Early rain clearing the northeast of the UK, then a brighter day is expected with some sunny spells for many. A scattering of showers developing in the west this afternoon, feeling pleasant in the light winds and sunshine. TONIGHT: A
Editorial 17.10.24
Thursday’s front pages continue speculation about the upcoming October Budget. The papers offer up their predictions and reports on whether the chancellor will raise taxes or cut spending.
Other domestic topics are splashed on the front pages including reports on whether Russian spies planted devices in Birmingham, and there’s ongoing coverage of showbiz topics.
The newspapers had gone to print long before news broke of the death of One Direction star Liam Payne in Argentina. The 31-year-old fell from his balcony at his hotel. The story is dominating the UK news cycle online and on social media.
The papers continue their coverage of the appointment of Thomas Tuchel as the new England Football manager.
The Times says Chancellor Rachel Reeves will raise capital gains tax – but only on the sale of shares and other assets, not on a second home. The paper reports the current 20% paid by higher rate taxpayers is likely to rise by “several percentage points” with a source predicting the revenue it will bring in will be in the “low billions.”
The Daily Telegraph says the chancellor will bring in tax rises, rather than spending cuts. The paper says she is planning the “biggest Budget tax raid in history.”
The paper quotes a Downing Street spokesman saying such exchanges are “a standard part of the process.”
The Daily Express claims Reeves is being accused of “bogus” claims about a £40 billion black hole. The paper says senior Tories have said that the chancellor is inventing the shortfall to justify “hammering taxpayers.”
The i newspaper reports Chancellor Rachel Reeves faces a “Labour backlash.” Reeves is under pressure to restructure the system for calculating benefits. “Benefits to rise £1.50 a week” the paper says.
The Guardian leads on a story that says UK counter-terrorism police are investigating whether Russian spies planted an incendiary device in a parcel which caught fire at a DHL warehouse in Birmingham in July. The police say they are examining links to a similar incident in Germany.
The Telegraph says the device could have caused a plane to crash – if it had caught on fire mid-air, and that Russia is suspected of being behind it.
The Sun says Tuchel is on a mission to end “60 years of hurt” for England fans still waiting for another major trophy. The paper calls him “ruthless, demanding, humourless – just what England need.”
The Mirror says if England win the World Cup, Tuchel will be an English hero, saying: “Winning, not nationality, is how a football coach deserves to be judged.”
Thomas Tuchel is also on the front of The Guardian with the caption “Tuchel takes hot seat as England manager”.
Online the newspapers report on the death of the British musician – formerly of One Direction, who died in Argentina late last night after falling from his balcony.
BBC News says Payne was a boyband star who ‘had the X Factor’.
“Ambitious One Direction star who struggled with dark side of fame,” says The Independent.
Payne had been in Argentina supporting his former 1D bandmate Niall Horan says The Guardian.
The Metro says fans are holding vigils outside his hotel, The Sun says Payne’s final hours were “erratic” whilst the Mirror reports TMZ has been slammed for publishing pictures of Payne’s dead body – still lying on the decking below the balcony he fell from.
The £40bn question: How will Rachel Reeves balance the books? Rachel Reeves is being warned that she may have to break Labour’s manifesto pledge not to raise income tax or
Schoolgirl Sara Sharif suffered a catalogue of 71 injuries before her death, jury told Schoolgirl Sara Sharif’s body was found with at least 71 recent injuries and two traumatic brain
Counter-terrorism police investigating UK warehouse fire over possible links to Russia Counter-terrorism police are investigating possible Russian involvement in an incident in Birmingham where a package caught fire at a
Former One Direction member Liam Payne dead at 31 Liam Payne has died age 31. The One Direction singer fell from Hotel Casa Sur balcony this afternoon in Buenos Aires,
Ministers warned not to repeat same mistakes by leaving Afghan heroes at mercy of Taliban Ministers have been warned not to repeat the same mistakes over Afghan soldiers, with fears
Keir Starmer met Taylor Swift at London gig as questions continue over her blue-light escort Prime minister Sir Keir Starmer met with pop star Taylor Swift at one of her
UK inflation falls to 1.7% in September
Financial Times Tweet
UK and EU energy firms are urging their governments to overhaul the post-Brexit trading set up in a bid to construct a North Sea “green power hub” and unlock investment.
FT.com Tweet
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.
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.
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.
The Chancellor Rachel Reeves warned that financial regulation had “gone too far” last night as she pledged to rip up red tape and put the City watchdogs on a growth footing.
In her maiden Mansion House speech in the Square Mile, Reeves said that regulatory measures brought in since the financial crisis in 2008 have looked to “eliminate risk” and had “unintended consequences” in hampering growth.
“We cannot take the UK’s status as a global financial centre for granted,” she said. “In a highly competitive world we need to earn that status and we need to work to keep it.”
Reeves has laid out a package of reforms aimed at driving competition across financial services and unlocking a wave of capital from the UK’s pension system.
The UK grew at a slower pace than expected in the third quarter, according to new figures, with business groups pointing to the impact of uncertainty ahead of last month’s Budget.
New figures from the Office for National Statistics (ONS) showed that the economy grew 0.1 per cent in the third quarter, after contracting 0.1 per cent in September.
Economists had expected both the quarterly and monthly figures to show a 0.2 per cent expansion.
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