HS2 may go beyond Birmingham after all

📍Top line: Plans for a scaled-down "HS2-light" railway line between Birmingham and Manchester are being considered by ministers as a more cost-effective alternative to the original High Speed 2 (HS2) proposal, according to The Times.

Following former Prime Minister Rishi Sunak's decision to scrap the high-speed line beyond Birmingham, senior government figures are exploring this new version of the rail link to address critical capacity issues on the West Coast mainline.

The proposed line would create an additional section between Birmingham and Crewe, allowing trains to travel faster than they do on the current tracks, although slower than the original HS2 plan. This "HS2-light" alternative is estimated to be up to 40% cheaper than the previously proposed high-speed rail link between Birmingham and Manchester.

Louise Haigh, the current transport secretary, has also confirmed that the HS2 line between London and Birmingham will now terminate at Euston, rather than Old Oak Common, contrary to earlier plans.

TikTok sued by 14 US states

📍Top line: A coalition of 14 U.S. states has filed lawsuits against TikTok, accusing the platform of contributing to a growing mental health crisis among teenagers. The attorneys general allege that TikTok uses addictive features to keep children hooked on the app and misrepresents its platform as safe for young users, despite evidence suggesting otherwise.

The legal action, led by New York Attorney General Letitia James, cites specific concerns, such as alerts that disrupt sleep, addictive content loops, and beauty filters that can negatively impact self-esteem. James highlighted the case of a 15-year-old boy who died in Manhattan after attempting a dangerous "subway surfing" stunt, which had been popularized by TikTok videos.

Elsewhere in business:

📺 UK broadcaster Channel 4 reported a pre-tax loss of £52 million in 2023, marking a sharp reversal from its £3 million surplus the previous year. The loss comes amid a significant decline in advertising revenue, with the broadcaster facing the steepest market downturn since the 2008-2009 financial crisis. Revenue fell to around £1 billion, down from £1.1 billion in 2022. To address financial challenges, Channel 4 has implemented job cuts and cost-saving measures, especially focusing on its linear TV business as it pivots more towards digital services.

✈️ The CEO of London City Airport is shifting the airport's focus towards the holiday market as business travel continues to struggle in the wake of the COVID-19 pandemic and the rise of remote working. Traditionally catering to corporate executives, the airport—located near Canary Wharf and seven miles from the City of London—has seen a growing share of leisure travelers, with half of its passengers now flying for holidays, up from a third in 2015.

Britain’s super wealthy contribute over £3 billion in tax

📍 Top line: Sixty of the wealthiest people in the UK collectively paid over £3 billion in income tax in the 2021/22 financial year, according to a BBC report. These individuals each earned at least £50 million annually, with many likely contributing substantial amounts in other taxes as well. 

There are rising concerns that potential tax increases in the upcoming Budget could push some of the UK's wealthiest individuals to leave the country, which may negatively impact the nation's finances. UBS predicted that the UK could lose up to 500,000 millionaires by 2028, partly due to some seeking to move to lower-tax countries. 

The Institute for Fiscal Studies (IFS) warned that even a small number of these super-rich individuals leaving the UK could create a "relatively big hole" in the country's finances.

Elsewhere in the economy:

🥫 Grocery price inflation in the UK increased in September, with average supermarket prices rising by 2% compared to the previous year. Categories such as chilled soft drinks, chocolate confectionery, and skin care saw the fastest price rises. The unusually wet weather also contributed to a spike in sales of products like hot chocolate, which surged by 28%, along with a 10% increase in soup sales and a 7% rise in home baking purchases.

🚆 The HS2 rail project will extend to London’s Euston station, rather than stopping at Old Oak Common in the north-west of the capital, the Transport Secretary has confirmed. This clarification follows uncertainty about the project's final destination due to budget concerns. The decision to continue the line to Euston comes after former Prime Minister Rishi Sunak canceled the northern leg of HS2 between Birmingham and Manchester in 2023 to manage escalating costs. 

BP has opened applications for its 2025 Trading and Shipping Placement scheme in London. Successful applicants will assist one of the company’s corporate teams in a 12-month position. To apply for this role, you must be in your penultimate year of study (due to graduate in 2027), and be on track for a 2:1 in any discipline. Apply now here.

Tesla’s Cybertruck ‘too dangerous’ for UK roads

📍Top line: The Tesla Cybertruck is too large and sharp for European roads, and poses safety risks to both pedestrians and other road users, according to transport campaigners.

The Cybertruck, weighing four tonnes—double the weight of most family cars—has sparked debate over its safety, particularly regarding its sharp edges and massive size. In Europe, strict road safety rules prohibit sharp edges and require speed limiters on vehicles weighing over 3.5 tonnes.

The campaign group Transport & Environment has raised alarms, noting that large pickup trucks imported from North America are a growing hazard on European roads. While the UK has not outlawed such vehicles, there are ongoing discussions about safety concerns, particularly with the use of bull bars on large cars. The Department for Transport has advised against them unless proven not to pose additional risks to pedestrians and other road users.

A recent study highlighted how a 10cm increase in a vehicle's front-end height can lead to a 22% increase in pedestrian fatality risk, disproportionately affecting women, children, and the elderly.

Elsewhere in tech:

🚗 Asian battery manufacturers are pushing the boundaries of electric vehicle (EV) technology by developing "superfast charging" batteries, which could charge EVs from 10% to 80% in under 10 minutes, according to the FT. This race to achieve faster charging times aims to address "range anxiety," a common concern among potential EV buyers, who worry about the time it takes to recharge compared to filling up petrol or diesel cars.

🎮 The popular children's video game Roblox has been accused of being a "paedophile hellscape," where young users are exposed to harmful content such as grooming, child abuse images, and inappropriate chat rooms. The claims, made by Hindenburg Research, a prominent US short-selling firm, have caused Roblox’s shares to plummet by over 9%, erasing more than $2 billion from the company's value.

🇬🇧 The UK's population grew by 1% between mid-2022 and mid-2023, largely due to net international migration, according to the Office for National Statistics (ONS). The total population across England, Scotland, Wales, and Northern Ireland increased from an estimated 67.6 million to 68.3 million, adding around 662,400 people. This marks the largest annual population increase, both in numbers and percentage, since comparable records began in 1971.

🇺🇸 Florida is preparing for the landfall of Hurricane Milton, a potentially devastating storm that could bring widespread destruction. Officials, including President Joe Biden and Florida Governor Ron DeSantis, are urging residents to heed evacuation orders, particularly in west-coast counties, where more than one million people have been instructed to evacuate. President Biden has postponed his planned trips to Germany and Angola, emphasizing the severity of the situation. He described the hurricane as possibly the worst to hit Florida in over a century.

✈️ Qantas airline has issued an apology after an explicit, mature-rated film was played to all passengers, including families with young children, on a flight from Sydney to Tokyo. The incident occurred after the in-flight entertainment system malfunctioned, and staff, unable to resolve the issue, opted to show a single film to all passengers. Unfortunately, the chosen film was the sexually explicit drama Daddio, which features graphic nudity and sexual content.