, and it’s important not to drastically shrink your savings if they must last you another 30 or even 40 years. Taking the money out can tempt you into spending it.
“If you do want to withdraw some pension cash, put it into an ISA, which protects interest payments and other gains from tax, just like a pension does,” Coles says.
“Outside pensions, it is worth watching out for and making use of other allowances,” says Coles. “Now that interest rates are higher, it is worth being aware that £1,000 of interest can be received tax-free for lower-rate taxpayers, but only £500 for higher-rate payers.”
There is also speculation Reeves may increase capital gains tax or cut allowances, although she is likely to leave the tax on second homes alone.
“If you own shares outside a pension or ISA, you can book £3,000 of gains a year tax-free. It might be worth doing that before the Budget,” says Coles.
She adds: “It’s worth thinking about planning as a couple. The £20,000 ISA allowance is the same per person. This means if your ISA is full, you could use your spouse’s.”
“The Budget has the effect of drowning out all other personal finance news,” says Coles. “The other thing to bear in mind is savings rates dropping. You may have missed the fact your bank has cut your savings rate. We are seeing things cut across the board – keep an eye on that.”
While rates are higher than their pre-Covid historic lows, they are ebbing downwards, so looking at what your savings accounts are offering is worthwhile.
Similarly, mortgage rates have drifted downwards, and those on high variable rates might consider securing a fixed rate.
https://www.independent.co.uk/news/uk/home-news/budget-2024-today-savings-advice-b2637957.html
Former sports minister Tracey Crouch says the incoming football regulator should be run by someone with a background in the City.
Crouch has done more than anyone to give rise to the regulator by making it a key recommendation in her fan-led review of football governance.
A revised bill laying out the watchdog’s proposed powers was published last week and former Conservative MP Crouch believes it should be helmed by someone whose expertise lies primarily in finance, not football.
“Personally, I would love someone with a financial background with an interest and understanding in football as opposed to someone who has a football background with an interest in finance,” Crouch told the Not Just Football podcast sponsored by Sky Bet.
Copyright WTX News 2024
