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NatWest boss warns against higher bank taxes as lender’s profits rise 30%

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NatWest Group’s chief executive has warned the government against increasing taxes on banks in the autumn budget as the high street lender reported a 30% jump in profits.Paul Thwaite said he understood the “difficult choices” that the chancellor, Rachel Reeves, had to make in order to help close a potential £30bn shortfall in the public finances but argued she needed to “balance fiscal discipline” with “policies that create stability, consistency and support growth”.Twaite said on a call with journalists on Friday: “I think the government should be thoughtful about signals it sends to investors who are looking at the UK as a long-term home for capital.”His comments came as NatWest reported a strong jump in profits, which grew 30.4% to £2.

18bn in the three months to the end of September, from £1,67bn during the same period last year,“My view remains that strong economies need strong banks, and I really want to use the capital of the bank to support our customers,” Thwaite said,“You can see in our numbers today, we’re providing a lot of capital to those who are buying houses or moving houses, a lot of capital to businesses … So I think it’s important that strong domestic banks are the backbone of the UK, and the best way to use our capital is to support customers,”The once bailed-out bank – which shed its final UK government stake earlier this year – said it was upping its full-year profitability and income guidance.

It now expects income for 2025 to come in at £16,3bn, excluding notable items, solidifying previous forecasts for income greater than £16bn,Shares rose 2,9% on Friday morning, making the bank one of the biggest risers on the FTSE 100,Thwaite’s warnings come amid speculation over a number of potential tax increases, including on banks, property and landlords’ rental income, which could help the chancellor shore up the public finances in the budget on 26 November.

Major UK bank stocks tumbled in August amid fears that the government could follow recommendations by the Institute for Public Policy Research, a thinktank, to introduce a new tax on the banking sector.That tax would help recover “windfalls” enjoyed by lenders as a result of an emergency economic policy known as quantitative easing that was put in place after the 2008 financial crisis.Thwaite echoed comments by high street bank peers including the Lloyds chief executive, Charlie Nunn, who previously said a rise in bank taxation “wouldn’t be consistent” with the chancellor’s overtures as the government pushes to reboot growth.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionLabour has placed financial services among its eight key sectors to receive government backing in its industrial strategy, while industry lobbyists have warned that the UK could lose business and make its financial services less competitive compared with other hubs including the US.Thwaite said: “I’ve been encouraged by what the chancellor and government have said and about how they see the role of financial services and banks in helping support that growth agenda.

I do welcome those comments from NatWest’s perspective.I want us to play our part.Those messages have resonated well with investors.They have supported confidence in the sector.”
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Rachel Roddy’s recipe for leftover polenta biscuits | A kitchen in Rome

This, then, was the situation: it was Friday night after a long week, and having met a friend on the way home for a glass of wine, which arrived with crisps, taralli, dry roasted peanuts and enough salt that we needed another glass, it seemed a good idea to go home and cook polenta – the long-stir sort as opposed to the instant variety, although I always have that in the cupboard, too. Another good idea, which came to me as I pulled a new packet from the back of the dresser and ignored the flutter of tiny wings, was to make more than enough polenta and pour the extra into a Pyrex dish while it was still hot, so it could set into a block to be cut into slices and grilled the next day.I’ve written about polenta before; how the word is ancient and generic – referring to any mushy dish made from cereal flour and water – and how, after its arrival in Europe in the 1600s, it became synonymous with ground maize. There exists a world of different grades and milling, but, broadly speaking, when you buy ground maize (cornmeal) for polenta, you will have two options: finely ground (which might also be white) for a soft, thin polenta, and coarsely ground, which will have glassy-looking grains and makes an excellent body scrub and a harder, tastier polenta. The latter also takes much longer to cook, anything from 40 minutes to several hours, depending on who (or which packet) you consult, although in my experience an hour is almost always enough, and anything beyond that is more a way of deepening the flavour

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Don’t chuck your parmesan rind – it is an excellent stock cube – recipe | Waste not

Parmesan rinds are the ultimate zero-waste hack – like a cheesy stock cube, they enrich stews, sauces and all sorts, and add pure deliciousness in the form of umami depth and creamy texture. Stored in the fridge or freezer, they keep almost indefinitely. This week’s recipe uses them in a thrifty, creamy corn orzo that transforms a few simple ingredients into comforting autumn fare.This dish was a happy accident, and left me and my family drooling for more. I was planning a classic tomato orzo to use up that half-bag in the cupboard left over from making a pasta salad, but wanted something more seasonal

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No waste, all taste: Max La Manna’s comfort food pantry-raid recipes

Cooking with little to no waste isn’t about rules; it’s about rethinking old habits. Take inventory of the food you already have (I like taking a photo of my fridge and pantry before I go shopping), stick to your list and buy only what you need. Make sure you store it properly, too, so it lasts longer, and don’t forget to cook with a bit of curiosity: that bendy carrot, yesterday’s rice, the broccoli stem you’d normally bin – they all have potential. Start small, and trust me: you’ll notice the wins in no time, saving money, time and food from the bin. For me, low-waste cooking isn’t restrictive, it’s liberation

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When restaurateurs go rogue: is it right to lambast locals who won’t come and dine with you?

An Italian restaurant shut up shop last week, with an angry and disappointed farewell note, blaming ‘neighbours’ for a lack of support ...Name: Unappreciative customers.Age: In the case of Don Ciccio, six years

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If you like piña coladas: how to make slushies at home without a machine

It promises icy, refreshing drinks, and for a cool $179, this slushie maker is yours – if you can find one.Australian TikTok users have become fixated on a Kmart slushie machine, apparently a budget version of the equally viral Ninja slushie machine (RRP A$499), with users posting videos and reviews of their frosty, fruity extrusions. One Australian video has racked up 2.7m views, and the appliance has sold out online. But with Kmart supply chains under scrutiny and the knowledge that culinary trends and the very specific appliances needed to make them are passing fads, not everyone wants to – or has to – buy a machine to make slushies this summer

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Pickle power: how to make your first ferments | Kitchen aide

I love ferments and want to start making my own to save money. Where should I start? Ben, by email“Maybe with some carrots, onions, cucumber or beetroot – anything Ben has an excess of,” says Connor Wilson, head chef at The Kirkstyle Inn in Slaggyford, Northumberland. “Fermentation is a great way of preserving produce, but it won’t give new life to things that are past their best.”That said, tired-looking carrots would be perfect for Olia Hercules’ go-to for newbie fermenters: “If they look dehydrated but without any rotting, they’re amazing to ferment,” says the author of Strong Roots. “The sugars concentrate and you get this bright carrot flavour

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NatWest boss warns against higher bank taxes as lender’s profits rise 30%

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