Nige is no longer laughing at himself as he ‘performs’ yet another big speech | John Crace


Primark owner’s boss urges Reeves not to hit shoppers with budget tax rises
The boss of Primark’s parent group has urged Rachel Reeves to avoid hitting consumers with a repeat of last year’s tax-heavy budget which he claimed sent the retailer’s sales into reverse, saying “don’t do it again”.As the chancellor prepares to make her budget speech on 26 November, George Weston, the chief executive of Associated British Foods (ABF), said: “A budget this late has the potential to have an enormous impact on Christmas trading.”Weston said “any tax rises are going to have an impact on consumer confidence,” but urged Reeves to “tax the rich folks” instead of opting for a sweeping rise in VAT or income tax that would affect most households.Weston said Primark’s Christmas ranges were now “trading really well in the UK and we have got some wind in our sails” but he said that if you considered the outlook for consumer spending “you could be gloomy”.He said that the chain’s sales reversed from growth before last year’s budget, to a steep drop-off in the run-up to Christmas

BP signals more cost cuts on way after fall in profits
BP has said it will ramp up efforts to hive off parts of the business, as the energy company reported a drop in profits in its latest quarter.The company reported an underlying profit of $2.2bn (£1.7bn) in the three months ended in September. It marked a slowdown against its previous quarter, when it made a profit of $2

City watchdog ‘nakedly’ siding with lenders on car finance redress, MPs say
The City regulator has “nakedly taken the side of lenders” in its planned compensation scheme for car loan victims and has been “patently influenced” by concerns over profits, a group of cross-party MPs have claimed.The All-Party Parliamentary Group (APPG) on Fair Banking joined a growing chorus of critics concerned about the Financial Conduct Authority’s (FCA) proposed redress scheme, which is meant to compensate borrowers who were overcharged as a result of commission arrangements between lenders and car dealers.The APPG’s latest report has accused the regulator of buying into “doom-mongering” by lenders who claim that a large compensation bill would risk spooking investors and causing lasting damage to the UK economy.That was at the expense of car loan victims who they said were due up to £15.6bn, rather than the £8

Outrage in Paris as Shein prepares to open its first permanent store
The online fast-fashion retailer Shein will open its first permanent bricks-and-mortar store in the world in Paris this week amid political outrage, fury from workers and warnings from city hall that it will damage the French capital’s progressive image.The Singapore-based clothing company, which was founded in China, has built a massive online business despite criticism over its factory working conditions and the environmental impact of low-cost, throwaway fashion.Shein, which has previously trialled temporary pop-up stores, will on Wednesday open a permanent shop on the sixth floor of Paris’s prestigious BHV department store, a historic building that has stood opposite Paris’s city hall since 1856. There are about 23 million Shein customers in France, one of its biggest European markets.But with vast banners for Shein draped across the building, the brand’s arrival has sparked outrage over the promotion of fast fashion

We need clarity on big pharma’s tax breaks | Letters
The outgoing chief executive of the pharmaceutical company GSK says the NHS should pay more for its drugs, in order to create “the right commercial environment” and ensure “patient access to innovation” (UK must reform drug pricing to become life sciences superpower, says GSK boss, 29 October).Our research shows that UK taxpayers are already paying handsomely for “patient access to innovation” through the £3.4bn in tax relief on profits of patented drugs that the UK has granted GSK via the UK’s “patent box” tax regime. This includes £486m in 2024 alone – larger than the entire budget of the Biotechnology and Biological Sciences Research Council, the UK’s main bioscience innovation funder.HMRC even granted UK tax relief to GSK on profits of a lupus drug, which for several years was unavailable to UK lupus sufferers, due to the price that GSK demanded from the NHS (£769

Time for Reeves to recognise reality: AstraZeneca has killed stamp duty on shares | Nils Pratley
It was one of those votes where the majority was always going to be huge. AstraZeneca’s proposal to list its shares directly on the New York Stock Exchange while retaining the quotes in London and Stockholm disadvantages nobody on the shareholder register.US investors get the chance to own AstraZeneca in full-fat form rather than via American depositary receipts (a wrapper provided by a handful of banks), a rejig that should widen the pool of potential investors and help the company with any future big deals in the US. Meanwhile, the pharma giant keeps its presence in the FTSE 100 index, upsetting no shareholders on the home front. “A global listing for global investors in a global company,” as Pascal Soriot, the chief executive, called it

Ben Stokes signals 2027 Ashes readiness by signing new two-year central contract

The Breakdown | Fixation on forward rotation threatens to turn rugby contests into war of attrition

Andrew Wiggins: how a shy NBA player negotiated growing up a star in the social media era

Meet the British shot put champion doubling up as a bobsleigh pilot with an eye on Milan 2026

Cocktails and checkmates: the young Britons giving chess a new lease of life

Melbourne Cup 2025: Jamie Melham follows in Michelle Payne’s footsteps with win aboard Half Yours