How private schools game extra time for exams

📍Top line: The proportion of privately educated students in England receiving extra time in GCSE and A-level exams has reached record levels, according to new data from Ofqual, England’s exam regulator. The access arrangement system, which grants students with conditions such as dyslexia or ADHD 25% more time in exams, is under scrutiny as private schools increasingly leverage these provisions. 

Key Points:

• Access Disparity: 42% of private school students received extra time in 2023-24, compared to 26% of state school students, marking the largest gap since tracking began in 2018-19.

• System Usage: Data shows that private schools are more effective in securing extra time, with some suggesting that resource availability allows them to navigate the system better than state counterparts.

• Rising Requests: Total students receiving extra time rose to 277,630 in 2023-24 from 249,340 the previous year, with the majority (235,560) enrolled in non-selective state schools.

• Academic Impact: Extra time access is seen as beneficial in improving outcomes, with 48.4% of grades in private schools achieving Grade 7 or above, compared to 19.4% in state schools.

Ofqual acknowledged the complexity of factors behind increased access arrangements and underscored its commitment to ensuring students receive appropriate support to fairly demonstrate their knowledge and skills.

Health organisations call for sugar tax

📍Top line: Dozens of health and children’s advocacy groups have called on UK ministers to impose taxes on foods high in sugar and salt, aiming to tackle rising obesity rates and encourage food manufacturers to create healthier options. Key Points:

Key points:

• Proposed Food Taxes: The groups advocate for new taxes on unhealthy foods like cakes, biscuits, and crisps, using the existing soft drinks levy as a model. They believe this approach will encourage food producers to reformulate products with healthier ingredients.

• Broad Public Support: A YouGov survey shows strong public support, with two-thirds backing food taxes if revenues are invested in children’s health initiatives.

• Public Health Concerns: The survey highlights that 74% of respondents feel food companies are not transparent about health risks, and 61% are concerned about high sugar and saturated fat levels in foods.

• Government Action: Chancellor Reeves is reviewing the potential expansion of the sugar tax to other sweetened products. The government is expected to unveil a 10-year health strategy in 2025, aimed at addressing obesity and improving public health.

Elsewhere in business:

✈️ A new Saudi Arabian airline is set to launch long-haul flights from London as soon as next year—but passengers won’t be able to enjoy an in-flight alcoholic drink. Riyadh Air, poised to become one of the largest new airlines in decades with a planned fleet of up to 200 jets, is currently securing landing slots at Heathrow as part of its final licensing steps. Due to Saudi Arabia’s strict ban on alcohol, the airline will follow its country’s policy and won’t serve alcoholic beverages on board.

🥩 British supermarkets are now offering wagyu beef for as little as £5, bringing the luxury delicacy to everyday shoppers. Traditionally imported from Japan and sold for up to £260 a cut at Harrods, wagyu is now being raised by UK farmers, drastically reducing transport times—and prices—while delivering premium flavour to British plates.

How does the Bank of England’s rate cut impact you?

📍 Top line: The Bank of England has cut interest rates to 4.75% from 5% but has cautioned that the risk of inflation could keep rates from falling further anytime soon.

Here's what the cut means for you:

• Reduced Interest on Savings: Banks may reduce interest rates on savings accounts, making it harder for savers to grow their funds.

• Lower Borrowing Costs: Lenders may reduce interest on credit cards, personal loans, and car loans, making borrowing slightly more affordable.

• Variable-Rate Mortgages: About 600,000 UK homeowners have "tracker" mortgages tied to the Bank of England’s base rate, so a rate cut would lower their monthly repayments immediately.

• Fixed-Rate Mortgages: While more than 80% of mortgage holders have fixed-rate deals, a base rate cut could make future fixed-rate deals slightly more affordable. However, the effect may be limited and influenced by market uncertainties and lender policies.

Elsewhere in the economy:

🏠 UK house prices reached a record high in October, with the average property costing £293,999, according to data from Halifax. This new peak surpasses the previous high of £293,507 set in June 2022, marking ongoing resilience in the housing market despite rising borrowing costs. October saw a modest 0.2% increase in prices, marking the fourth consecutive month of growth and bringing annual house price inflation to 3.9%.

🦇 HS2 is spending more than £100 million to construct a bat protection structure, referred to as a "shed," along its rail line in Buckinghamshire, according to the chairman of the government-owned company overseeing the project. The costly initiative comes despite a lack of evidence that high-speed trains pose a threat to the local bat population. The bat structure will span approximately one kilometre alongside Sheephouse Wood, near Charndon, and is designed to enable bats to cross safely over the high-speed railway.

British Airways has opened applications to its 2025 Finance Graduate Programme in London. The scheme will see successful applicants contribute to investment strategy, analyse commercial decisions and negotiate with supplier networks to maintain cost competitiveness. The three-year scheme is open to graduates with a minimum of a 2:2 in any degree discipline and offers a starting salary of £33,500. Apply now here.

Rolls Royce pulls out of flying taxi market

📍Top line: Rolls-Royce has announced it will cease its Advanced Air Mobility (AAM) division, formally stepping back from the electric flying taxi market. The news came alongside the company’s third-quarter trading update, which highlighted a robust financial outlook but revealed slower-than-expected growth in engine flying hours, causing a dip in the share price.

Key Points:

• End of Flying Taxi Ambitions: Rolls-Royce has closed its AAM division after failing to find a buyer. The division had been a flagship for the company’s electric aviation vision, including projects like the "Spirit of Innovation," which set world speed records for electric aircraft in 2021.

• Financial Focus: CEO Tufan Erginbilgic decided to refocus resources away from AAM, citing skepticism over the time and capital needed to make eVTOL technology viable. Rolls-Royce aims to deliver £2.1 billion to £2.3 billion in operating profits this year.

• Core Business Performance: Rolls-Royce reported that engine flying hours for its Trent engines have finally surpassed pre-pandemic levels, reaching 102% of 2019 hours. However, analysts noted that this growth was slightly below expectations, impacting revenue from long-term service contracts.

As Rolls-Royce narrows its focus on core strengths, particularly in nuclear and aviation, it seeks to position itself as a resilient and growth-oriented company in a challenging economic environment.

Elsewhere in tech:

💵 Donald Trump’s net worth is set to surge by $1.4 billion as his media company’s value skyrockets in anticipation of his return to the White House. Shares in Trump Media and Technology Group (TMTG), which owns the social media platform Truth Social, have jumped 35%. Mr. Trump holds a 58.9% stake in TMTG, currently valued at around $5 billion, making it a key component of his overall wealth. 

✈️ Carbon dioxide emissions from private jet travel have surged by almost 50% since 2019, driven by changes in elite travel habits post-pandemic and high-profile global events, according to a new study. Wealthy travelers, increasingly using private jets for frequent, short-haul flights, have significantly contributed to this rise, with annual emissions per individual far surpassing those of an average person.

🚨 Argentinian authorities have charged three individuals in connection with the death of singer Liam Payne, who passed away three weeks ago after falling from a third-floor hotel balcony in Buenos Aires. Prosecutors stated that one of Payne’s companions faces charges of abandonment of a person resulting in death, as well as supplying and facilitating narcotics. Additionally, a hotel employee and a third individual have been charged with supplying narcotics.

🌍 The EU’s space program says 2024 is “virtually certain” to be the hottest year on record, with global temperatures likely exceeding 1.5°C above pre-industrial levels. October was the second-warmest on record, marking the 15th month out of 16 to surpass this threshold. As Cop29 approaches, scientists warn this alarming milestone demands urgent climate action.

👑 The Prince of Wales has described the past year as “dreadful” and the “hardest” of his life, reflecting on the emotional toll following cancer diagnoses for both his wife, the Princess of Wales, and his father, King Charles III. Charles has since returned to his royal engagements, while Princess Catherine recently completed her chemotherapy treatment, marking a hopeful turn in the family’s recovery journey.