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World News Briefing – Top 6 stories

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. 

‘Terror charges for Southport suspect’

‘Axel charged with possession an al-Qaeda study,’ writes The Guardian.

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. 

‘Ricin found during search of suspects home,’ says the Daily Mirror.

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. 

‘Study found gave advice on urban warfare and terrorism,’ says the Telegraph.

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”. 

‘Murder of the three girls sparked riots across the country,’ says the Metro.

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.

‘Why was the information withheld from the public for so long?,’ asks the Mail.

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”.

‘Jenrick and Badenoch claim cover-up,’ writes the Times.

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”

‘Downing street denies cover-up,’ notes the Telegraph.

The Telegraph says Downing Street has denied any “cover-up”.

‘Police urge people not to speculate,’ says The Guardian.

The Guardian highlights a plea made by Merseyside Police for people not to speculate about the alleged offences.

‘October Budget released on Wednesday’

‘Public will face painful tax increases,’ says the i.

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. 

‘Investors have braced themselves,’ says the Financial Times.

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.

‘Armed forces to get funding boost,’ says the Telegraph.

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. 

‘Minimum wage increase will create genuine living wage,’ claims the Mirror.

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. 

‘Budget expected to create ‘storm’ for firms,’ says the Times.

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.

‘Budget should trim the public sector and focus on getting more people into work,’ writes the Mail.

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. 

Sarah Wilkinson
Sarah Wilkinson@swilkinsonbc
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Massive destruction after the satanic Israeli massacre this morning in Beit Lahia, north Gaza: 77 innocent civilians and 25 children, brutally murdered
Dan Wootton
Dan Wootton@danwootton
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THE UK HAS ANOTHER POLITICAL PRISONER! Tommy Robinson just sentenced to 18 MONTHS for showing an original piece of journalism. Meanwhile, paedophiles and women beaters continue to spend not one day in prison. The UK desperately needs a first amendment. We're in deep deep trouble.
Zarah Sultana
Zarah Sultana@ZarahSultana
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Abolishing the £2 bus fare cap is a political choice disproportionately hitting the poor. With rising costs & stagnant wages, it’s a step backwards - especially when more accessible transport is needed. The government must reverse this & introduce wealth taxes to fund services.
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Australian police recover 40,000 stolen Bluey coins

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

HSBC shares pop as bank beats profit estimates and launches $3bn share buyback

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.

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BP beats estimates despite lower oil prices

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.

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Yougov shares jump after revenue and profit growth revealed

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.

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Budget today: How will it affect my savings and what should I do

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.

What might the chancellor do?

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.

What should I do with my savings ahead of the Budget?

“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.”

What about savings?

“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

Football regulator boss should come from the Square Mile, says Crouch

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. 

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